Momo Inc. (NASDAQ:MOMO) Stake Increased by Royal Bank of Canada

Royal Bank of Canada grew its holdings in shares of Momo Inc. (NASDAQ:MOMO) by 63.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,332 shares of the information services provider’s stock after buying an additional 3,246 shares during the quarter. Royal Bank of Canada’s holdings in Momo were worth $308,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MOMO. D.A. Davidson & CO. acquired a new position in shares of Momo during the 2nd quarter worth about $136,000. Benjamin F. Edwards & Company Inc. acquired a new position in shares of Momo during the 2nd quarter worth about $155,000. Alta Advisers Ltd acquired a new position in shares of Momo during the 2nd quarter worth about $156,000. Bfsg LLC acquired a new position in shares of Momo during the 2nd quarter worth about $203,000. Finally, Teacher Retirement System of Texas acquired a new position in shares of Momo during the 2nd quarter worth about $259,000. 40.60% of the stock is currently owned by hedge funds and other institutional investors.

Momo Inc. (MOMO) traded up $2.24 during midday trading on Monday, reaching $24.80. 12,948,731 shares of the company’s stock were exchanged, compared to its average volume of 5,493,360. The company has a market cap of $4,387.33, a P/E ratio of 15.24 and a beta of 1.55. Momo Inc. has a 52-week low of $16.73 and a 52-week high of $46.69.

Momo (NASDAQ:MOMO) last posted its quarterly earnings data on Tuesday, November 28th. The information services provider reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.38 by $0.07. The firm had revenue of $354.10 million during the quarter, compared to the consensus estimate of $342.48 million. Momo had a net margin of 25.88% and a return on equity of 39.60%. The company’s quarterly revenue was up 125.5% compared to the same quarter last year. equities research analysts forecast that Momo Inc. will post 1.45 earnings per share for the current year.

MOMO has been the topic of a number of research reports. TheStreet upgraded shares of Momo from a “c+” rating to a “b” rating in a research note on Monday, August 7th. Deutsche Bank set a $43.00 price target on shares of Momo and gave the company a “buy” rating in a research note on Tuesday, November 28th. Benchmark decreased their price target on shares of Momo from $48.00 to $38.00 and set a “buy” rating on the stock in a research note on Wednesday, November 29th. J P Morgan Chase & Co decreased their price target on shares of Momo to $30.00 in a research note on Wednesday, November 29th. Finally, Jefferies Group reiterated a “buy” rating and issued a $54.00 price target on shares of Momo in a research note on Wednesday, August 16th. Two equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $41.23.

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Momo 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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