Ameriprise Financial Inc. Buys Shares of 15,239 Momo Inc. (MOMO)

Ameriprise Financial Inc. acquired a new stake in Momo Inc. (NASDAQ:MOMO) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 15,239 shares of the information services provider’s stock, valued at approximately $493,000.

Several other large investors also recently bought and sold shares of MOMO. First Trust Advisors LP boosted its position in shares of Momo by 35.8% in the first quarter. First Trust Advisors LP now owns 63,832 shares of the information services provider’s stock valued at $2,175,000 after buying an additional 16,842 shares during the period. Wells Fargo & Company MN boosted its position in shares of Momo by 4,945.2% in the first quarter. Wells Fargo & Company MN now owns 1,050,973 shares of the information services provider’s stock valued at $35,807,000 after buying an additional 1,030,142 shares during the period. Tiger Pacific Capital LP acquired a new position in shares of Momo during the first quarter valued at about $7,961,000. Acadian Asset Management LLC boosted its position in shares of Momo by 90.9% in the first quarter. Acadian Asset Management LLC now owns 1,998,975 shares of the information services provider’s stock valued at $68,104,000 after buying an additional 951,839 shares during the period. Finally, Profund Advisors LLC acquired a new position in shares of Momo during the first quarter valued at about $754,000. Institutional investors and hedge funds own 43.47% of the company’s stock.

Shares of Momo Inc. (NASDAQ:MOMO) traded down 0.25% during mid-day trading on Wednesday, hitting $44.12. 2,900,237 shares of the stock traded hands. Momo Inc. has a 12-month low of $14.88 and a 12-month high of $46.69.

Momo (NASDAQ:MOMO) last announced its quarterly earnings results on Tuesday, May 23rd. The information services provider reported $0.40 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.28 by $0.12. The business had revenue of $265.20 million during the quarter, compared to the consensus estimate of $245.48 million. Momo had a net margin of 28.59% and a return on equity of 36.36%. The business’s quarterly revenue was up 421.0% compared to the same quarter last year. Equities research analysts expect that Momo Inc. will post $1.57 earnings per share for the current fiscal year.

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Several research analysts recently issued reports on the stock. Jefferies Group LLC reissued a “buy” rating and set a $54.00 target price on shares of Momo in a report on Wednesday. TheStreet raised shares of Momo from a “c+” rating to a “b” rating in a report on Monday, August 7th. Zacks Investment Research cut shares of Momo from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Vetr cut shares of Momo from a “strong-buy” rating to a “buy” rating and set a $42.83 target price for the company. in a report on Monday, April 24th. Finally, Benchmark Co. assumed coverage on shares of Momo in a report on Tuesday, April 18th. They issued a “buy” rating and a $44.00 price objective for the company. Two research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Momo currently has an average rating of “Buy” and an average price target of $39.95.

Momo Company Profile

Momo Inc is a holding company. The Company operates Momo, a mobile-based social networking platform. The Company’s Momo platform includes its Momo mobile application and a range of related features, functionalities, tools and services that it provides to users, customers and platform partners. Momo users can maintain their relationships through its private and group communication tools, content creation and sharing functions, as well as the offline social activities promoted on its platform.

Institutional Ownership by Quarter for Momo (NASDAQ:MOMO)

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