Hello Group (NASDAQ:MOMO) Sets New 12-Month High - Here's Why

Shares of Hello Group Inc. (NASDAQ:MOMO - Get Free Report) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $8.38 and last traded at $8.28, with a volume of 797407 shares. The stock had previously closed at $8.07.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Citigroup boosted their price objective on Hello Group from $5.90 to $7.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Bank of America lowered Hello Group from a "buy" rating to an "underperform" rating in a research note on Wednesday, November 6th. Finally, StockNews.com raised Hello Group from a "sell" rating to a "hold" rating in a research note on Wednesday, November 27th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $8.25.

Hello Group Stock Performance

The firm has a market capitalization of $1.14 billion, a PE ratio of 8.13, a price-to-earnings-growth ratio of 2.07 and a beta of 0.47. The stock's 50 day simple moving average is $7.36 and its two-hundred day simple moving average is $7.06.

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Hedge Funds Weigh In On Hello Group

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MOMO. Blue Trust Inc. raised its holdings in shares of Hello Group by 472.1% during the 3rd quarter. Blue Trust Inc. now owns 3,873 shares of the information services provider's stock worth $29,000 after acquiring an additional 3,196 shares during the period. SBI Securities Co. Ltd. acquired a new stake in Hello Group during the fourth quarter worth about $35,000. Hsbc Holdings PLC purchased a new position in Hello Group during the fourth quarter worth about $79,000. Kathmere Capital Management LLC boosted its holdings in Hello Group by 30.1% in the 4th quarter. Kathmere Capital Management LLC now owns 14,717 shares of the information services provider's stock valued at $113,000 after purchasing an additional 3,407 shares during the last quarter. Finally, Vident Advisory LLC boosted its holdings in Hello Group by 34.0% in the 4th quarter. Vident Advisory LLC now owns 15,803 shares of the information services provider's stock valued at $122,000 after purchasing an additional 4,009 shares during the last quarter. Institutional investors and hedge funds own 50.96% of the company's stock.

About Hello Group

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.