MeetMe Inc (MEET) Coverage Initiated at Canaccord Genuity
Equities researchers at Canaccord Genuity started coverage on shares of MeetMe Inc (NASDAQ:MEET) in a research report issued on Monday. The firm set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity’s target price would indicate a potential upside of 86.92% from the stock’s previous close.
The analysts wrote, “We believe MeetMe occupies a promising spot on the social networking landscape. While the platform is lesser-known than other dating and social networking services, user trends within its target young demographic are solid, and we see incremental monetization opportunities. We also believe the recent acquisitions of Skout and If(we) are promising and see potential for more.””
Several other research analysts have also commented on MEET. Zacks Investment Research lowered shares of MeetMe from a “hold” rating to a “sell” rating in a research note on Wednesday, December 7th. Roth Capital set a $9.00 price objective on shares of MeetMe and gave the company a “buy” rating in a research note on Tuesday, December 6th. Loop Capital reiterated a “buy” rating and issued a $9.00 price target on shares of MeetMe in a research note on Monday, March 6th. Finally, JMP Securities reiterated an “outperform” rating and issued a $9.00 price target on shares of MeetMe in a research note on Wednesday, March 8th. Six investment analysts have rated the stock with a buy rating, The stock has a consensus rating of “Buy” and a consensus target price of $8.70.
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Shares of MeetMe (NASDAQ:MEET) traded up 3.08% on Monday, reaching $5.35. 3,317,871 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $4.97 and a 200 day moving average of $5.22. MeetMe has a one year low of $2.71 and a one year high of $8.11. The firm has a market capitalization of $318.97 million, a P/E ratio of 6.69 and a beta of 1.08.
MeetMe (NASDAQ:MEET) last posted its quarterly earnings data on Monday, March 6th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.16 by $0.03. MeetMe had a net margin of 63.55% and a return on equity of 15.13%. The business earned $29.20 million during the quarter, compared to analyst estimates of $28.75 million. The company’s revenue was up 46.7% on a year-over-year basis. On average, equities research analysts predict that MeetMe will post $0.55 EPS for the current year.
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In related news, CEO Geoffrey Cook sold 250,000 shares of MeetMe stock in a transaction that occurred on Thursday, January 19th. The shares were sold at an average price of $5.02, for a total value of $1,255,000.00. Following the completion of the transaction, the chief executive officer now owns 1,345,624 shares in the company, valued at $6,755,032.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.90% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of MEET. AQR Capital Management LLC increased its position in shares of MeetMe by 15.8% in the fourth quarter. AQR Capital Management LLC now owns 1,086,689 shares of the company’s stock worth $5,358,000 after buying an additional 148,156 shares in the last quarter. Tudor Investment Corp Et Al purchased a new position in shares of MeetMe during the fourth quarter worth about $501,000. Lyon Street Capital LLC increased its position in shares of MeetMe by 175.7% in the fourth quarter. Lyon Street Capital LLC now owns 780,762 shares of the company’s stock worth $3,849,000 after buying an additional 497,521 shares in the last quarter. Girard Securities Inc. increased its position in shares of MeetMe by 0.3% in the fourth quarter. Girard Securities Inc. now owns 49,630 shares of the company’s stock worth $245,000 after buying an additional 170 shares in the last quarter. Finally, Ativo Capital Management LLC increased its position in shares of MeetMe by 4.6% in the fourth quarter. Ativo Capital Management LLC now owns 210,548 shares of the company’s stock worth $1,038,000 after buying an additional 9,300 shares in the last quarter. Institutional investors own 53.81% 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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