Zacks Investment Research Upgrades MeetMe, Inc. (MEET) to “Hold”
MeetMe, Inc. (NASDAQ:MEET) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Wednesday.
According to Zacks, “The Meet Group, Inc. is a social media technology company. It offers information sharing, social interaction and mobile application development services. The company’s app consists of currently MeetMe (R), Skout(R), Tagged(R) and Hi5(R). The Meet Group Inc., formerly known as MeetMe Inc., is headquartered in New Hope, Pennsylvania. “
A number of other research firms have also recently commented on MEET. Roth Capital set a $9.00 target price on shares of MeetMe and gave the stock a “buy” rating in a report on Tuesday, March 21st. Canaccord Genuity began coverage on shares of MeetMe in a report on Monday, March 20th. They issued a “buy” rating and a $10.00 target price for the company. Loop Capital reissued a “buy” rating and issued a $9.00 target price on shares of MeetMe in a report on Wednesday, May 10th. Finally, ValuEngine cut shares of MeetMe from a “buy” rating to a “hold” rating in a report on Thursday, June 15th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. MeetMe currently has a consensus rating of “Buy” and an average price target of $8.70.
Shares of MeetMe (NASDAQ:MEET) opened at 5.27 on Wednesday. MeetMe has a 52-week low of $4.50 and a 52-week high of $8.11. The firm has a market cap of $366.34 million, a PE ratio of 7.18 and a beta of 0.86. The firm has a 50-day moving average of $4.75 and a 200 day moving average of $5.14.
MeetMe (NASDAQ:MEET) last posted its earnings results on Monday, May 8th. The information services provider reported $0.05 EPS for the quarter, hitting analysts’ consensus estimates of $0.05. The firm had revenue of $20.10 million during the quarter, compared to analysts’ expectations of $20.05 million. MeetMe had a net margin of 53.53% and a return on equity of 13.16%. The business’s revenue for the quarter was up 51.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.04 earnings per share. On average, equities analysts predict that MeetMe will post $0.51 earnings per share for the current year.
In other news, Director Jason Whitt sold 4,329 shares of the company’s stock in a transaction that occurred on Thursday, April 27th. The stock was sold at an average price of $5.97, for a total value of $25,844.13. Following the completion of the transaction, the director now owns 20,888 shares of the company’s stock, valued at $124,701.36. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 4.70% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in MEET. Dimensional Fund Advisors LP increased its stake in MeetMe by 18.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,815,168 shares of the information services provider’s stock worth $28,361,000 after buying an additional 749,823 shares in the last quarter. Vanguard Group Inc. increased its stake in MeetMe by 24.3% in the first quarter. Vanguard Group Inc. now owns 2,517,889 shares of the information services provider’s stock worth $14,831,000 after buying an additional 493,038 shares in the last quarter. Geode Capital Management LLC increased its stake in MeetMe by 60.8% in the first quarter. Geode Capital Management LLC now owns 1,088,207 shares of the information services provider’s stock worth $6,408,000 after buying an additional 411,375 shares in the last quarter. AQR Capital Management LLC increased its stake in MeetMe by 15.8% in the fourth quarter. AQR Capital Management LLC now owns 1,086,689 shares of the information services provider’s stock worth $5,358,000 after buying an additional 148,156 shares in the last quarter. Finally, Pacific Ridge Capital Partners LLC purchased a new stake in MeetMe during the first quarter worth $6,019,000. 52.36% of the stock is owned by institutional investors and hedge funds.
The Meet Group, Inc, formerly MeetMe, Inc, offers a portfolio of mobile applications. The Company operates location-based social networks for meeting new people on mobile platforms, including on iPhone, Android, iPad and other tablets, and on the Web that facilitate interactions among users, and helps users to connect and chat with each other.
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