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

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC increased its position in Hello Group by 1,590.1% during the 4th quarter. Millennium Management LLC now owns 174,536 shares of the information services provider's stock valued at $1,346,000 after purchasing an additional 164,209 shares during the period. Allianz Asset Management GmbH increased its position in Hello Group by 10.7% during the 1st quarter. Allianz Asset Management GmbH now owns 292,362 shares of the information services provider's stock valued at $1,845,000 after purchasing an additional 28,278 shares during the period. Hsbc Holdings PLC purchased a new position in Hello Group during the 4th quarter valued at $79,000. BNP Paribas Financial Markets purchased a new position in Hello Group during the 4th quarter valued at $4,535,000. Finally, QRG Capital Management Inc. increased its position in Hello Group by 14.2% during the 1st quarter. QRG Capital Management Inc. now owns 24,959 shares of the information services provider's stock valued at $157,000 after purchasing an additional 3,098 shares during the period. 50.96% of the stock is currently 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 research report on Friday, June 6th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $9.00.

Hello Group Price Performance

NASDAQ:MOMO opened at $8.06 on Thursday. The firm's 50-day moving average price is $8.41 and its 200-day moving average price is $7.20. The company has a market capitalization of $971.15 million, a PE ratio of 6.20 and a beta of 0.41. Hello Group Inc. Sponsored ADR has a 1-year low of $5.12 and a 1-year high of $9.22.

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.

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