Mindbody Inc. (MB) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Mindbody Inc. (NASDAQ:MB) from a hold rating to a buy rating in a report released on Wednesday morning. The brokerage currently has $21.00 price target on the stock.
According to Zacks, “MINDBODY, Inc. develops cloud-based business management software and payments platform for the wellness services industry. Its platform enables businesses to manage class and appointment schedules, staff members, client information, online bookings, inventory, payroll and retail sales for yoga, Pilates, barre, indoor cycling, personal training, martial arts and dance exercise, as well as spas, salons, music instruction studios, dance studios, childrens activity center and integrative health centers. MINDBODY, Inc. is headquartered in San Luis Obispo, California. “
Other equities analysts have also recently issued research reports about the stock. Roth Capital initiated coverage on shares of Mindbody in a research report on Friday, September 23rd. They set a buy rating and a $22.50 price target on the stock. Pacific Crest reiterated a buy rating and set a $22.00 price target (up previously from $20.00) on shares of Mindbody in a research report on Tuesday, September 13th. Credit Suisse Group AG reiterated a buy rating on shares of Mindbody in a research report on Thursday, June 16th. JMP Securities reiterated a buy rating on shares of Mindbody in a research report on Monday, June 6th. Finally, Morgan Stanley boosted their price target on shares of Mindbody from $17.00 to $20.00 and gave the company an equal weight rating in a research report on Thursday, July 28th. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Mindbody presently has a consensus rating of Buy and an average price target of $22.07.
Mindbody (NASDAQ:MB) traded down 1.10% during trading on Wednesday, hitting $19.75. 93,463 shares of the stock were exchanged. The stock has a 50 day moving average of $17.54 and a 200-day moving average of $15.48. The stock’s market cap is $784.57 million. Mindbody has a 52 week low of $9.20 and a 52 week high of $20.38.
Mindbody (NASDAQ:MB) last released its quarterly earnings data on Wednesday, July 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $33.22 million. During the same quarter in the previous year, the company earned ($0.21) earnings per share. The company’s revenue for the quarter was up 35.5% compared to the same quarter last year. Equities analysts expect that Mindbody will post ($0.44) EPS for the current fiscal year.
In other Mindbody news, insider Chet Ian Brandenburg sold 4,500 shares of the company’s stock in a transaction that occurred on Friday, July 1st. The shares were sold at an average price of $15.91, for a total transaction of $71,595.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Qualified Master Fund L. Abdiel bought 142,100 shares of Mindbody stock in a transaction on Wednesday, August 3rd. The shares were acquired at an average cost of $17.80 per share, with a total value of $2,529,380.00. The disclosure for this purchase can be found here. Insiders own 30.62% of the company’s stock.
A number of hedge funds have recently made changes to their positions in MB. Royal Bank of Canada purchased a new stake in shares of Mindbody during the second quarter worth about $4,043,000. Schwab Charles Investment Management Inc. purchased a new stake in shares of Mindbody during the second quarter worth about $356,000. Metropolitan Life Insurance Co. NY purchased a new stake in shares of Mindbody during the second quarter worth about $179,000. Caisse DE Depot ET Placement DU Quebec boosted its stake 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 during the period. Finally, Capital World Investors purchased a new stake in shares of Mindbody during the second quarter worth about $2,401,000. 38.49% of the stock is owned by institutional investors and hedge funds.
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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