Zacks Investment Research upgraded shares of MeetMe Inc. (NASDAQ:MEET) from a hold rating to a buy rating in a report published on Thursday morning. The brokerage currently has $6.50 target price on the stock.
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 analysts have also weighed in on the stock. Loop Capital initiated coverage on shares of MeetMe in a research note on Thursday, August 25th. They issued a buy rating for the company. Roth Capital reiterated a buy rating on shares of MeetMe in a research note on Wednesday, June 15th. Finally, JMP Securities reiterated a buy rating on shares of MeetMe in a research note on Tuesday, June 28th. Seven research analysts have rated the stock with a buy rating, The company presently has an average rating of Buy and an average target price of $6.50.
Shares of MeetMe (NASDAQ:MEET) opened at 5.62 on Thursday. MeetMe has a 52-week low of $1.94 and a 52-week high of $8.11. The firm’s 50-day moving average is $5.76 and its 200 day moving average is $4.90. The company has a market capitalization of $294.95 million, a price-to-earnings ratio of 8.19 and a beta of 1.62.
MeetMe (NASDAQ:MEET) last released its quarterly earnings results on Monday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, topping 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 firm earned $16.40 million during the quarter, compared to analyst estimates of $15.27 million. During the same quarter last year, the business earned $0.05 EPS. The company’s revenue was up 47.8% compared to the same quarter last year. On average, equities research analysts anticipate that MeetMe will post $0.43 earnings per share for the current year.
In other MeetMe news, Director Spencer Garrett Rhodes sold 70,182 shares of MeetMe 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 transaction, the director now directly owns 37,145 shares of the company’s stock, valued at approximately $273,015.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CRO William Alena sold 458,626 shares of MeetMe stock in a transaction 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 transaction, the executive now directly owns 255,805 shares in the company, valued at $1,808,541.35. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently bought and sold shares of MEET. BlackRock Inc. bought a new position in shares of MeetMe during the second quarter worth $109,000. Tower Research Capital LLC TRC increased its position in shares of MeetMe by 125.9% in the second quarter. Tower Research Capital LLC TRC now owns 22,183 shares of the company’s stock worth $118,000 after buying an additional 12,361 shares during the period. American International Group Inc. increased its position in shares of MeetMe by 11,780.5% in the second quarter. American International Group Inc. now owns 23,761 shares of the company’s stock worth $127,000 after buying an additional 23,561 shares during the period. Alliancebernstein L.P. bought a new position in shares of MeetMe during the second quarter worth $139,000. Finally, Hancock Holding Co. bought a new position in shares of MeetMe during the second quarter worth $142,000. 46.42% of the stock is currently owned by hedge funds and other institutional investors.
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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