Jupiter Asset Management Ltd. Buys Shares of 418,000 Hello Group Inc. Sponsored ADR (NASDAQ:MOMO)

Key Points

• Jupiter Asset Management Ltd. acquired 418,000 shares of Hello Group Inc. during the first quarter, valued at approximately $2,638,000, representing a 0.35% ownership stake in the company.
• Wall Street analysts have upgraded Hello Group's stock from a "hold" rating to a "buy" rating, with a consensus target price of $9.00.
• Hello Group's stock is currently trading at $8.02, down 2.6%, with a market cap of $966.33 million and a 52-week range of $5.12 to $9.22.

Jupiter Asset Management Ltd. acquired a new position in Hello Group Inc. Sponsored ADR (NASDAQ:MOMO - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 418,000 shares of the information services provider's stock, valued at approximately $2,638,000. Jupiter Asset Management Ltd. owned about 0.35% of Hello Group as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MOMO. LSV Asset Management boosted its holdings in shares of 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 buying an additional 557,777 shares in the last quarter. Norges Bank acquired a new stake in Hello Group in the fourth quarter worth $10,765,000. BNP Paribas Financial Markets bought a new stake in Hello Group in the fourth quarter valued at $4,535,000. Northern Trust Corp boosted its position in shares of Hello Group by 53.3% during the 4th quarter. Northern Trust Corp now owns 390,686 shares of the information services provider's stock worth $3,012,000 after purchasing an additional 135,879 shares in the last quarter. Finally, Allianz Asset Management GmbH grew its stake in shares of Hello Group by 10.7% in 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 buying an additional 28,278 shares during the period. 50.96% of the stock is currently owned by institutional investors.

Hello Group Stock Down 0.1%

NASDAQ:MOMO traded down $0.01 during trading hours on Tuesday, hitting $7.96. 1,058,827 shares of the company traded hands, compared to its average volume of 1,013,605. The company has a market cap of $959.10 million, a PE ratio of 6.12 and a beta of 0.41. The firm's 50-day simple moving average is $8.13 and its 200-day simple moving average is $7.16. Hello Group Inc. Sponsored ADR has a one year low of $5.12 and a one year high of $9.22.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen raised Hello Group from a "hold" rating to a "buy" rating in a research note on Friday, June 6th. One 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, Hello Group has a consensus rating of "Hold" and a consensus target price of $9.00.

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.