Insider Buying: Mindbody Inc. (MB) Major Shareholder Buys 500,000 Shares of Stock
Mindbody Inc. (NASDAQ:MB) major shareholder Qualified Master Fund L. Abdiel bought 500,000 shares of the company’s stock in a transaction on Tuesday, October 11th. The shares were acquired at an average price of $18.22 per share, with a total value of $9,110,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.
Mindbody Inc. (NASDAQ:MB) traded up 3.05% during midday trading on Friday, hitting $17.89. 66,717 shares of the company traded hands. The company’s market cap is $710.68 million. Mindbody Inc. has a 12-month low of $9.20 and a 12-month high of $20.83. The stock has a 50 day moving average price of $18.08 and a 200-day moving average price of $15.89.
Mindbody (NASDAQ:MB) last issued its quarterly earnings results on Wednesday, July 27th. The company reported ($0.10) earnings per share for the quarter, beating the Zacks’ 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 company earned $33.60 million during the quarter, compared to the consensus estimate of $33.22 million. During the same period in the prior year, the company earned ($0.21) EPS. Mindbody’s revenue was up 35.5% on a year-over-year basis. Analysts expect that Mindbody Inc. will post ($0.44) EPS for the current year.
A number of brokerages have recently commented on MB. Roth Capital began coverage on shares of Mindbody in a report on Friday, September 23rd. They set a “buy” rating and a $22.50 price target for the company. Imperial Capital reiterated an “outperform” rating and set a $22.00 price target (up from $18.00) on shares of Mindbody in a report on Friday, July 29th. Pacific Crest lifted their price target on shares of Mindbody from $19.00 to $20.00 and gave the stock an “overweight” rating in a report on Thursday, July 28th. KeyCorp lifted their price target on shares of Mindbody from $20.00 to $22.00 and gave the stock an “overweight” rating in a report on Tuesday, September 13th. Finally, Credit Suisse Group AG reiterated a “buy” rating on shares of Mindbody in a report on Thursday, June 16th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company. Mindbody currently has an average rating of “Buy” and an average target price of $22.14.
A number of large investors have recently modified their holdings of MB. JPMorgan Chase & Co. increased its stake in Mindbody by 595,629.9% in the first quarter. JPMorgan Chase & Co. now owns 637,431 shares of the company’s stock valued at $8,497,000 after buying an additional 637,324 shares during the last quarter. Abdiel Capital Advisors LP increased its stake in Mindbody by 11.9% in the second quarter. Abdiel Capital Advisors LP now owns 2,814,260 shares of the company’s stock valued at $45,422,000 after buying an additional 299,160 shares during the last quarter. Royal Bank of Canada bought a new stake in Mindbody during the second quarter valued at about $4,043,000. Capital World Investors bought a new stake in Mindbody during the second quarter valued at about $2,401,000. Finally, Hamilton Lane Advisors LLC bought a new stake in Mindbody during the second quarter valued at about $2,235,000. 38.49% of the stock is owned by institutional investors.
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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