MeetMe Inc. (NASDAQ:MEET) was the recipient of a significant increase in short interest in September. As of September 15th, there was short interest totalling 9,574,004 shares, an increase of 34.2% from the August 31st total of 7,131,993 shares. Approximately 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 currently 2.7 days.
In other news, General Counsel Frederic Beckley sold 265,401 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.13, for a total value of $1,892,309.13. Following the sale, the general counsel now owns 192,580 shares of the company’s stock, valued at $1,373,095.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CRO William Alena sold 458,626 shares of the business’s 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 completion of the sale, the executive now directly owns 255,805 shares in the company, valued at approximately $1,808,541.35. The disclosure for this sale can be found here. 13.70% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. acquired a new position in shares of MeetMe during the second quarter worth about $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 last quarter. State Street Corp acquired a new position in shares of MeetMe during the first quarter worth about $120,000. 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 last quarter. Finally, Alliancebernstein L.P. acquired a new position in shares of MeetMe during the second quarter worth about $139,000. 46.42% of the stock is currently owned by hedge funds and other institutional investors.
MeetMe (NASDAQ:MEET) opened at 6.20 on Friday. The company’s 50-day moving average is $5.73 and its 200-day moving average is $4.75. MeetMe has a one year low of $1.58 and a one year high of $8.11. The firm has a market capitalization of $325.39 million, a P/E ratio of 9.04 and a beta of 1.81.
MeetMe (NASDAQ:MEET) last released its earnings results on Monday, August 1st. The company reported $0.09 EPS for the quarter, topping analysts’ consensus estimates of $0.05 by $0.04. MeetMe had a return on equity of 15.75% and a net margin of 56.35%. The firm had revenue of $16.40 million for the quarter, compared to analysts’ expectations of $15.27 million. During the same period in the prior year, the firm posted $0.05 earnings per share. The company’s quarterly revenue was up 47.8% on a year-over-year basis. Equities analysts forecast that MeetMe will post $0.42 earnings per share for the current fiscal year.
A number of analysts have recently commented on the stock. Zacks Investment Research raised shares of MeetMe from a “hold” rating to a “buy” rating and set a $6.50 price objective on the stock in a research report on Thursday, July 7th. Roth Capital reissued a “buy” rating on shares of MeetMe in a research report on Wednesday, June 15th. Loop Capital assumed coverage on shares of MeetMe in a research report on Thursday, August 25th. They issued a “buy” rating on the stock. Finally, JMP Securities reissued a “buy” rating on shares of MeetMe in a research report 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 a consensus price target of $6.00.
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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