MeetMe Shares Tumble As Bullish Analyst Turns Bear

Investors appeared to lose confidence in MeetMe Inc MEET on Monday after a newsletter from Louis Navellier reportedly suggested selling — a move that prompted a 1-percent dip in share prices.

Prior to Navellier’s call, shares hit a year-to-date high of $5.48.

This is not the first time this adviser has moved the stock. Corporate shares increased in June 2016, when Navellier suggested buying MeetMe below $5.50. Shares peaked at $7.40 in July and were inconsistent throughout ensuing quarters.

Investors who reacted to Navellier on both occasions — buying on June 14 at $4.75 and selling on Jan. 9 for $5.48 — profited by $0.73 per share. An initial investment around $100, then, yielded a $15 profit.