MeetMe Inc. (MEET) Short Interest Update
MeetMe Inc. (NASDAQ:MEET) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totalling 9,574,004 shares, a growth of 34.2% from the August 31st total of 7,131,993 shares. Currently, 19.2% of the company’s stock are sold short. Based on an average daily trading volume, of 3,604,796 shares, the days-to-cover ratio is presently 2.7 days.
Shares of MeetMe (NASDAQ:MEET) opened at 6.20 on Friday. MeetMe has a 12 month low of $1.58 and a 12 month high of $8.11. The company’s 50 day moving average is $5.73 and its 200-day moving average is $4.75. The company has a market cap of $325.39 million, a P/E ratio of 9.04 and a beta of 1.81.
MeetMe (NASDAQ:MEET) last announced its quarterly earnings results on Monday, August 1st. The company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.05 by $0.04. MeetMe had a net margin of 56.35% and a return on equity of 15.75%. The firm had revenue of $16.40 million for the quarter, compared to analyst estimates of $15.27 million. During the same quarter in the previous year, the firm posted $0.05 earnings per share. The business’s revenue was up 47.8% on a year-over-year basis. Analysts expect that MeetMe will post $0.42 EPS for the current fiscal year.
A number of equities analysts have commented on MEET shares. Roth Capital set a $8.50 price objective on shares of MeetMe and gave the stock a “buy” rating in a report on Tuesday, September 6th. Loop Capital started coverage on shares of MeetMe in a research note on Thursday, August 25th. They issued a “buy” rating on the stock. Zacks Investment Research upgraded shares of MeetMe from a “hold” rating to a “buy” rating and set a $6.50 target price on the stock in a research note on Thursday, July 7th. Finally, JMP Securities restated a “buy” rating on shares of MeetMe in a research note on Tuesday, June 28th. Seven investment analysts have rated the stock with a buy rating, MeetMe presently has a consensus rating of “Buy” and a consensus price target of $6.00.
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 transaction, the executive now owns 255,805 shares in the company, valued at approximately $1,808,541.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Spencer Garrett Rhodes sold 70,182 shares of the business’s stock in a transaction on Wednesday, August 3rd. The stock was sold at an average price of $7.35, for a total transaction of $515,837.70. Following the completion of the transaction, the director now owns 37,145 shares in the company, valued at approximately $273,015.75. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Opus Capital Group LLC bought a new position in shares of MeetMe during the second quarter worth $3,797,000. Harbourvest Partners LLC bought a new position in shares of MeetMe during the first quarter worth $386,000. Menta Capital LLC bought a new position in shares of MeetMe during the first quarter worth $171,000. AXA raised its position in shares of MeetMe by 335.4% in the first quarter. AXA now owns 214,200 shares of the company’s stock worth $608,000 after buying an additional 165,000 shares during the last quarter. Finally, Harvest Capital Strategies LLC raised its position in shares of MeetMe by 5.3% in the first quarter. Harvest Capital Strategies LLC now owns 4,000,000 shares of the company’s stock worth $11,360,000 after buying an additional 200,000 shares during the last quarter. 46.42% of the stock is currently owned by hedge funds and other institutional investors.
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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