UPDATE: H.C. Wainwright Initiates Coverage on MeetMe Noting Solid Mobile Platform

In a report published Monday, H.C. Wainwright & Co. analyst Amit Dayal initiated coverage on

with a Buy/ Speculative Risk rating and $5.00 price target. Dayal noted that MeetMe's audience continued to engage with the platform via mobile. The analyst remarked that this is positive for the long-term since “it provided for stronger engagement and growth opportunities.” H.C. Wainwright added that the company has made “solid progress” in its mobile footprint with MeetMe's mobile users logging in 100 times per month compared with 11 times on the web and eight hours per month on the mobile app. MeetMe provided guidance for the fourth quarter of 2013 of approximately $13 million, up 12 percent year-over-year and 29 percent sequentially. Mobile revenue for the fourth quarter is expected to hit approximately $5 million, a 127 percent year-over-year increase and a new quarterly record. Shares of MeetMe closed at $4.16 on Monday, up 10.05% from Friday's close.