Norges Bank Makes New Investment in Hello Group Inc. (NASDAQ:MOMO)

Norges Bank acquired a new stake in shares of Hello Group Inc. (NASDAQ:MOMO - Free Report) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,396,296 shares of the information services provider's stock, valued at approximately $10,765,000. Norges Bank owned 0.96% of Hello Group at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the stock. Assenagon Asset Management S.A. bought a new stake in shares of Hello Group during the fourth quarter worth $8,616,000. Public Employees Retirement System of Ohio bought a new stake in Hello Group during the 3rd quarter valued at about $1,013,000. LPL Financial LLC boosted its position in Hello Group by 813.1% in the 4th quarter. LPL Financial LLC now owns 101,277 shares of the information services provider's stock valued at $781,000 after buying an additional 90,186 shares during the period. Harbour Capital Advisors LLC grew its stake in Hello Group by 86.9% in the 4th quarter. Harbour Capital Advisors LLC now owns 90,085 shares of the information services provider's stock worth $647,000 after acquiring an additional 41,875 shares in the last quarter. Finally, American Century Companies Inc. increased its position in shares of Hello Group by 4.7% during the fourth quarter. American Century Companies Inc. now owns 912,611 shares of the information services provider's stock worth $7,036,000 after acquiring an additional 40,620 shares during the period. 50.96% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on MOMO shares. Benchmark reissued a "buy" rating and issued a $13.00 price objective on shares of Hello Group in a research note on Thursday, March 13th. StockNews.com upgraded Hello Group from a "hold" rating to a "buy" rating in a report on Friday. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $8.25.

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Hello Group Price Performance

NASDAQ MOMO traded down $0.26 during midday trading on Friday, hitting $5.27. 1,448,996 shares of the company traded hands, compared to its average volume of 1,362,930. Hello Group Inc. has a 52 week low of $4.79 and a 52 week high of $8.38. The company's 50-day simple moving average is $6.95 and its 200-day simple moving average is $7.06. The company has a market cap of $763.62 million, a PE ratio of 5.43, a price-to-earnings-growth ratio of 2.07 and a beta of 0.33.

Hello Group Cuts Dividend

The business also recently announced an annual dividend, which will be paid on Wednesday, April 30th. Shareholders of record on Friday, April 11th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a yield of 4.18%.

Hello Group 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.