Meet Group (NASDAQ:MEET) Rating Increased to Buy at Zacks Investment Research
Meet Group (NASDAQ:MEET) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, Zacks.com reports. The brokerage presently has a $4.00 price objective on the information services provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 11.73% from the company’s previous close.
According to Zacks, “The Meet Group, Inc. is a social media technology company. It offers information sharing, social interaction and mobile application development services. The company’s app consists of currently MeetMe (R), Skout(R), Tagged(R) and Hi5(R). The Meet Group Inc., formerly known as MeetMe Inc., is headquartered in New Hope, Pennsylvania. “
Other research analysts have also recently issued research reports about the stock. Aegis reissued a “buy” rating and set a $6.25 price target on shares of Meet Group in a research report on Thursday, July 11th. Northland Securities reissued a “buy” rating and set a $55.00 price target on shares of Heron Therapeutics in a research report on Thursday, May 9th. Canaccord Genuity set a $394.00 price target on shares of Tesla and gave the company a “buy” rating in a research report on Wednesday, July 3rd. BidaskClub raised shares of Yandex from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 14th. Finally, ValuEngine raised shares of WEX from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. Two research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have issued a buy rating to the company’s stock. Meet Group has an average rating of “Hold” and an average price target of $6.75.
Meet Group (NASDAQ:MEET) last announced its quarterly earnings results on Wednesday, May 8th. The information services provider reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.05 by $0.01. The firm had revenue of $49.51 million for the quarter, compared to analysts’ expectations of $47.70 million. Meet Group had a net margin of 3.47% and a return on equity of 10.76%. As a group, equities analysts expect that Meet Group will post 0.34 EPS for the current fiscal year.
In related news, Director Spencer B. Grimes bought 11,300 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were bought at an average price of $4.40 per share, with a total value of $49,720.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Spencer B. Grimes bought 16,400 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was bought at an average cost of $4.30 per share, for a total transaction of $70,520.00. The disclosure for this purchase can be found here. Corporate insiders own 6.10% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of MEET. New Jersey Better Educational Savings Trust grew its position in shares of Meet Group by 16.7% during the second quarter. New Jersey Better Educational Savings Trust now owns 70,000 shares of the information services provider’s stock worth $244,000 after acquiring an additional 10,000 shares during the last quarter. Supplemental Annuity Collective Trust of NJ grew its position in shares of Meet Group by 10.0% during the second quarter. Supplemental Annuity Collective Trust of NJ now owns 110,000 shares of the information services provider’s stock worth $383,000 after acquiring an additional 10,000 shares during the last quarter. WINTON GROUP Ltd grew its position in shares of Meet Group by 12.9% during the second quarter. WINTON GROUP Ltd now owns 25,579 shares of the information services provider’s stock worth $89,000 after acquiring an additional 2,931 shares during the last quarter. Nordea Investment Management AB purchased a new position in shares of Meet Group during the first quarter worth approximately $895,000. Finally, ClariVest Asset Management LLC purchased a new position in shares of Meet Group during the first quarter worth approximately $1,898,000. 67.06% of the stock is currently owned by institutional investors.
About Meet Group
The Meet Group, Inc operates a portfolio of mobile social entertainment applications to meet the need for human connection worldwide. The company leverages a live-streaming video platform, empowering community to forge meaningful connections. The company's primary applications include, MeetMe, LOVOO, Skout, Tagged, and Growlr, which keeps mobile daily active users, entertained and engaged, and originate numbers of casual chats, friendships, dates, and marriages.
Further Reading: Overbought
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