Market Overview

Chinese Social Media Stocks Getting A Ton Of Likes From Investors Today

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Weibo Corp (NASDAQ: WB) and Momo Inc (NASDAQ: MOMO), two social media platforms designed for the Chinese market, are each trading more than 6 percent higher in Monday's session.

While there is no compelling news out on Momo, Weibo received a reiterated Buy rating From T.H. Capital Friday, Insider Monkey reports. The T.H. Capital analyst also lifted their price target to $60 from $38.

Shares of Momo may be moving as a sympathy or peer play. Credit Suisse recently initiated coverage on Momo with an Outperform rating and a $29 price target, implying about 14.5 percent upside.

These stocks may also be getting a boost from pent-up demand, as the Chinese markets were closed last week for the nation's seven-day "Golden Week" holiday.

In Monday's early afternoon trading, Weibo stock was valued at $55.05 per share, with Momo trading hands at $25.31, up 6 and 7 percent, respectively, from where they closed Friday.

Posted-In: Movers Trading Ideas

 

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