E Fund Management Co. Ltd. Raises Stock Position in Hello Group Inc. Sponsored ADR $MOMO

Key Points

• E Fund Management Co. Ltd. increased its stake in Hello Group Inc. by 352.2%, acquiring 86,923 shares to bring its total to 111,601 shares valued at approximately $704,000.
• Other institutional investors also boosted their holdings, with Millennium Management LLC increasing its position by 1,590.1% and Allianz Asset Management GmbH by 10.7% in the last quarter.
• Analysts have upgraded Hello Group's stock from a "hold" to a "buy" rating, and it currently has a consensus rating of "Hold" with an average target price of $9.00.

E Fund Management Co. Ltd. raised its holdings in shares of Hello Group Inc. Sponsored ADR (NASDAQ:MOMO - Free Report) by 352.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 111,601 shares of the information services provider's stock after acquiring an additional 86,923 shares during the quarter. E Fund Management Co. Ltd. owned about 0.09% of Hello Group worth $704,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new position in Hello Group during the 4th quarter valued at about $4,535,000. LSV Asset Management increased its holdings in Hello Group by 25.4% during the 1st quarter. LSV Asset Management now owns 2,751,975 shares of the information services provider's stock worth $17,365,000 after acquiring an additional 557,777 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Hello Group in the 1st quarter worth approximately $2,638,000. Charles Schwab Investment Management Inc. purchased a new stake in Hello Group in the 1st quarter worth approximately $1,519,000. Finally, National Bank of Canada FI purchased a new stake in Hello Group in the 1st quarter worth approximately $1,230,000. 50.96% of the stock is owned by institutional investors.

Analyst Ratings Changes

Separately, Wall Street Zen raised shares of Hello Group from a "hold" rating to a "buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $9.00.

Hello Group Stock Down 1.6%

NASDAQ:MOMO traded down $0.13 during midday trading on Monday, hitting $8.14. The company had a trading volume of 1,175,166 shares, compared to its average volume of 1,154,349. Hello Group Inc. Sponsored ADR has a 52-week low of $5.12 and a 52-week high of $9.22. The stock's fifty day moving average price is $8.44 and its 200-day moving average price is $7.21. The company has a market capitalization of $980.76 million, a PE ratio of 6.26 and a beta of 0.41.

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.