Meet Group Inc (NASDAQ:MEET) Short Interest Up 11.9% in June

Meet Group Inc (NASDAQ:MEET) was the recipient of a significant increase in short interest in the month of June. As of June 15th, there was short interest totalling 11,796,600 shares, an increase of 11.9% from the May 15th total of 10,538,400 shares. Based on an average daily volume of 1,560,000 shares, the days-to-cover ratio is currently 7.6 days. Currently, 17.4% of the shares of the company are sold short.

In other news, Director Spencer B. Grimes purchased 16,400 shares of Meet Group stock in a transaction dated Monday, May 13th. The stock was bought at an average price of $4.30 per share, with a total value of $70,520.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Spencer B. Grimes purchased 11,300 shares of Meet Group stock in a transaction dated Friday, May 10th. The shares were purchased 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. Insiders own 6.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in MEET. BlackRock Inc. grew its stake in shares of Meet Group by 11.1% in the 4th quarter. BlackRock Inc. now owns 5,524,371 shares of the information services provider’s stock valued at $25,578,000 after buying an additional 552,402 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Meet Group by 38.6% in the 4th quarter. Geode Capital Management LLC now owns 1,032,381 shares of the information services provider’s stock valued at $4,779,000 after buying an additional 287,650 shares in the last quarter. Acadian Asset Management LLC grew its stake in shares of Meet Group by 176.6% in the 1st quarter. Acadian Asset Management LLC now owns 899,913 shares of the information services provider’s stock valued at $4,527,000 after buying an additional 574,541 shares in the last quarter. Northern Trust Corp grew its stake in shares of Meet Group by 0.4% in the 4th quarter. Northern Trust Corp now owns 792,944 shares of the information services provider’s stock valued at $3,672,000 after buying an additional 3,307 shares in the last quarter. Finally, 361 Capital LLC bought a new stake in shares of Meet Group in the 1st quarter valued at approximately $2,457,000. 67.06% of the stock is currently owned by institutional investors.

A number of equities research analysts recently weighed in on MEET shares. Canaccord Genuity set a $394.00 price objective on shares of Tesla and gave the company a “buy” rating in a research note on Wednesday, July 3rd. ValuEngine upgraded shares of WEX from a “hold” rating to a “buy” rating in a research report on Thursday, June 13th. CIBC reiterated a “buy” rating and issued a $9.00 price target on shares of Alamos Gold in a research report on Friday, June 21st. Zacks Investment Research cut shares of H&E Equipment Services from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, BidaskClub upgraded shares of Yandex from a “buy” rating to a “strong-buy” rating in a research report on Friday, June 14th. Two investment 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. Meet Group presently has a consensus rating of “Hold” and a consensus price target of $6.75.

NASDAQ MEET traded down $0.02 on Friday, hitting $3.54. 517,369 shares of the company were exchanged, compared to its average volume of 1,070,819. The company has a quick ratio of 1.13, a current ratio of 1.13 and a debt-to-equity ratio of 0.12. Meet Group has a twelve month low of $3.05 and a twelve month high of $6.27. The company’s 50 day moving average price is $3.53. The company has a market cap of $268.14 million, a price-to-earnings ratio of 14.75, a P/E/G ratio of 0.52 and a beta of 1.51.

Meet Group (NASDAQ:MEET) last released its earnings results on Wednesday, May 8th. The information services provider reported $0.06 earnings per share for the quarter, beating 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 company had revenue of $49.51 million for the quarter, compared to analysts’ expectations of $47.70 million. Equities research analysts expect that Meet Group will post 0.34 earnings per share for the current fiscal year.

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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