Short Interest in MeetMe Inc. (MEET) Decreases By 18.6%
MeetMe Inc. (NASDAQ:MEET) was the target of a large decline in short interest in the month of November. As of November 15th, there was short interest totalling 8,807,553 shares, a decline of 18.6% from the October 31st total of 10,813,554 shares. Currently, 17.0% of the shares of the company are sold short. Based on an average trading volume of 2,297,931 shares, the short-interest ratio is presently 3.8 days.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEET. Dimensional Fund Advisors LP raised its position in MeetMe by 38.9% in the second quarter. Dimensional Fund Advisors LP now owns 1,719,337 shares of the company’s stock worth $9,164,000 after buying an additional 481,919 shares during the period. Vanguard Group Inc. raised its position in shares of MeetMe by 11.2% in the second quarter. Vanguard Group Inc. now owns 1,657,335 shares of the company’s stock valued at $8,834,000 after buying an additional 167,480 shares during the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of MeetMe by 79.0% in the third quarter. BlackRock Institutional Trust Company N.A. now owns 1,278,672 shares of the company’s stock valued at $7,928,000 after buying an additional 564,518 shares during the last quarter. BlackRock Fund Advisors raised its position in shares of MeetMe by 7.5% in the third quarter. BlackRock Fund Advisors now owns 1,152,181 shares of the company’s stock valued at $7,144,000 after buying an additional 80,224 shares during the last quarter. Finally, State Street Corp raised its position in shares of MeetMe by 1,933.9% in the second quarter. State Street Corp now owns 854,369 shares of the company’s stock valued at $4,553,000 after buying an additional 812,362 shares during the last quarter. Institutional investors own 48.52% of the company’s stock.
Several research firms recently issued reports on MEET. Roth Capital reiterated a “buy” rating on shares of MeetMe in a research note on Saturday, October 1st. Loop Capital began coverage on shares of MeetMe in a research note on Thursday, August 25th. They issued a “buy” rating for the company. Finally, Zacks Investment Research upgraded shares of MeetMe from a “hold” rating to a “buy” rating and set a $6.50 target price for the company in a research note on Thursday, October 6th. One analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. MeetMe has an average rating of “Buy” and an average target price of $7.15.
MeetMe (NASDAQ:MEET) opened at 4.88 on Monday. The firm has a market capitalization of $287.25 million, a PE ratio of 6.63 and a beta of 1.32. MeetMe has a 52-week low of $2.50 and a 52-week high of $8.11. The firm’s 50-day moving average is $5.13 and its 200-day moving average is $5.34.
MeetMe (NASDAQ:MEET) last released its earnings results on Monday, November 7th. The company reported $0.10 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.10. The company had revenue of $17.20 million for the quarter, compared to analyst estimates of $17.24 million. MeetMe had a net margin of 63.55% and a return on equity of 15.13%. The firm’s quarterly revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the firm earned $0.08 EPS. On average, analysts anticipate that MeetMe will post $0.42 earnings per share for the current year.
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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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