Hello Group (NASDAQ:MOMO) Sets New 52-Week High – Here’s Why

Hello Group Inc. (NASDAQ:MOMO)’s stock price reached a new 52-week high during trading on Friday . The company traded as high as $8.38 and last traded at $8.28, with a volume of 797407 shares trading hands. The stock had previously closed at $8.07.

Analysts Set New Price Targets

MOMO has been the topic of several research reports. StockNews.com upgraded Hello Group from a “sell” rating to a “hold” rating in a research report on Wednesday, November 27th. Citigroup raised their target price on Hello Group from $5.90 to $7.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Bank of America downgraded Hello Group from a “buy” rating to an “underperform” rating in a research report on Wednesday, November 6th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $8.25.

Hello Group Stock Up 0.6 %

The stock has a market cap of $1.18 billion, a PE ratio of 8.36, a P/E/G ratio of 1.97 and a beta of 0.47. The stock has a 50-day moving average of $7.35 and a 200 day moving average of $7.03.

Hedge Funds Weigh In On Hello Group

A number of institutional investors have recently added to or reduced their stakes in MOMO. SG Americas Securities LLC purchased a new position in Hello Group during the third quarter worth approximately $125,000. Blue Trust Inc. raised its position in Hello Group by 472.1% in the third quarter. Blue Trust Inc. now owns 3,873 shares of the information services provider’s stock valued at $29,000 after purchasing an additional 3,196 shares during the period. E Fund Management Hong Kong Co. Ltd. purchased a new stake in Hello Group in the third quarter valued at $322,000. First Beijing Investment Ltd purchased a new stake in Hello Group in the third quarter valued at $30,773,000. Finally, KBC Group NV raised its position in Hello Group by 439.6% in the third quarter. KBC Group NV now owns 67,412 shares of the information services provider’s stock valued at $513,000 after purchasing an additional 54,920 shares during the period. Hedge funds and other institutional investors own 50.96% of the company’s stock.

Hello Group Company Profile

Hello Group Inc provides mobile-based social and entertainment services in the People's Republic of China. It operates in three segments: Momo, Tantan, and QOOL. The company offers Momo, a mobile application that connects people and facilitates social interactions based on location, interests, and various online recreational activities, including live talent shows, short videos, social games, as well as other video- and audio-based interactive experiences, such as online parties, mobile karaoke and user participated reality shows; Tantan, a social and dating application; and other applications under the Hertz, Soulchill, Duidui, and Tietie names.