MeetMe Inc. (MEET) Shares Bought by Bank of New York Mellon Corp
Bank of New York Mellon Corp increased its stake in MeetMe Inc. (NASDAQ:MEET) by 126.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 151,363 shares of the company’s stock after buying an additional 84,573 shares during the period. Bank of New York Mellon Corp owned about 0.32% of MeetMe worth $807,000 at the end of the most recent quarter.
A number of other hedge funds also recently added to or reduced their stakes in the company. Quantitative Systematic Strategies LLC acquired a new stake in MeetMe during the second quarter valued at approximately $160,000. ClariVest Asset Management LLC increased its stake in MeetMe by 158.6% in the second quarter. ClariVest Asset Management LLC now owns 384,512 shares of the company’s stock valued at $2,048,000 after buying an additional 235,826 shares during the period. Smith Asset Management Group LP acquired a new stake in MeetMe during the second quarter valued at approximately $357,000. Bank of Montreal Can acquired a new stake in MeetMe during the second quarter valued at approximately $285,000. Finally, Barclays PLC increased its stake in MeetMe by 108.5% in the first quarter. Barclays PLC now owns 171,600 shares of the company’s stock valued at $343,000 after buying an additional 89,300 shares during the period. 46.40% of the stock is currently owned by institutional investors.
MeetMe Inc. (NASDAQ:MEET) traded down 0.72% during trading on Tuesday, reaching $5.49. 1,319,962 shares of the company’s stock were exchanged. MeetMe Inc. has a 52 week low of $2.19 and a 52 week high of $8.11. The stock has a 50-day moving average price of $5.79 and a 200 day moving average price of $4.98. The firm has a market capitalization of $288.13 million, a price-to-earnings ratio of 8.00 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, topping analysts’ consensus estimates of $0.05 by $0.04. MeetMe had a net margin of 56.35% and a return on equity of 15.75%. The company had revenue of $16.40 million for the quarter, compared to analysts’ expectations of $15.27 million. During the same quarter last year, the company earned $0.05 earnings per share. The firm’s revenue for the quarter was up 47.8% on a year-over-year basis. Equities research analysts forecast that MeetMe Inc. will post $0.43 earnings per share for the current fiscal year.
Several research firms have recently commented on MEET. Zacks Investment Research downgraded shares of MeetMe from a “buy” rating to a “hold” rating in a report on Tuesday. Loop Capital reissued a “buy” rating and set a $9.00 price target on shares of MeetMe in a report on Wednesday, October 5th. Roth Capital reissued a “buy” rating on shares of MeetMe in a report on Saturday, October 1st. Finally, JMP Securities reissued a “buy” rating on shares of MeetMe in a report on Tuesday, June 28th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $6.50.
In other news, CRO William Alena sold 458,626 shares of MeetMe 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 transaction, the executive now directly owns 255,805 shares of the company’s stock, valued at approximately $1,808,541.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Frederic Beckley sold 265,401 shares of MeetMe stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $7.13, for a total transaction of $1,892,309.13. Following the completion of the transaction, the general counsel now directly owns 192,580 shares in the company, valued at $1,373,095.40. The disclosure for this sale can be found here. Company insiders own 13.70% 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.
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