MeetMe, Inc. (MEET) Downgraded by Canaccord Genuity
Canaccord Genuity lowered shares of MeetMe, Inc. (NASDAQ:MEET) from a buy rating to a hold rating in a research report sent to investors on Thursday, MarketBeat reports. Canaccord Genuity currently has $10.00 target price on the information services provider’s stock.
A number of other research analysts have also commented on the company. Zacks Investment Research raised MeetMe from a sell rating to a hold rating in a report on Wednesday, July 12th. Roth Capital set a $9.00 price target on MeetMe and gave the company a buy rating in a report on Wednesday, July 19th. BidaskClub lowered MeetMe from a buy rating to a hold rating in a report on Monday, July 24th. Finally, JMP Securities lowered their price target on MeetMe from $8.00 to $6.00 and set a mkt outperform rating on the stock in a report on Monday, August 7th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have issued a buy rating to the company. MeetMe currently has an average rating of Hold and a consensus target price of $8.06.
Shares of MeetMe (NASDAQ MEET) traded down $0.05 on Thursday, hitting $2.29. The stock had a trading volume of 3,964,000 shares, compared to its average volume of 1,301,432. The firm has a market capitalization of $164.44, a price-to-earnings ratio of 6.36, a price-to-earnings-growth ratio of 0.40 and a beta of 1.05. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.33 and a quick ratio of 2.33. MeetMe has a 52 week low of $2.26 and a 52 week high of $6.45.
MeetMe (NASDAQ:MEET) last issued its quarterly earnings results on Wednesday, November 8th. The information services provider reported $0.11 EPS for the quarter, beating analysts’ consensus estimates of $0.10 by $0.01. The company had revenue of $32.25 million for the quarter, compared to analyst estimates of $32.33 million. MeetMe had a return on equity of 11.14% and a net margin of 11.90%. The company’s quarterly revenue was up 87.6% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. research analysts expect that MeetMe will post 0.25 earnings per share for the current fiscal year.
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A number of hedge funds have recently made changes to their positions in MEET. Bank of New York Mellon Corp boosted its stake in MeetMe by 8.3% during the first quarter. Bank of New York Mellon Corp now owns 325,789 shares of the information services provider’s stock valued at $1,919,000 after buying an additional 25,037 shares in the last quarter. JPMorgan Chase & Co. bought a new position in MeetMe during the first quarter valued at about $177,000. American International Group Inc. boosted its stake in MeetMe by 7.1% during the first quarter. American International Group Inc. now owns 25,418 shares of the information services provider’s stock valued at $150,000 after buying an additional 1,683 shares in the last quarter. Vanguard Group Inc. boosted its stake in MeetMe by 24.3% during the first quarter. Vanguard Group Inc. now owns 2,517,889 shares of the information services provider’s stock valued at $14,831,000 after buying an additional 493,038 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in MeetMe by 60.8% during the first quarter. Geode Capital Management LLC now owns 1,088,207 shares of the information services provider’s stock valued at $6,408,000 after buying an additional 411,375 shares in the last quarter. 56.52% of the stock is owned by institutional investors and hedge funds.
The Meet Group, Inc, formerly MeetMe, Inc, offers a portfolio of mobile applications. The Company operates location-based social networks for meeting new people on mobile platforms, including on iPhone, Android, iPad and other tablets, and on the Web that facilitate interactions among users, and helps users to connect and chat with each other.
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