Mirae Asset Global Investments Co. Ltd. Cuts Position in Hello Group Inc. (NASDAQ:MOMO)

Mirae Asset Global Investments Co. Ltd. trimmed its holdings in shares of Hello Group Inc. (NASDAQ:MOMO) by 28.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,093 shares of the information services provider’s stock after selling 1,645 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Hello Group were worth $30,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Acadian Asset Management LLC grew its stake in Hello Group by 26.4% during the 1st quarter. Acadian Asset Management LLC now owns 7,377,789 shares of the information services provider’s stock worth $45,781,000 after buying an additional 1,538,632 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Hello Group by 20.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,716,809 shares of the information services provider’s stock worth $22,736,000 after buying an additional 633,746 shares during the last quarter. BRIGHT VALLEY CAPITAL Ltd purchased a new position in Hello Group during the 2nd quarter worth $22,553,000. LSV Asset Management grew its stake in Hello Group by 33.5% during the 1st quarter. LSV Asset Management now owns 2,277,629 shares of the information services provider’s stock worth $14,144,000 after buying an additional 571,840 shares during the last quarter. Finally, Jupiter Asset Management Ltd. grew its stake in Hello Group by 994.2% during the 1st quarter. Jupiter Asset Management Ltd. now owns 1,617,308 shares of the information services provider’s stock worth $10,043,000 after buying an additional 1,469,500 shares during the last quarter. 50.96% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have weighed in on MOMO shares. Jefferies Financial Group boosted their price target on Hello Group from $6.50 to $7.00 and gave the company a “buy” rating in a research note on Tuesday, September 3rd. Benchmark dropped their price target on Hello Group from $15.00 to $13.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. Finally, StockNews.com upgraded Hello Group from a “sell” rating to a “hold” rating in a research note on Wednesday, September 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $7.93.

Hello Group Stock Performance

Shares of MOMO stock opened at $7.29 on Wednesday. The stock has a market cap of $1.06 billion, a PE ratio of 7.19, a price-to-earnings-growth ratio of 2.17 and a beta of 0.54. The business has a 50-day simple moving average of $6.89 and a 200-day simple moving average of $6.43. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 0.17. Hello Group Inc. has a 52-week low of $4.79 and a 52-week high of $8.19.

Hello Group (NASDAQ:MOMO) last issued its quarterly earnings data on Tuesday, September 3rd. The information services provider reported $2.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $2.13. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Hello Group had a return on equity of 12.09% and a net margin of 12.40%. The company’s revenue for the quarter was down 14.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.39 EPS. On average, equities analysts expect that Hello Group Inc. will post 0.73 EPS for the current year.

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.