MiMedx Group, Inc (MDXG) Downgraded by BidaskClub to Hold
BidaskClub cut shares of MiMedx Group, Inc (NASDAQ:MDXG) from a buy rating to a hold rating in a research note issued to investors on Saturday.
MDXG has been the topic of a number of other reports. First Analysis downgraded MiMedx Group from an equal weight rating to an underweight rating and set a $11.00 price target on the stock. in a research note on Tuesday, May 23rd. Lake Street Capital upped their price target on MiMedx Group from $16.00 to $18.00 and gave the stock a buy rating in a research note on Friday, July 28th. Needham & Company LLC reaffirmed a buy rating and set a $20.00 price target (up from $15.00) on shares of MiMedx Group in a research note on Monday, June 26th. Finally, Piper Jaffray Companies reaffirmed a buy rating and set a $18.00 price target on shares of MiMedx Group in a research note on Sunday, August 20th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the company. MiMedx Group currently has a consensus rating of Hold and an average target price of $14.67.
MiMedx Group (NASDAQ:MDXG) opened at 15.64 on Friday. MiMedx Group has a one year low of $6.94 and a one year high of $17.47. The stock has a 50 day moving average price of $15.36 and a 200-day moving average price of $12.60. The firm has a market cap of $1.68 billion, a P/E ratio of 82.32 and a beta of 1.03.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The business had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same period in the prior year, the business earned $0.05 EPS. The firm’s revenue for the quarter was up 33.3% on a year-over-year basis. Analysts predict that MiMedx Group will post $0.31 EPS for the current fiscal year.
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MiMedx Group announced that its Board of Directors has approved a stock repurchase program on Wednesday, July 26th that authorizes the company to repurchase $14.00 million in shares. This repurchase authorization authorizes the medical equipment provider to purchase up to 0.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
In other news, insider William Charles Taylor sold 80,000 shares of the stock in a transaction that occurred on Wednesday, June 14th. The stock was sold at an average price of $14.52, for a total value of $1,161,600.00. Following the completion of the sale, the insider now directly owns 547,424 shares of the company’s stock, valued at $7,948,596.48. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 12.40% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC increased its stake in shares of MiMedx Group by 678.9% in the second quarter. Acrospire Investment Management LLC now owns 6,769 shares of the medical equipment provider’s stock valued at $101,000 after buying an additional 5,900 shares during the period. State of Alaska Department of Revenue increased its stake in shares of MiMedx Group by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 11,100 shares of the medical equipment provider’s stock valued at $105,000 after buying an additional 140 shares during the period. Quantbot Technologies LP bought a new stake in shares of MiMedx Group during the second quarter valued at approximately $109,000. Ameritas Investment Partners Inc. increased its stake in shares of MiMedx Group by 7.5% in the second quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock valued at $129,000 after buying an additional 600 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of MiMedx Group by 15.4% in the first quarter. Victory Capital Management Inc. now owns 14,616 shares of the medical equipment provider’s stock valued at $139,000 after buying an additional 1,952 shares during the period. 60.30% of the stock is owned by hedge funds and other institutional investors.
MiMedx Group Company Profile
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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