Mindbody’s (MB) Buy Rating Reaffirmed at Pacific Crest
Pacific Crest restated their buy rating on shares of Mindbody Inc. (NASDAQ:MB) in a report released on Tuesday morning. They currently have a $22.00 price objective on the stock, up from their previous price objective of $20.00.
Several other analysts also recently commented on MB. Imperial Capital initiated coverage on shares of Mindbody in a report on Tuesday, June 7th. They issued an outperform rating and a $18.00 target price for the company. JMP Securities reiterated a buy rating on shares of Mindbody in a report on Monday, June 6th. Credit Suisse Group AG reiterated a buy rating on shares of Mindbody in a report on Thursday, June 16th. Zacks Investment Research downgraded shares of Mindbody from a buy rating to a hold rating in a report on Wednesday, July 6th. Finally, Morgan Stanley increased their target price on shares of Mindbody from $17.00 to $20.00 and gave the company an equal weight rating in a report on Thursday, July 28th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus price target of $21.17.
Shares of Mindbody (NASDAQ:MB) opened at 17.17 on Tuesday. Mindbody has a 52 week low of $9.20 and a 52 week high of $19.32. The firm has a 50-day moving average of $17.53 and a 200 day moving average of $15.09. The firm’s market cap is $682.08 million.
Mindbody (NASDAQ:MB) last released its quarterly earnings data on Wednesday, July 27th. The company reported ($0.10) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.14) by $0.04. Mindbody had a negative net margin of 27.12% and a negative return on equity of 30.95%. The firm had revenue of $33.60 million for the quarter, compared to the consensus estimate of $33.22 million. During the same quarter in the prior year, the company posted ($0.21) earnings per share. The business’s revenue was up 35.5% on a year-over-year basis. Equities research analysts predict that Mindbody will post ($0.44) EPS for the current fiscal year.
In other Mindbody news, CFO Brett T. White sold 20,000 shares of the stock in a transaction dated Monday, August 8th. The shares were sold at an average price of $19.00, for a total transaction of $380,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Richard Lee Stollmeyer sold 21,760 shares of the stock in a transaction dated Thursday, September 1st. The stock was sold at an average price of $17.35, for a total transaction of $377,536.00. The disclosure for this sale can be found here. Corporate insiders own 30.62% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Royal Bank of Canada acquired a new position in shares of Mindbody during the second quarter worth $4,043,000. Schwab Charles Investment Management Inc. acquired a new position in shares of Mindbody during the second quarter worth $356,000. Metropolitan Life Insurance Co. NY acquired a new position in shares of Mindbody during the second quarter worth $179,000. Caisse DE Depot ET Placement DU Quebec raised its position in shares of Mindbody by 37.3% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 435,000 shares of the company’s stock worth $7,021,000 after buying an additional 118,225 shares in the last quarter. Finally, Capital World Investors acquired a new position in shares of Mindbody during the second quarter worth $2,401,000. Hedge funds and other institutional investors own 38.49% of the company’s stock.
Mindbody Company Profile
MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with over 51,000 local business subscribers on its platform in over 130 countries and territories. The Company’s subscribers provide a range of wellness services to approximately 28 million active consumers.
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