Meet Group (NASDAQ:MEET) Downgraded by Zacks Investment Research

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Zacks Investment Research downgraded shares of Meet Group (NASDAQ:MEET) from a strong-buy rating to a hold rating in a research report released on Wednesday, Zacks.com reports.

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. “

A number of other equities analysts also recently issued reports on the stock. Oppenheimer began coverage on shares of Meet Group in a report on Thursday, June 20th. They issued an outperform rating and a $7.00 price objective on the stock. CIBC reissued a buy rating and issued a $9.00 price objective on shares of Alamos Gold in a report on Friday, June 21st. BidaskClub raised shares of Yandex from a buy rating to a strong-buy rating in a report on Friday, June 14th. Canaccord Genuity set a $394.00 price objective on shares of Tesla and gave the stock a buy rating in a report on Wednesday, July 3rd. Finally, Northland Securities reissued a buy rating and issued a $55.00 price objective on shares of Heron Therapeutics in a report on Thursday, May 9th. Two analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $6.82.

MEET opened at $3.50 on Wednesday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.13 and a current ratio of 1.13. The stock has a market capitalization of $263.62 million, a P/E ratio of 14.58, a price-to-earnings-growth ratio of 0.51 and a beta of 1.51. The business has a 50 day simple moving average of $3.60. Meet Group has a 12-month low of $3.05 and a 12-month high of $6.27.

Meet Group (NASDAQ:MEET) last posted its quarterly earnings data on Wednesday, May 8th. The information services provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.05 by $0.01. The company had revenue of $49.51 million for the quarter, compared to the consensus estimate of $47.70 million. Meet Group had a net margin of 3.47% and a return on equity of 10.76%. As a group, research analysts predict that Meet Group will post 0.34 EPS for the current fiscal year.

In other news, Director Spencer B. Grimes purchased 16,400 shares of the stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $4.30 per share, with a total value of $70,520.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Spencer B. Grimes purchased 11,300 shares of the stock in a transaction on Friday, May 10th. The shares were purchased at an average cost of $4.40 per share, for a total transaction of $49,720.00. The disclosure for this purchase can be found here. 6.10% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in the company. WINTON GROUP Ltd lifted its holdings in shares of Meet Group by 12.9% in the second quarter. WINTON GROUP Ltd now owns 25,579 shares of the information services provider’s stock worth $89,000 after buying an additional 2,931 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Meet Group by 0.4% in the fourth quarter. Northern Trust Corp now owns 792,944 shares of the information services provider’s stock worth $3,672,000 after buying an additional 3,307 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of Meet Group by 6.9% in the first quarter. Rhumbline Advisers now owns 104,966 shares of the information services provider’s stock worth $528,000 after buying an additional 6,800 shares in the last quarter. Supplemental Annuity Collective Trust of NJ lifted its holdings in shares of Meet Group by 10.0% in 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 buying an additional 10,000 shares in the last quarter. Finally, New Jersey Better Educational Savings Trust lifted its holdings in shares of Meet Group by 16.7% in 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 buying an additional 10,000 shares in the last quarter. 67.03% of the stock is currently owned by hedge funds and other institutional investors.

Meet Group Company Profile

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.

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