MeetMe Inc. (NASDAQ:MEET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $6.50 price target on the stock. Zacks Investment Research’s price objective points to a potential upside of 11.30% from the stock’s current price.
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. “
MEET has been the subject of a number of other reports. Roth Capital reiterated a “buy” rating on shares of MeetMe in a research report on Saturday, October 1st. Loop Capital reiterated a “buy” rating and set a $9.00 price target on shares of MeetMe in a research report on Wednesday. Finally, JMP Securities reiterated a “buy” rating on shares of MeetMe in a research report on Tuesday, June 28th. Seven analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and an average price target of $6.50.
Shares of MeetMe (NASDAQ:MEET) traded down 1.02% during trading on Thursday, hitting $5.84. The stock had a trading volume of 1,498,354 shares. MeetMe has a 52-week low of $1.81 and a 52-week high of $8.11. The firm has a market cap of $306.50 million, a price-to-earnings ratio of 8.51 and a beta of 1.62. The firm’s 50-day moving average is $5.72 and its 200 day moving average is $4.83.
MeetMe (NASDAQ:MEET) last posted its quarterly earnings results on Monday, August 1st. The company reported $0.09 earnings per share (EPS) for the quarter, beating the Zacks’ 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 company earned $16.40 million during the quarter, compared to the consensus estimate of $15.27 million. During the same period last year, the firm earned $0.05 EPS. The company’s revenue for the quarter was up 47.8% on a year-over-year basis. On average, analysts expect that MeetMe will post $0.43 EPS for the current year.
In other MeetMe news, Director Ernesto Cruz sold 137,500 shares of the business’s stock in a transaction 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 in the company, valued at approximately $251,361.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CRO William Alena sold 458,626 shares of the business’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.07, for a total value of $3,242,485.82. Following the completion of the transaction, the executive now owns 255,805 shares of the company’s stock, valued at $1,808,541.35. The disclosure for this sale can be found here. Corporate insiders own 13.70% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new position in shares of MeetMe during the second quarter valued at $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 valued at $118,000 after buying an additional 12,361 shares during the period. State Street Corp acquired a new position in shares of MeetMe during the first quarter valued at $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 valued at $127,000 after buying an additional 23,561 shares during the period. Finally, Alliancebernstein L.P. acquired a new position in shares of MeetMe during the second quarter valued at $139,000. Institutional investors own 46.42% of the company’s stock.
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.