Is Momo Inc (ADR) (MOMO) A Good Stock To Buy?

Now, key hedge funds have been driving this bullishness. Eton Park Capital established the biggest position in Momo Inc (ADR) (NASDAQ:MOMO) which had $35 million invested in the company at the end of the quarter. Yi Xin’s Ariose Capital also initiated a $18.9 million position during the quarter. The other funds with new positions in the stock are Renaissance Technologies which is one of the largest hedge funds in the world, Israel Englander’s Millennium Management, and Dmitry Balyasny’s Balyasny Asset Management.

Let’s also examine hedge fund activity in other stocks – not necessarily in the same industry as Momo Inc (ADR) (NASDAQ:MOMO) but similarly valued. We will take a look at Adeptus Health Inc (NYSE:ADPT), Arcos Dorados Holding Inc (NYSE:ARCO), Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN), and EP Energy Corp (NYSE:EPE). All of these stocks’ market caps resemble MOMO’s market cap.

As you can see these stocks had an average of 18 hedge funds with bullish positions and the average amount invested in these stocks was $146 million. That figure was $234 million in MOMO’s case. Achillion Pharmaceuticals, Inc. (NASDAQ:ACHN) is the most popular stock in this table. On the other hand Adeptus Health Inc (NYSE:ADPT) is the least popular one with only 13 bullish hedge fund positions. Momo Inc (ADR) (NASDAQ:MOMO) is not the most popular stock in this group but hedge fund interest is still above average. This is a slightly positive signal but we’d rather spend our time researching stocks that hedge funds are piling on. In this regard ACHN might be a better candidate to consider taking a long position in.

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