Connor Clark & Lunn Investment Management Ltd. Takes Position in Meridian Holdings Inc. $MRDN

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Meridian Holdings Inc. (NASDAQ:MRDN) in the 2nd quarter, Holdings Channel.com reports. The firm bought 129,471 shares of the company’s stock, valued at approximately $2,593,000.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. BlackRock Inc. purchased a new position in Meridian in the 2nd quarter worth approximately $13,832,000. Whetstone Capital Advisors LLC purchased a new stake in shares of Meridian during the fourth quarter valued at approximately $331,000. Citadel Advisors LLC boosted its stake in shares of Meridian by 1,603.2% during the third quarter. Citadel Advisors LLC now owns 206,082 shares of the company’s stock valued at $233,000 after purchasing an additional 193,982 shares during the period. Squarepoint Ops LLC boosted its stake in shares of Meridian by 115.2% during the third quarter. Squarepoint Ops LLC now owns 148,302 shares of the company’s stock valued at $168,000 after purchasing an additional 79,382 shares during the period. Finally, Millennium Management LLC grew its holdings in shares of Meridian by 68.8% in the third quarter. Millennium Management LLC now owns 131,812 shares of the company’s stock worth $149,000 after purchasing an additional 53,703 shares during the last quarter. 2.74% of the stock is currently owned by institutional investors.

Meridian Stock Performance

Shares of NASDAQ:MRDN opened at $13.94 on Friday. The firm’s 50-day simple moving average is $13.64. The stock has a market cap of $176.62 million, a P/E ratio of -2.07 and a beta of 0.65. Meridian Holdings Inc. has a 1 year low of $5.80 and a 1 year high of $16.09.

Meridian (NASDAQ:MRDN) last released its quarterly earnings data on Wednesday, July 29th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.10. The business had revenue of $50.19 million during the quarter. Meridian had a negative return on equity of 117.87% and a negative net margin of 41.41%. Equities research analysts anticipate that Meridian Holdings Inc. will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Meridian

In related news, CEO Anthony Brian Goodman sold 10,000 shares of the firm’s stock in a transaction on Friday, June 12th. The stock was sold at an average price of $12.68, for a total value of $126,800.00. Following the completion of the sale, the chief executive officer owned 453,463 shares of the company’s stock, valued at $5,749,910.84. This trade represents a 2.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders sold a total of 45,150 shares of company stock worth $601,149 in the last ninety days. 9.37% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

MRDN has been the topic of several analyst reports. Weiss Ratings raised shares of Meridian from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday. Wall Street Zen raised shares of Meridian to a “strong-buy” rating in a research report on Saturday, May 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Sell” and an average target price of $21.60.

Meridian Company Profile

Meridian Holdings Inc is engaged in the online gaming and betting business, providing sports betting, online casino, and gaming operations across multiple jurisdictions in Europe, Africa, and Central and South America. The company has three reportable segments: MeridianBet Group, GMAG, and RKings & CFAC. The MeridianBet Group segment includes retail and online sports betting, casinos, and related gaming operations. The GMAG segment focuses on the resale of third-party gaming content, mainly serving customers in the Asia-Pacific region.