MeetMe Inc. (MEET) Sees Large Volume Increase
Shares of MeetMe Inc. (NASDAQ:MEET) saw an uptick in trading volume on Tuesday . 16,901,492 shares traded hands during trading, an increase of 337% from the previous session’s volume of 3,866,556 shares.The stock last traded at $4.96 and had previously closed at $6.15.
A number of brokerages have recently weighed in on MEET. Zacks Investment Research raised shares of MeetMe from a “hold” rating to a “buy” rating and set a $6.50 price target for the company in a report on Thursday, July 7th. JMP Securities reaffirmed a “buy” rating on shares of MeetMe in a report on Tuesday, June 28th. Roth Capital reaffirmed a “buy” rating on shares of MeetMe in a report on Wednesday, June 15th. Finally, Northland Securities reaffirmed a “buy” rating on shares of MeetMe in a report on Sunday, May 8th. Six investment analysts have rated the stock with a buy rating, MeetMe presently has an average rating of “Buy” and an average price target of $5.35.
The company has a market capitalization of $263.46 million and a price-to-earnings ratio of 7.32. The company’s 50-day moving average is $6.51 and its 200 day moving average is $4.16.
MeetMe (NASDAQ:MEET) last announced its quarterly earnings data on Monday, August 1st. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.05 by $0.04. The company earned $16.40 million during the quarter, compared to the consensus estimate of $15.27 million. The business’s revenue was up 47.8% on a year-over-year basis. During the same period in the prior year, the firm posted $0.05 EPS. On average, analysts expect that MeetMe Inc. will post $0.37 earnings per share for the current year.
In other news, CEO Geoffrey Cook sold 50,000 shares of MeetMe stock in a transaction dated Wednesday, June 1st. The shares were sold at an average price of $3.73, for a total value of $186,500.00. Following the completion of the transaction, the chief executive officer now owns 1,511,200 shares in the company, valued at $5,636,776. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John Abbott sold 85,000 shares of MeetMe stock in a transaction dated Tuesday, June 14th. The stock was sold at an average price of $4.64, for a total transaction of $394,400.00. Following the completion of the transaction, the director now owns 142,682 shares of the company’s stock, valued at approximately $662,044.48. The disclosure for this sale can be found here.
A hedge fund recently raised its stake in MeetMe stock. Dimensional Fund Advisors LP raised its stake in MeetMe Inc. (NASDAQ:MEET) by 932.3% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 595,314 shares of the company’s stock after buying an additional 537,645 shares during the period. Dimensional Fund Advisors LP owned 1.30% of MeetMe worth $2,131,000 at the end of the most recent reporting period.
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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