MeetMe Inc (MEET) Rating Lowered to Hold at Zacks Investment Research
MeetMe Inc (NASDAQ:MEET) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “MeetMe, Inc. owns and operates a social network. It enables users to meet new people through social games and apps, monetized by both advertising and virtual currency. The company operates MeetMe.com, Quepasa.com and MeetMe apps on iPhone and Android. MeetMe, Inc., formerly known as Quepasa Corporation, is headquartered in New Hope, Pennsylvania. “
Other research analysts have also recently issued research reports about the stock. Roth Capital restated a “buy” rating on shares of MeetMe in a research note on Saturday, October 1st. Loop Capital restated a “buy” rating and set a $9.00 target price on shares of MeetMe in a research note on Wednesday, October 5th. Finally, JMP Securities restated a “buy” rating on shares of MeetMe in a research note on Tuesday, June 28th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. The company has an average rating of “Buy” and a consensus target price of $6.50.
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MeetMe (NASDAQ:MEET) opened at 5.53 on Tuesday. The company has a market capitalization of $290.23 million, a PE ratio of 8.06 and a beta of 1.62. The stock’s 50 day moving average price is $5.79 and its 200-day moving average price is $4.98. MeetMe has a 52 week low of $2.19 and a 52 week high of $8.11.
MeetMe (NASDAQ:MEET) last issued its quarterly earnings data on Monday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.05 by $0.04. MeetMe had a net margin of 56.35% and a return on equity of 15.75%. The firm earned $16.40 million during the quarter, compared to the consensus estimate of $15.27 million. During the same quarter in the previous year, the firm posted $0.05 EPS. The company’s revenue for the quarter was up 47.8% compared to the same quarter last year. On average, equities research analysts predict that MeetMe will post $0.43 earnings per share for the current fiscal year.
In other MeetMe news, CRO William Alena sold 458,626 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.07, for a total value of $3,242,485.82. Following the sale, the executive now owns 255,805 shares in the company, valued at approximately $1,808,541.35. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ernesto Cruz sold 137,500 shares of the business’s stock in a transaction on Tuesday, August 16th. The stock was sold at an average price of $4.80, for a total transaction of $660,000.00. Following the completion of the sale, the director now owns 52,367 shares in the company, valued at approximately $251,361.60. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
A number of hedge funds have recently made changes to their positions in MEET. Creative Planning boosted its stake in shares of MeetMe by 140.0% in the third quarter. Creative Planning now owns 17,999 shares of the company’s stock valued at $112,000 after buying an additional 10,499 shares during the last quarter. BlackRock Inc. bought a new stake in shares of MeetMe during the second quarter valued at approximately $109,000. Tower Research Capital LLC TRC boosted its stake in shares of MeetMe by 125.9% in the second quarter. Tower Research Capital LLC TRC now owns 22,183 shares of the company’s stock valued at $118,000 after buying an additional 12,361 shares during the last quarter. American International Group Inc. boosted its stake in shares of MeetMe by 11,780.5% in the second quarter. American International Group Inc. now owns 23,761 shares of the company’s stock valued at $127,000 after buying an additional 23,561 shares during the last quarter. Finally, Alliancebernstein L.P. bought a new stake in shares of MeetMe during the second quarter valued at approximately $139,000. Institutional investors and hedge funds own 46.40% of the company’s stock.
MeetMe Company Profile
MeetMe, Inc is a social media technology company that owns and operates the MeetMe mobile applications and meetme.com. The Company is a location-based social network for meeting new people both on the Web and on mobile platforms, including on iPhone, Android, iPad and other tablets that facilitate interactions among users.
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