Today, MeetMe Inc. (MEET) Stock Rating Upgraded by Zacks Investment Research

Today, 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 report issued to clients and investors on Thursday. The brokerage currently has a $6.50 target price on the stock. Zacks Investment Research’s price target points to a potential upside of 11.30% from the company’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 brokerages also recently commented on MEET. Loop Capital reissued a “buy” rating and issued a $9.00 price objective on shares of MeetMe in a research note on Wednesday. Roth Capital reissued a “buy” rating on shares of MeetMe in a research note on Saturday, October 1st. Finally, JMP Securities reissued a “buy” rating on shares of MeetMe in a research note on Tuesday, June 28th. Seven investment analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus price target of $6.50.

MeetMe (NASDAQ:MEET) traded down 1.02% during midday trading on Thursday, hitting $5.84. 1,498,354 shares of the stock were exchanged. The stock has a market cap of $306.50 million, a price-to-earnings ratio of 8.51 and a beta of 1.62. MeetMe has a 12-month low of $1.81 and a 12-month high of $8.11. The firm has a 50 day moving average of $5.72 and a 200-day moving average of $4.83.

MeetMe (NASDAQ:MEET) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.09 earnings per share 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 business had revenue of $16.40 million for the quarter, compared to the consensus estimate of $15.27 million. During the same period in the prior year, the business earned $0.05 EPS. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. On average, equities analysts expect that MeetMe will post $0.43 earnings per share for the current year.

In other news, Director Ernesto Cruz sold 137,500 shares of the company’s 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 completion of the transaction, the director now directly owns 52,367 shares of the company’s stock, valued at $251,361.60. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Spencer Garrett Rhodes sold 70,182 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $7.35, for a total value of $515,837.70. Following the completion of the transaction, the director now directly owns 37,145 shares of the company’s stock, valued at $273,015.75. The disclosure for this sale can be found here. 13.70% of the stock is owned by insiders.

Several institutional investors have recently added to or reduced their stakes in MEET. Bridgeway Capital Management Inc. raised its position in MeetMe by 0.7% in the second quarter. Bridgeway Capital Management Inc. now owns 77,331 shares of the company’s stock valued at $412,000 after buying an additional 500 shares in the last quarter. Jacobs Levy Equity Management Inc. raised its position in MeetMe by 3.8% in the first quarter. Jacobs Levy Equity Management Inc. now owns 119,500 shares of the company’s stock valued at $339,000 after buying an additional 4,400 shares in the last quarter. Acrospire Investment Management LLC raised its position in MeetMe by 21.0% in the second quarter. Acrospire Investment Management LLC now owns 34,852 shares of the company’s stock valued at $186,000 after buying an additional 6,055 shares in the last quarter. Tower Research Capital LLC TRC raised its position in MeetMe by 125.9% in the second quarter. Tower Research Capital LLC TRC now owns 22,183 shares of the company’s stock valued at $118,000 after buying an additional 12,361 shares in the last quarter. Finally, BlackRock Inc. purchased a new position in shares of MeetMe during the second quarter valued at $109,000. 46.42% of the stock is owned by 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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