Meet Group (NASDAQ:MEET) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research lowered shares of Meet Group (NASDAQ:MEET) from a buy rating to a hold rating in a research note issued to investors 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. “

Several other equities research analysts have also commented on the company. Aegis restated a buy rating and issued a $6.25 price objective on shares of Meet Group in a research report on Thursday, July 11th. Oppenheimer initiated coverage on Meet Group in a research report on Thursday, June 20th. They issued an outperform rating and a $7.00 price objective on the stock. Canaccord Genuity set a $394.00 price objective on Tesla and gave the stock a buy rating in a research report on Wednesday, July 3rd. Northland Securities restated a buy rating and issued a $55.00 price objective on shares of Heron Therapeutics in a research report on Thursday, May 9th. Finally, ValuEngine upgraded WEX from a hold rating to a buy rating in a research report on Thursday, June 13th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and five have given a buy rating to the company. Meet Group has an average rating of Hold and an average target price of $6.75.

Meet Group stock opened at $3.54 on Wednesday. The company has a current ratio of 1.13, a quick ratio of 1.13 and a debt-to-equity ratio of 0.12. Meet Group has a 12 month low of $3.05 and a 12 month high of $6.27. The stock has a 50 day moving average of $3.53. The stock has a market cap of $266.63 million, a price-to-earnings ratio of 13.11, a PEG ratio of 0.52 and a beta of 1.51.

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

In other Meet Group news, Director Spencer B. Grimes bought 16,400 shares of Meet Group stock in a transaction dated Monday, May 13th. The stock was acquired at an average cost of $4.30 per share, with a total value of $70,520.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Spencer B. Grimes bought 11,300 shares of Meet Group stock in a transaction dated Friday, May 10th. The shares were acquired at an average cost of $4.40 per share, with a total value of $49,720.00. The disclosure for this purchase can be found here. Corporate insiders own 6.10% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. D. E. Shaw & Co. Inc. acquired a new position in shares of Meet Group during the 4th quarter worth approximately $53,000. SG Americas Securities LLC acquired a new position in shares of Meet Group during the 1st quarter worth approximately $71,000. BNP Paribas Arbitrage SA raised its stake in shares of Meet Group by 466.7% during the 1st quarter. BNP Paribas Arbitrage SA now owns 14,684 shares of the information services provider’s stock worth $74,000 after buying an additional 12,093 shares during the period. Metropolitan Life Insurance Co. NY raised its stake in shares of Meet Group by 356.7% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 24,431 shares of the information services provider’s stock worth $113,000 after buying an additional 19,081 shares during the period. Finally, WINTON GROUP Ltd raised its stake in shares of Meet Group by 12.9% during the 2nd 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 during the period. 67.06% of the stock is owned by institutional investors and hedge funds.

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.

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