Hello Group (NASDAQ:MOMO) Stock Rating Lowered by Wall Street Zen

Key Points

• Hello Group has been downgraded from a "buy" to a "hold" rating by analysts at Wall Street Zen.
• The company has a market capitalization of $901.27 million and its stock opened at $7.48 on Friday, with a 1-year range between $5.12 and $9.22.
• Significant institutional investments have increased, with entities like Norges Bank and Marshall Wace LLP acquiring notable stakes in the company.

Wall Street Zen downgraded shares of Hello Group (NASDAQ:MOMO - Free Report) from a buy rating to a hold rating in a research note released on Saturday.

Hello Group Price Performance

NASDAQ MOMO traded down $0.10 during trading hours on Friday, reaching $7.63. 787,862 shares of the company's stock traded hands, compared to its average volume of 993,276. The firm has a market cap of $919.34 million, a PE ratio of 8.57 and a beta of 0.38. Hello Group has a 52-week low of $5.12 and a 52-week high of $9.22. The firm has a 50-day simple moving average of $8.24 and a 200 day simple moving average of $7.28.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Goldman Sachs Group Inc. raised its holdings 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 worth $51,284,000 after buying an additional 546,048 shares during the last quarter. Acadian Asset Management LLC raised its holdings in Hello Group by 1.2% in the second quarter. Acadian Asset Management LLC now owns 6,629,672 shares of the information services provider's stock worth $55,926,000 after buying an additional 75,838 shares during the last quarter. LSV Asset Management raised its holdings in Hello Group by 0.5% in the second quarter. LSV Asset Management now owns 2,766,395 shares of the information services provider's stock worth $23,348,000 after buying an additional 14,420 shares during the last quarter. Causeway Capital Management LLC raised its holdings in Hello Group by 136.2% in the first quarter. Causeway Capital Management LLC now owns 2,089,913 shares of the information services provider's stock worth $13,187,000 after buying an additional 1,205,166 shares during the last quarter. Finally, Norges Bank purchased a new position in Hello Group in the second quarter worth about $14,976,000. 50.96% of the stock is owned by hedge funds and other institutional investors.

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.