First Trust Advisors LP Takes Position in Meet Group Inc (MEET)
First Trust Advisors LP acquired a new position in shares of Meet Group Inc (NASDAQ:MEET) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 82,156 shares of the information services provider’s stock, valued at approximately $368,000. First Trust Advisors LP owned about 0.11% of Meet Group as of its most recent SEC filing.
Several other hedge funds have also made changes to their positions in the stock. Parallel Advisors LLC bought a new stake in shares of Meet Group during the 2nd quarter worth $224,000. Alps Advisors Inc. bought a new stake in shares of Meet Group during the 2nd quarter worth $308,000. Acadian Asset Management LLC bought a new stake in shares of Meet Group during the 2nd quarter worth $415,000. Hartford Investment Management Co. bought a new stake in shares of Meet Group during the 2nd quarter worth $428,000. Finally, GSA Capital Partners LLP lifted its position in shares of Meet Group by 285.7% during the 1st quarter. GSA Capital Partners LLP now owns 337,500 shares of the information services provider’s stock worth $705,000 after buying an additional 250,000 shares during the last quarter. Institutional investors and hedge funds own 51.64% of the company’s stock.
In other Meet Group news, Director Jason Whitt sold 18,500 shares of the company’s stock in a transaction dated Friday, July 13th. The stock was sold at an average price of $4.02, for a total value of $74,370.00. Following the completion of the transaction, the director now owns 62,382 shares of the company’s stock, valued at approximately $250,775.64. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 6.10% of the stock is owned by corporate insiders.
Meet Group (NASDAQ:MEET) last issued its earnings results on Wednesday, August 1st. The information services provider reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. Meet Group had a positive return on equity of 10.24% and a negative net margin of 45.79%. The business had revenue of $42.80 million during the quarter, compared to analysts’ expectations of $38.25 million. research analysts forecast that Meet Group Inc will post 0.2 earnings per share for the current fiscal year.
Several analysts recently weighed in on the company. BidaskClub upgraded Meet Group from a “hold” rating to a “buy” rating in a research report on Wednesday, September 5th. TheStreet upgraded Meet Group from a “d+” rating to a “c-” rating in a research report on Monday, August 27th. ValuEngine upgraded Meet Group from a “hold” rating to a “buy” rating in a research report on Tuesday, August 28th. Zacks Investment Research downgraded Meet Group from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. Finally, Canaccord Genuity upgraded Meet Group from a “hold” rating to a “buy” rating and upped their price objective for the stock from $3.00 to $6.00 in a research report on Thursday, July 19th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $4.63.
Meet Group Profile
The Meet Group, Inc operates various mobile social entertainment applications. Its applications are designed to meet the universal need for human connection. The company leverages a powerful live-streaming video platform, empowering global community to forge meaningful connections. The company's primary applications include, MeetMe, LOVOO, Skout, and Tagged, which keeps mobile daily active users, entertained and engaged, and originate numbers of casual chats, friendships, dates, and marriages.
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