Momo (MOMO) Upgraded by Zacks Investment Research to Buy

Zacks Investment Research upgraded shares of Momo (NASDAQ:MOMO) from a hold rating to a buy rating in a research report released on Wednesday. They currently have $45.00 price target on the information services provider’s stock.

According to Zacks, “Momo Inc. provides mobile-based social networking platform primarily in the Peoples Republic of China. Its platform includes mobile applications and related features, functionalities, tools and services. The Company offers two types of mobile game services non-exclusive mobile game services and exclusive mobile game services. It also provides membership subscription and other services which include paid emoticons and mobile marketing services. Momo Inc. is headquartered in Beijing, the Peoples Republic of China. “

Several other research firms have also recently issued reports on MOMO. Citigroup started coverage on Momo in a report on Tuesday, February 20th. They issued a buy rating and a $40.00 price objective on the stock. Vetr upgraded Momo from a buy rating to a strong-buy rating and set a $41.88 price objective on the stock in a report on Tuesday, March 27th. Deutsche Bank set a $46.00 price objective on Momo and gave the stock a buy rating in a report on Wednesday, March 7th. Bank of America lifted their price objective on Momo from $42.00 to $46.00 and gave the stock a buy rating in a report on Monday, March 19th. Finally, BidaskClub upgraded Momo from a sell rating to a hold rating in a report on Thursday, February 22nd. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Momo has an average rating of Buy and an average target price of $42.57.

MOMO stock opened at $38.95 on Wednesday. Momo has a 12-month low of $22.49 and a 12-month high of $46.69. The stock has a market capitalization of $7.76 billion, a P/E ratio of 25.46 and a beta of 1.56.

Momo (NASDAQ:MOMO) last posted its quarterly earnings data on Wednesday, March 7th. The information services provider reported $0.53 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.11. Momo had a return on equity of 36.58% and a net margin of 24.17%. The company had revenue of $386.40 million for the quarter, compared to analysts’ expectations of $381.17 million. During the same period in the previous year, the firm posted $0.44 EPS. Momo’s revenue was up 57.0% compared to the same quarter last year. equities research analysts anticipate that Momo will post 2 earnings per share for the current year.

Several institutional investors have recently modified their holdings of MOMO. Handelsbanken Fonder AB lifted its holdings in Momo by 10.0% in the first quarter. Handelsbanken Fonder AB now owns 308,000 shares of the information services provider’s stock valued at $11,513,000 after acquiring an additional 28,000 shares during the last quarter. CIBC World Markets Inc. acquired a new position in Momo in the first quarter valued at approximately $280,000. Xact Kapitalforvaltning AB lifted its holdings in Momo by 27.4% in the first quarter. Xact Kapitalforvaltning AB now owns 16,734 shares of the information services provider’s stock valued at $626,000 after acquiring an additional 3,600 shares during the last quarter. Legal & General Group Plc lifted its holdings in Momo by 20.6% in the first quarter. Legal & General Group Plc now owns 450,765 shares of the information services provider’s stock valued at $16,850,000 after acquiring an additional 77,039 shares during the last quarter. Finally, Jericho Capital Asset Management L.P. acquired a new position in Momo in the first quarter valued at approximately $38,826,000. Institutional investors and hedge funds own 45.53% of the company’s stock.

About Momo

Momo Inc operates as a mobile-based social networking platform in the People's Republic of China. The company's platform includes its Momo mobile application and various related features, functionalities, tools, and services that are provided to users, customers, and platform partners. It offers Momo mobile application that enables users to establish and expand their social relationships based on locations and interests; and Hani, a live video application.

Get a free copy of the Zacks research report on Momo (MOMO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Momo (NASDAQ:MOMO)

Receive News & Ratings for Momo Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Momo and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply