Canaccord Genuity Reiterates a Buy Rating on Meetme

By Austin Angelo

In a report released today, Michael Graham from Canaccord Genuity reiterated a Buy rating on Meetme (NASDAQ: MEET), with a price target of $10. The company’s shares opened today at $5.36.

Graham noted:

“We believe MeetMe occupies a promising spot on the social networking landscape. While the platform is lesser-known than other dating and social networking services, user trends within its target young demographic are solid, and we see incremental monetization opportunities. We also believe the recent acquisitions of Skout and If(we) are promising and see potential for more.”

According to TipRanks.com, Graham is a 5-star analyst with an average return of 8.8% and a 54.4% success rate. Graham covers the Technology sector, focusing on stocks such as IAC/InterActiveCorp, Spark Networks Plc, and Angie’s List Inc.

Currently, the analyst consensus on Meetme is Strong Buy and the average price target is $10, representing an 86.6% upside.

In a report issued on March 7, JMP Securities also reiterated a Buy rating on the stock with a $9 price target.

Based on Meetme’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $29.22 million and quarterly net profit of $9.9 million. In comparison, last year the company earned revenue of $19.88 million and had a net profit of $6.07 million.

Based on the recent corporate insider activity of 42 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of MEET in relation to earlier this year. Most recently, in December 2016, Harris Jonah H, the Chief Technology Officer of MEET sold 4,000 shares for a total of $19,520.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

MeetMe, Inc. provides on-line social networking services. The company offers online marketing capabilities, which enable marketers to display their advertisements in different formats and in different locations. MeetMe was founded by Jeffrey Scott Peterson in June 1997 and is headquartered in New Hope, PA.