Hello Group Stock Up In Pre-Market Trading

Hello Group Inc is up Wednesday morning, with the stock adding 18.75% in pre-market trading to 5.7. MOMO’s short-term technical score of 2 indicates that the stock has traded less bullishly over the last month than 98% of stocks on the market. In the Internet Content & Information industry, which ranks 140 out of 146 industries, the stock ranks higher than 5% of stocks.

Hello Group Inc has fallen 52.29% over the past month, closing at $10.73 on February 16. During this period of time, the stock fell as low as $4.80 and as high as $10.95. MOMO has an average analyst recommendation of Strong Buy. The company has an average price target of $16.90.

Hello Group was spurned by investors after the release of their Q3 financial results. Since the launch of the results, Hello Group’s stock price has dropped 32%, a five year low.

The operator of popular dating apps Momo and Tantan has struggled to find its footing despite a rebranding strategy, as it faces stiff competition and regulation worries. 

Hello Group has rebranded itself from Momo, the name of its popular app meaning “stranger, stranger,” in August. However, the move failed to excite investors, and its shares have moved steadily lower as the company struggles to overhaul its image.

There’s no question about Momo’s dominant position in China. It’s by far the country’s most popular mobile dating app, according to data from Statista. The company further consolidated its position as lead matchmaker in 2018 when it bought another popular dating app Tantan.