Hello Group (NASDAQ:MOMO) Hits New 1-Year High - Here's Why

Hello Group Inc. Sponsored ADR (NASDAQ:MOMO - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The stock traded as high as $8.69 and last traded at $8.63, with a volume of 377569 shares changing hands. The stock had previously closed at $8.40.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MOMO. Wall Street Zen raised Hello Group from a "hold" rating to a "buy" rating in a report on Friday, June 6th. Benchmark reaffirmed a "buy" rating and set a $13.00 price objective on shares of Hello Group in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $9.00.

Hello Group Stock Down 2.8%

The business has a fifty day moving average of $6.71 and a 200 day moving average of $6.92. The company has a market cap of $1.03 billion, a P/E ratio of 6.54 and a beta of 0.31.

Hedge Funds Weigh In On Hello Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. SBI Securities Co. Ltd. bought a new stake in Hello Group in the fourth quarter worth $35,000. QRG Capital Management Inc. lifted its holdings in shares of Hello Group by 8.4% during the 4th quarter. QRG Capital Management Inc. now owns 21,861 shares of the information services provider's stock valued at $169,000 after buying an additional 1,690 shares during the period. Millennium Management LLC boosted its position in Hello Group by 1,590.1% in the fourth quarter. Millennium Management LLC now owns 174,536 shares of the information services provider's stock worth $1,346,000 after purchasing an additional 164,209 shares during the last quarter. Hsbc Holdings PLC bought a new stake in Hello Group during the fourth quarter valued at approximately $79,000. Finally, BNP Paribas Financial Markets purchased a new stake in shares of Hello Group in the 4th quarter worth $4,535,000. Hedge funds and other institutional investors own 50.96% of the company's stock.

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.