Connor Clark & Lunn Investment Management Ltd. Buys 164,040 Shares of Hello Group Inc. Sponsored ADR $MOMO

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its stake in Hello Group Inc. Sponsored ADR by 642.4% to 189,576 shares, valued at approximately $1.20 million.
• Multiple institutional investors, such as LPL Financial and NewEdge Advisors, have also significantly boosted their holdings in Hello Group, highlighting increased confidence in the company.
• Analysts have raised Hello Group's rating from "hold" to "buy," with an average price target of $9.00, indicating potential upside for investors.

Connor Clark & Lunn Investment Management Ltd. raised its holdings in shares of Hello Group Inc. Sponsored ADR (NASDAQ:MOMO - Free Report) by 642.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 189,576 shares of the information services provider's stock after acquiring an additional 164,040 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.16% of Hello Group worth $1,196,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MOMO. Cetera Investment Advisers grew its stake in shares of Hello Group by 3.6% during the 4th quarter. Cetera Investment Advisers now owns 64,877 shares of the information services provider's stock valued at $500,000 after acquiring an additional 2,280 shares during the period. US Bancorp DE raised its stake in Hello Group by 3.9% during the 1st quarter. US Bancorp DE now owns 78,397 shares of the information services provider's stock worth $495,000 after acquiring an additional 2,978 shares during the period. QRG Capital Management Inc. lifted its position in shares of Hello Group by 14.2% in the first quarter. QRG Capital Management Inc. now owns 24,959 shares of the information services provider's stock valued at $157,000 after acquiring an additional 3,098 shares in the last quarter. Vident Advisory LLC lifted 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 worth $122,000 after purchasing an additional 4,009 shares in the last quarter. Finally, Hsbc Holdings PLC purchased a new position in shares of Hello Group in the fourth quarter worth $79,000. Institutional investors own 50.96% of the company's stock.

Hello Group Trading Up 1.6%

Shares of MOMO stock traded up $0.13 on Thursday, reaching $8.13. The company's stock had a trading volume of 343,120 shares, compared to its average volume of 620,925. The stock's fifty day simple moving average is $8.43 and its 200-day simple moving average is $7.23. Hello Group Inc. Sponsored ADR has a 1 year low of $5.12 and a 1 year high of $9.22. The company has a market capitalization of $979.58 million, a price-to-earnings ratio of 6.25 and a beta of 0.41.

Analysts Set New Price Targets

Separately, Wall Street Zen upgraded shares of Hello Group from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $9.00.

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.