Meridian (NASDAQ:MRDN) Stock Rating Cut to “Buy” at Wall Street Zen

Wall Street Zen lowered shares of Meridian (NASDAQ:MRDN) from a strong-buy rating to a buy rating in a research note published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings lowered Meridian from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, September 28th. One investment analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, Meridian has an average rating of “Sell” and an average target price of $21.60.

Meridian Stock Performance

Shares of MRDN stock traded down $0.13 on Friday, reaching $5.64. The stock had a trading volume of 55,011 shares, compared to its average volume of 42,656. The company has a quick ratio of 0.51, a current ratio of 0.78 and a debt-to-equity ratio of 0.03. The firm’s 50-day moving average is $11.20 and its two-hundred day moving average is $11.27. The firm has a market capitalization of $71.57 million, a price-to-earnings ratio of -0.72 and a beta of 0.73. Meridian has a 12 month low of $5.42 and a 12 month high of $16.09.

Meridian (NASDAQ:MRDN) last issued its earnings results on Tuesday, November 10th. The company reported ($1.05) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by ($1.19). Meridian had a negative net margin of 48.75% and a negative return on equity of 185.07%. The firm had revenue of $45.96 million during the quarter. On average, research analysts expect that Meridian will post 0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Meridian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Meridian during the second quarter worth approximately $2,593,000. Bank of New York Mellon Corp bought a new stake in shares of Meridian during the second quarter worth approximately $855,000. Great Lakes Advisors LLC acquired a new position in shares of Meridian in the second quarter valued at approximately $433,000. Hsbc Holdings PLC acquired a new position in shares of Meridian in the second quarter valued at approximately $515,000. Finally, Man Group plc bought a new position in shares of Meridian during the second quarter worth approximately $466,000. 2.74% of the stock is owned by institutional investors.

Meridian Company Profile

Meridian Holdings operates an international sports betting and gaming business under the Meridianbet brand. Its offerings include online sports wagering and casino games, supported by digital platforms and retail betting operations. The Meridianbet business dates to 2001 and serves customers in multiple international markets. Meridian’s operations combine consumer-facing betting and gaming services with the technology used to run those platforms.