MeetMe, Inc. (MEET) Shares Gap Down on Analyst Downgrade

Shares of MeetMe, Inc. (NASDAQ:MEET) gapped down before the market opened on Monday after BidaskClub downgraded the stock from a sell rating to a strong sell rating. The stock had previously closed at $4.31, but opened at $4.34. MeetMe shares last traded at $4.28, with a volume of 1,231,974 shares trading hands.

A number of other research firms have also weighed in on MEET. Zacks Investment Research upgraded shares of MeetMe from a “sell” rating to a “hold” rating in a research note on Wednesday, July 12th. Roth Capital set a $9.00 price objective on shares of MeetMe and gave the company a “buy” rating in a research note on Wednesday, July 19th. Loop Capital restated a “buy” rating and set a $9.00 price objective on shares of MeetMe in a research note on Wednesday, May 10th. JMP Securities reduced their price objective on shares of MeetMe from $8.00 to $6.00 and set a “mkt outperform” rating for the company in a research note on Monday, August 7th. Finally, ValuEngine lowered shares of MeetMe from a “buy” rating to a “hold” rating in a research note on Thursday, June 15th. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $7.90.

Several hedge funds have recently made changes to their positions in MEET. Dimensional Fund Advisors LP raised its stake in shares of MeetMe by 22.2% in the second quarter. Dimensional Fund Advisors LP now owns 5,884,568 shares of the information services provider’s stock worth $29,717,000 after buying an additional 1,069,400 shares in the last quarter. Pacific Ridge Capital Partners LLC bought a new stake in shares of MeetMe during the first quarter worth approximately $6,019,000. Vanguard Group Inc. raised its stake in shares of MeetMe by 24.3% in the first quarter. Vanguard Group Inc. now owns 2,517,889 shares of the information services provider’s stock worth $14,831,000 after buying an additional 493,038 shares in the last quarter. MARSHALL WACE ASIA Ltd bought a new stake in shares of MeetMe during the first quarter worth approximately $2,723,000. Finally, Marshall Wace North America L.P. bought a new stake in shares of MeetMe during the first quarter worth approximately $2,723,000. Hedge funds and other institutional investors own 50.15% of the company’s stock.

The company has a market capitalization of $258.47 million, a PE ratio of 15.06 and a beta of 0.86. The company has a 50 day moving average price of $4.72 and a 200 day moving average price of $5.04.

MeetMe (NASDAQ:MEET) last issued its quarterly earnings results on Thursday, August 3rd. The information services provider reported $0.09 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.02. MeetMe had a net margin of 15.95% and a return on equity of 11.47%. The company had revenue of $31.33 million for the quarter, compared to the consensus estimate of $30.70 million. During the same quarter in the prior year, the company earned $0.09 EPS. MeetMe’s quarterly revenue was up 91.2% on a year-over-year basis. Equities research analysts anticipate that MeetMe, Inc. will post $0.43 EPS for the current fiscal year.

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MeetMe Company Profile

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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