MeetMe Inc (MEET) Now Covered by Analysts at Canaccord Genuity
Research analysts at Canaccord Genuity began coverage on shares of MeetMe Inc (NASDAQ:MEET) in a research note issued on Monday. The brokerage set a “buy” rating and a $10.00 price target on the stock. Canaccord Genuity’s price target indicates a potential upside of 92.68% from the company’s previous close.
The analysts wrote, “We believe MeetMe occupies a promising spot on the social networking landscape. While the platform is lesser-known than other dating and social networking services, user trends within its target young demographic are solid, and we see incremental monetization opportunities. We also believe the recent acquisitions of Skout and If(we) are promising and see potential for more.””
MEET has been the subject of several other reports. Roth Capital set a $9.00 target price on MeetMe and gave the stock a “buy” rating in a research report on Tuesday, December 6th. Zacks Investment Research cut MeetMe from a “hold” rating to a “sell” rating in a research report on Wednesday, December 7th. JMP Securities reaffirmed an “outperform” rating and issued a $9.00 target price on shares of MeetMe in a research report on Wednesday, March 8th. Finally, Loop Capital reaffirmed a “buy” rating and issued a $9.00 target price on shares of MeetMe in a research report on Monday, March 6th. Six investment analysts have rated the stock with a buy rating, The company presently has an average rating of “Buy” and a consensus price target of $8.70.
MeetMe (NASDAQ:MEET) traded up 3.47% during mid-day trading on Monday, reaching $5.37. 3,072,581 shares of the company’s stock traded hands. The stock has a market capitalization of $320.16 million, a PE ratio of 6.71 and a beta of 1.08. MeetMe has a 12 month low of $2.71 and a 12 month high of $8.11. The firm’s 50-day moving average price is $4.97 and its 200 day moving average price is $5.22.
MeetMe (NASDAQ:MEET) last issued its earnings results on Monday, March 6th. The company reported $0.19 EPS for the quarter, topping the consensus estimate of $0.16 by $0.03. The firm earned $29.20 million during the quarter, compared to analysts’ expectations of $28.75 million. MeetMe had a return on equity of 15.13% and a net margin of 63.55%. The firm’s revenue for the quarter was up 46.7% on a year-over-year basis. Equities research analysts predict that MeetMe will post $0.55 EPS for the current year.
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In related news, CEO Geoffrey Cook sold 250,000 shares of the firm’s stock in a transaction on Thursday, January 19th. The stock was sold at an average price of $5.02, for a total value of $1,255,000.00. Following the completion of the transaction, the chief executive officer now directly owns 1,345,624 shares of the company’s stock, valued at $6,755,032.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.90% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MEET. Princeton Alpha Management LP bought a new position in MeetMe during the third quarter valued at about $251,000. Globeflex Capital L P raised its position in MeetMe by 125,714.3% in the third quarter. Globeflex Capital L P now owns 176,140 shares of the company’s stock valued at $1,092,000 after buying an additional 176,000 shares in the last quarter. Granite Point Capital Management L.P. bought a new position in MeetMe during the third quarter valued at about $1,812,000. ClariVest Asset Management LLC raised its position in MeetMe by 76.1% in the third quarter. ClariVest Asset Management LLC now owns 676,985 shares of the company’s stock valued at $4,196,000 after buying an additional 292,473 shares in the last quarter. Finally, Smith Asset Management Group LP raised its position in MeetMe by 1.9% in the third quarter. Smith Asset Management Group LP now owns 68,360 shares of the company’s stock valued at $424,000 after buying an additional 1,290 shares in the last quarter. Hedge funds and other institutional investors own 53.81% 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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