Renaissance Technologies LLC Sells 340,200 Shares of Hello Group Inc. Sponsored ADR $MOMO

Key Points

• Renaissance Technologies reduced its Hello Group stake by 4.3%, selling 340,200 shares and retaining 7.48 million shares worth approximately $43.1 million, or 6.96% of the company.
• Other institutional investors were generally buyers, including Goldman Sachs, JPMorgan Chase, Legal & General, HSBC, and Geode Capital. Institutional investors collectively own 50.96% of Hello Group.
• Hello Group shares opened at $5.88, near the lower end of their 12-month range of $5.32 to $8.59. Analyst sentiment averages a “Hold” rating, with a consensus price target of $9.05.

Renaissance Technologies LLC reduced its position in Hello Group Inc. Sponsored ADR (NASDAQ:MOMO - Free Report) by 4.3% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 7,482,810 shares of the information services provider's stock after selling 340,200 shares during the period. Renaissance Technologies LLC owned about 6.96% of Hello Group worth $43,101,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of MOMO. Goldman Sachs Group Inc. raised its stake in Hello Group by 7.2% in the first quarter. Goldman Sachs Group Inc. now owns 8,127,428 shares of the information services provider's stock valued at $51,284,000 after buying an additional 546,048 shares during the period. Geode Capital Management LLC boosted its stake in shares of Hello Group by 4.1% during the 2nd quarter. Geode Capital Management LLC now owns 279,901 shares of the information services provider's stock worth $2,362,000 after acquiring an additional 10,944 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Hello Group by 111.0% during the 2nd quarter. JPMorgan Chase & Co. now owns 315,918 shares of the information services provider's stock worth $2,666,000 after acquiring an additional 166,227 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Hello Group by 31.7% during the 2nd quarter. Legal & General Group Plc now owns 39,861 shares of the information services provider's stock worth $336,000 after acquiring an additional 9,597 shares during the last quarter. Finally, Hsbc Holdings PLC raised its stake in Hello Group by 231.1% in the 2nd quarter. Hsbc Holdings PLC now owns 38,864 shares of the information services provider's stock valued at $329,000 after acquiring an additional 27,125 shares during the period. Institutional investors own 50.96% of the company's stock.

Hello Group Stock Performance

Hello Group stock opened at $5.88 on Tuesday. The company has a market capitalization of $632.51 million, a price-to-earnings ratio of 9.19 and a beta of 0.45. Hello Group Inc. Sponsored ADR has a 12 month low of $5.32 and a 12 month high of $8.59. The stock's 50 day moving average is $5.83 and its 200-day moving average is $6.17.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. Wall Street Zen downgraded Hello Group from a "buy" rating to a "hold" rating in a report on Sunday. UBS Group set a $10.00 price objective on shares of Hello Group in a report on Thursday, June 4th. Weiss Ratings lowered shares of Hello Group from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, May 6th. Finally, Benchmark restated a "buy" rating on shares of Hello Group in a research note on Thursday, June 4th. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $9.05.

About Hello Group

Hello Group Inc NASDAQ: MOMO is a China-based technology company specializing in mobile social networking and interactive entertainment. Its flagship product, the Momo app, offers location-based social discovery services that enable users to find and connect with new friends based on shared interests and geographic proximity. The platform integrates instant messaging, group chat, and content-sharing features, while also providing premium subscriptions and in-app purchases such as virtual gifts and sticker packs.

In addition to Momo, Hello Group's portfolio includes Tantan, a dating-focused social app designed to help users build meaningful relationships through profile matching and interest-driven swiping.

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