Momo Inc (MOMO) Upgraded to Buy by Zacks Investment Research

momo-inc-momo-upgraded-to-buy-by-zacks-investment-research.jpg

Momo Inc (NASDAQ:MOMO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $27.00 price target on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 10.34% from the company’s previous close.
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. “
A number of other brokerages have also recently weighed in on MOMO. Morgan Stanley upgraded shares of Momo from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $12.70 to $28.00 in a research note on Tuesday. JPMorgan Chase & Co. began coverage on shares of Momo in a research note on Wednesday, August 31st. They set an “overweight” rating on the stock.

This story is the sole property of American Banking News and it was originally published by American Banking News. If you are reading this story on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. The original version of this article is available at http://www.americanbankingnews.com/2016/09/09/momo-inc-momo-upgraded-to-buy-by-zacks-investment-research.html

Momo (NASDAQ:MOMO) traded up 1.87% during trading on Thursday, hitting $24.47. 3,404,647 shares of the stock were exchanged. Momo has a one year low of $6.72 and a one year high of $25.62. The company has a market cap of $4.64 billion, a price-to-earnings ratio of 174.79 and a beta of 2.05. The stock’s 50 day moving average is $17.44 and its 200-day moving average is $14.09.
Momo (NASDAQ:MOMO) last issued its quarterly earnings data on Tuesday, August 16th. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of $0.08 by $0.04. The company had revenue of $99 million for the quarter, compared to the consensus estimate of $30.70 million. On average, equities research analysts expect that Momo will post $0.48 earnings per share for the current fiscal year.
Other hedge funds and institutional investors have recently added to or reduced their stakes in the company. BlackRock Group LTD raised its position in Momo by 0.4% in the first quarter. BlackRock Group LTD now owns 9,907 shares of the company’s stock worth $111,000 after buying an additional 40 shares during the last quarter. Geode Capital Management LLC raised its position in Momo by 24.4% in the first quarter. Geode Capital Management LLC now owns 18,305 shares of the company’s stock worth $205,000 after buying an additional 3,592 shares during the last quarter. BlackRock Fund Advisors raised its position in Momo by 9.5% in the first quarter. BlackRock Fund Advisors now owns 60,379 shares of the company’s stock worth $679,000 after buying an additional 5,236 shares during the last quarter. State Street Corp raised its position in Momo by 41.3% in the first quarter. State Street Corp now owns 36,157 shares of the company’s stock worth $406,000 after buying an additional 10,577 shares during the last quarter. Finally, Bank of Montreal Can purchased a new position in Momo during the second quarter worth about $133,000.
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.
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

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

Be the first to comment on "Momo Inc (MOMO) Upgraded to Buy by Zacks Investment Research"

Leave a comment

Your email address will not be published.

*