Today’s Research Reports on Top Tech Stocks: Momo and VHC
Falling oil prices dragged markets lower Monday after Bahrain, Egypt, Saudi Arabia and the United Arab Emirates all severed diplomatic relations with Qatar. U.S. crude futures dropped 0.55 percent to close at $47.40 a barrel on the New York Mercantile Exchange. The Dow Jones Industrial Average declined 0.10 percent to close at 21,184.04, while the S&P 500 Index declined 0.12 percent to close at 2,436.10.
“Generally, increased tensions in the Middle East props up oil prices with a fear bid, but the dynamic of this Qatar issue is different because it is largely between Saudi Arabia and Iran,” Tyler Richey, co-editor of the Sevens Report, told MarketWatch.
RDI Initiates Coverage on:
VirnetX Holding Corp.
Momo’s shares jumped 5.28 percent to close at $40.08 a share on Monday. The stock traded between $38.07 and $40.45 on volume of 9.57 million shares traded. The company reported total net revenues were $265.2 million in the first quarter of 2017, an increase of 421 percent when compared to revenues of $50.9 million in the first quarter of 2016. Revenue from live video services contributed $212.6 million in total revenue, as a result of increase in the number of paid users for the service, which totaled 4.1 million in the first quarter of 2017. Net income was $81.2 million for the first quarter of 2016, compared to net income of $7.1 million in the same quarter a year ago. Monthly Active Users (MAU) totaled 85.2 million in March 2017, compared to 72.3 million in March 2016. Shares of Momo have gained approximately 118.06 percent year-to-date.
"Looking ahead into the future, we will continue to push forward with our strategy to drive the video transition and introduce more entertaining content to build recreational activities. We believe that will help us to further lower the barrier and increase the efficiency of open social activities, and thus allow us to appeal to a much broader base of users.” commented Yan Tang, Chairman and CEO of Momo.
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VirnetX’s shares spiked 16.88 percent to close at $4.50 a share on Monday. The stock traded between $3.90 and $5.00 on volume of 2.99 million shares traded. On June 1st, the company and a Japanese Private Equity and Strategic Consulting alliance announced an agreement to build a strategic alliance of 4G Service Providers, Application Developers, Japanese Content Developers, Government Agencies and Enterprises around Gabriel Technologies. Shares of VirnetX have gained approximately 104.55 percent year-to-date.
"This is our first significant strategic alliance outside the U.S.," said Kendall Larsen, VirnetX CEO and President. "It represents a massive opportunity for Gabriel to be the leading provider of secure communications to the Japanese market. The revenue share agreement on all Gabriel sales in Japan has the potential to be very profitable for the company and our shareholders."
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Our Actionable Research on Momo Inc. (NASDAQ:MOMO) and VirnetX Holding Corp. (NYSEMKT:VHC) can be downloaded free of charge at Research Driven Investing.
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