California State Teachers Retirement System Invests $461,000 in MeetMe Inc. (MEET)
California State Teachers Retirement System bought a new position in MeetMe Inc. (NASDAQ:MEET) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 86,551 shares of the company’s stock, valued at approximately $461,000. California State Teachers Retirement System owned approximately 0.18% of MeetMe at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Quantitative Systematic Strategies LLC purchased a new position in MeetMe during the second quarter worth approximately $160,000. State Street Corp purchased a new position in MeetMe during the first quarter worth approximately $120,000. Bank of Montreal Can purchased a new position in MeetMe during the second quarter worth approximately $285,000. Menta Capital LLC purchased a new position in MeetMe during the first quarter worth approximately $171,000. Finally, Smith Asset Management Group LP purchased a new position in MeetMe during the second quarter worth approximately $357,000. 46.42% of the stock is currently owned by institutional investors and hedge funds.
MeetMe Inc. (NASDAQ:MEET) traded down 3.201% during mid-day trading on Tuesday, reaching $5.595. 1,123,815 shares of the company’s stock traded hands. MeetMe Inc. has a 12 month low of $1.94 and a 12 month high of $8.11. The firm’s 50-day moving average price is $5.75 and its 200 day moving average price is $4.90. The stock has a market capitalization of $293.64 million, a PE ratio of 8.156 and a beta of 1.62.
MeetMe (NASDAQ:MEET) last released its quarterly earnings data on Monday, August 1st. The company reported $0.09 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $15.27 million. During the same quarter in the previous year, the business posted $0.05 EPS. MeetMe’s revenue for the quarter was up 47.8% on a year-over-year basis. Equities research analysts predict that MeetMe Inc. will post $0.43 EPS for the current year.
Several analysts recently issued reports on MEET shares. Roth Capital reaffirmed a “buy” rating on shares of MeetMe in a report on Saturday, October 1st. Loop Capital started coverage on shares of MeetMe in a report on Thursday, August 25th. They issued a “buy” rating on the stock. Zacks Investment Research raised shares of MeetMe from a “hold” rating to a “buy” rating and set a $6.50 price target on the stock in a report on Thursday, July 7th. Finally, JMP Securities reaffirmed a “buy” rating on shares of MeetMe in a report on Tuesday, June 28th. Seven research analysts have rated the stock with a buy rating, MeetMe presently has a consensus rating of “Buy” and a consensus price target of $6.50.
In other MeetMe news, Director Ernesto Cruz sold 137,500 shares of the business’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 sale, the director now owns 52,367 shares in the company, valued at approximately $251,361.60. The transaction was disclosed in a document filed 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 that occurred 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 sale, the executive now 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 owned by company insiders.
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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