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MEET

Meet Group

$3.84

-0.09 (-2.29%)

08:33
09/20/17
09/20
08:33
09/20/17
08:33

Meet Group to acquire social dating app LOVOO for $70M in cash

The Meet Group announced it has executed a definitive agreement to acquire LOVOO, a social dating app, for $70M in cash, inclusive of a $5M contingent earn-out. This acquisition furthers The Meet Group's strategy to innovate, acquire, and build the largest mobile portfolio of brands for meeting new people. The LOVOO acquisition is expected to expand The Meet Group's global footprint, increase the company's scale and profitability, and diversify its business model by adding expertise in subscription and in-app purchasing. The acquisition is expected to be accretive to the company's non-GAAP EPS in 2018 and beyond. The company expects that LOVOO will remain a separate brand and standalone mobile application following the closing of the acquisition, and that LOVOO's headquarters will remain in Dresden, Germany. The Company has extended offers to all of LOVOO's 97 full time employees. LOVOO's Co-Founder and CEO Benjamin Bak has agreed to assist with the transition for six months after closing. Effective upon closing, Florian Braunschweig, current COO and Co-Founder, has agreed to take over leadership of LOVOO as the new General Manager and Managing Director. The rest of the LOVOO management team is expected to remain in place.

MEET Meet Group
$3.84

-0.09 (-2.29%)

03/20/17
03/20/17
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Monness Crespi analyst James Cakmak initiated Snap (SNAP) with a Buy and a $25 price target. 2. Workday (WDAY) initiated with a Buy at BofA/Merrill. 3. Berkshire Hathaway (BRK.A) initiated with an Equal Weight at Morgan Stanley. 4. MeetMe (MEET) initiated with a Buy at Canaccord. 5. ARC Document (ARC) resumed with a Buy at B. Riley. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/27/17
03/27/17
NO CHANGE

Harvest Capital discloses 6% stake in MeetMe
Jeffrey Osher's Harvest Capital Strategies disclosed a 6.0% stake in MeetMe, representing 4M shares. Harvest, in a regulatory filing, said it bought the stock on the belief that it was undervalued. the filing allows for activism. The social media technology company is trading up 3c to $5.28.
05/09/17
LOOP
05/09/17
NO CHANGE
LOOP
Buy
Meet Group guidance appears conservative, says Loop Capital
Loop Capital analyst Blake Harper said Meet Group's guidance for 2017 revenues and adjusted EBITDA appears conservative. While he adjusted his estimates lower to account for the company's weaker growth projections, he sees value in the stock, noting it is trading well below its peer multiples, and keeps a Buy rating on Meet Group shares.
05/09/17
ROTH
05/09/17
NO CHANGE
Target $9.25
ROTH
Buy
Meet Group guidance may create buying opportunity, says Roth Capital
Following in-line Q1 results, Roth Capital analyst Darren Aftahi says Meet Group's 2017 outlook may have been guided conservatively, particularly Q2. Headline numbers and guidance could create a buying opportunity, the analyst says, adding that with its video product serving as upside optionality, he would get constructive on a material pullback. Aftahi reiterates a Buy rating and $9.25 price target on the shares.

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