MeetMe Inc. (MEET) Downgraded by Zacks Investment Research to Hold
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. “
Several other equities research analysts have also issued reports on MEET. Roth Capital reiterated a buy rating on shares of MeetMe in a research report on Wednesday, June 15th. JMP Securities restated a buy rating on shares of MeetMe in a report on Tuesday, June 28th. Finally, Loop Capital assumed coverage on shares of MeetMe in a report on Thursday, August 25th. They issued a buy rating for the company. One equities research analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. MeetMe has a consensus rating of Buy and a consensus price target of $6.50.
Shares of MeetMe (NASDAQ:MEET) traded up 0.51% on Wednesday, reaching $5.93. 517,098 shares of the company were exchanged. The firm has a market capitalization of $311.22 million, a PE ratio of 8.64 and a beta of 1.62. MeetMe has a 12-month low of $1.77 and a 12-month high of $8.11. The company’s 50 day moving average is $5.70 and its 200 day moving average is $4.82.
MeetMe (NASDAQ:MEET) last announced its earnings results on Monday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating the 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 business earned $16.40 million during the quarter, compared to analyst estimates of $15.27 million. During the same period in the previous year, the business posted $0.05 earnings per share. MeetMe’s revenue for the quarter was up 47.8% on a year-over-year basis. Analysts forecast that MeetMe will post $0.42 earnings per share for the current year.
In related news, CRO William Alena sold 458,626 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.07, for a total transaction of $3,242,485.82. Following the completion of the sale, the executive now directly owns 255,805 shares in the company, valued at approximately $1,808,541.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Spencer Garrett Rhodes sold 70,182 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.35, for a total transaction of $515,837.70. Following the sale, the director now owns 37,145 shares of the company’s stock, valued at $273,015.75. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.
Large investors have recently bought and sold shares of the stock. BlackRock Institutional Trust Company N.A. raised its stake in MeetMe by 41.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 287,698 shares of the company’s stock worth $817,000 after buying an additional 84,509 shares in the last quarter. JPMorgan Chase & Co. increased its position in shares of MeetMe by 5,244,088.9% in the first quarter. JPMorgan Chase & Co. now owns 471,977 shares of the company’s stock worth $1,340,000 after buying an additional 471,968 shares during the last quarter. Menta Capital LLC bought a new position in shares of MeetMe during the first quarter worth about $171,000. State Street Corp bought a new position in shares of MeetMe during the first quarter worth about $120,000. Finally, AXA increased 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. Institutional investors own 46.42% 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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