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Hello Group Inc. Sponsored ADR (MOMO) Surges 51.5%: Is This an Indication of Further Gains?
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Hello Group Inc. Sponsored ADR (MOMO - Free Report) shares soared 51.5% in the last trading session to close at $7.27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 54.8% loss over the past four weeks.
The upswing in MOMO's price is primarily attributed to the Chinese government's response in favor of stabilizing the financial markets amid the ongoing Russia-Ukraine war. The Chinese government promised to introduce policies which will support property and technology companies, while stimulating the economy.
Hello Group is also riding on growing demand for its Live video and value added services.
This company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of -43.1%. Revenues are expected to be $563.75 million, down 3.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hello Group Inc. Sponsored ADR, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MOMO going forward to see if this recent jump can turn into more strength down the road.
Hello Group Inc. Sponsored ADR is part of the Zacks Internet - Software industry. Covetrus , another stock in the same industry, closed the last trading session 3.3% higher at $16.54. CVET has returned -12.3% in the past month.
Covetrus' consensus EPS estimate for the upcoming report has changed -2.8% over the past month to $0.23. Compared to the company's year-ago EPS, this represents a change of +4.6%. Covetrus currently boasts a Zacks Rank of #3 (Hold).
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Hello Group Inc. Sponsored ADR (MOMO) Surges 51.5%: Is This an Indication of Further Gains?
Hello Group Inc. Sponsored ADR (MOMO - Free Report) shares soared 51.5% in the last trading session to close at $7.27. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 54.8% loss over the past four weeks.
The upswing in MOMO's price is primarily attributed to the Chinese government's response in favor of stabilizing the financial markets amid the ongoing Russia-Ukraine war. The Chinese government promised to introduce policies which will support property and technology companies, while stimulating the economy.
Hello Group is also riding on growing demand for its Live video and value added services.
This company is expected to post quarterly earnings of $0.33 per share in its upcoming report, which represents a year-over-year change of -43.1%. Revenues are expected to be $563.75 million, down 3.1% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Hello Group Inc. Sponsored ADR, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MOMO going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Hello Group Inc. Sponsored ADR is part of the Zacks Internet - Software industry. Covetrus , another stock in the same industry, closed the last trading session 3.3% higher at $16.54. CVET has returned -12.3% in the past month.
Covetrus' consensus EPS estimate for the upcoming report has changed -2.8% over the past month to $0.23. Compared to the company's year-ago EPS, this represents a change of +4.6%. Covetrus currently boasts a Zacks Rank of #3 (Hold).