During the third quarter, Thrivent Financial for Lutherans purchased 453,634 shares of Hello Group Inc. Sponsored ADR (NASDAQ: MOMO). The investment, disclosed in a recent filing with the Securities and Exchange Commission, is valued at around $3.37 million. Hello Group Inc. operates in the information services sector.
This acquisition marks a new position for Thrivent Financial in the company’s stock. The purchase reflects the institutional investor’s interest in expanding its holdings within the information services industry.
**Why this matters**
Institutional investments can influence market perceptions and signal confidence in a company’s prospects. Thrivent Financial’s entry into Hello Group Inc. may attract attention from other investors and impact the stock’s trading activity going forward.
Source: NewsData