MeetMe Inc. (MEET) Stock Rating Upgraded by Zacks Investment Research
MeetMe Inc. (NASDAQ:MEET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Thursday. The firm currently has a $6.50 target price on the stock. Zacks Investment Research’s price objective points to a potential upside of 15.04% from the stock’s previous close.
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 research firms also recently weighed in on MEET. JMP Securities reissued a “buy” rating on shares of MeetMe in a report on Tuesday, June 28th. Roth Capital set a $8.50 target price on MeetMe and gave the company a “buy” rating in a report on Tuesday, September 6th. Finally, Loop Capital initiated coverage on MeetMe in a report on Thursday, August 25th. They issued a “buy” rating for the company. Seven investment analysts have rated the stock with a buy rating, The company has an average rating of “Buy” and an average price target of $6.50.
Shares of MeetMe (NASDAQ:MEET) opened at 5.65 on Thursday. The stock has a 50 day moving average price of $5.73 and a 200-day moving average price of $4.85. MeetMe has a 52 week low of $1.87 and a 52 week high of $8.11. The firm has a market capitalization of $296.53 million, a price-to-earnings ratio of 8.24 and a beta of 1.62.
MeetMe (NASDAQ:MEET) last posted its earnings results on Monday, August 1st. The company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.05 by $0.04. MeetMe had a return on equity of 15.75% and a net margin of 56.35%. The business earned $16.40 million during the quarter, compared to the consensus estimate of $15.27 million. During the same period in the previous year, the business earned $0.05 EPS. The business’s quarterly revenue was up 47.8% on a year-over-year basis. On average, analysts anticipate that MeetMe will post $0.43 EPS for the current year.
In other news, CRO William Alena sold 458,626 shares of the stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $7.07, for a total transaction of $3,242,485.82. Following the completion of the transaction, the executive now directly owns 255,805 shares of the company’s stock, valued at approximately $1,808,541.35. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ernesto Cruz sold 137,500 shares of the stock in a transaction that occurred on Tuesday, August 16th. The stock was sold at an average price of $4.80, for a total value of $660,000.00. Following the transaction, the director now directly owns 52,367 shares of the company’s stock, valued at $251,361.60. The disclosure for this sale can be found here. Company insiders own 13.70% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Opus Capital Group LLC acquired a new position in shares of MeetMe during the second quarter worth about $3,797,000. Harbourvest Partners LLC acquired a new position in shares of MeetMe during the first quarter worth about $386,000. Menta Capital LLC acquired a new position in shares of MeetMe during the first quarter worth about $171,000. 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 period. Finally, Harvest Capital Strategies LLC increased 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 period. 46.42% of the stock is owned by institutional investors and hedge funds.
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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