Jefferies Group LLC Initiates Coverage on MINDBODY, Inc. (MB)
Research analysts at Jefferies Group LLC began coverage on shares of MINDBODY, Inc. (NASDAQ:MB) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage set a “hold” rating and a $26.00 price target on the technology company’s stock. Jefferies Group LLC’s price objective suggests a potential upside of 17.65% from the stock’s current price.
The analysts wrote, “MB boasts an attractive profile: 1) low penetration of a large market for wellness business services, 2) rapid growth, 3) emerging profitability, and 4) valuation discount to peers.””
A number of other brokerages have also weighed in on MB. Zacks Investment Research lowered MINDBODY from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. BidaskClub downgraded MINDBODY from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 1st. Roth Capital set a $32.00 target price on MINDBODY and gave the stock a “buy” rating in a report on Tuesday, June 6th. Pacific Crest downgraded MINDBODY from an “overweight” rating to a “sector weight” rating in a report on Monday, May 15th. Finally, J P Morgan Chase & Co assumed coverage on MINDBODY in a report on Friday, June 9th. They set an “overweight” rating and a $38.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. MINDBODY has a consensus rating of “Buy” and a consensus price target of $29.25.
MINDBODY (MB) opened at 22.10 on Thursday. The company’s market capitalization is $1.02 billion. MINDBODY has a 1-year low of $16.71 and a 1-year high of $29.75. The firm has a 50 day moving average of $24.71 and a 200-day moving average of $26.43.
MINDBODY (NASDAQ:MB) last issued its quarterly earnings results on Wednesday, July 26th. The technology company reported ($0.01) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.04. MINDBODY had a negative return on equity of 12.49% and a negative net margin of 11.34%. The business had revenue of $44.10 million for the quarter, compared to analyst estimates of $44.11 million. During the same quarter in the previous year, the firm earned ($0.10) earnings per share. The company’s revenue was up 31.3% on a year-over-year basis. On average, equities research analysts anticipate that MINDBODY will post ($0.09) earnings per share for the current fiscal year.
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In related news, major shareholder Luxor Capital Group, Lp purchased 369,345 shares of the firm’s stock in a transaction on Tuesday, June 13th. The stock was bought at an average cost of $27.79 per share, with a total value of $10,264,097.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Richard Lee Stollmeyer sold 17,739 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $25.13, for a total value of $445,781.07. The disclosure for this sale can be found here. Insiders sold 46,781 shares of company stock valued at $1,205,101 over the last three months. 8.22% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Quantbot Technologies LP increased its position in shares of MINDBODY by 96.3% in the first quarter. Quantbot Technologies LP now owns 3,932 shares of the technology company’s stock valued at $107,000 after buying an additional 1,929 shares during the last quarter. BNP Paribas Arbitrage SA increased its position in shares of MINDBODY by 2,171.3% in the second quarter. BNP Paribas Arbitrage SA now owns 4,111 shares of the technology company’s stock valued at $112,000 after buying an additional 3,930 shares during the last quarter. Legal & General Group Plc increased its position in shares of MINDBODY by 4.1% in the first quarter. Legal & General Group Plc now owns 4,218 shares of the technology company’s stock valued at $116,000 after buying an additional 166 shares during the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of MINDBODY by 49.8% in the second quarter. Oppenheimer Asset Management Inc. now owns 5,046 shares of the technology company’s stock valued at $137,000 after buying an additional 1,678 shares during the last quarter. Finally, Credit Suisse AG acquired a new position in shares of MINDBODY during the first quarter valued at $220,000. 75.04% of the stock is owned by institutional investors.
MINDBODY Company Profile
MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with local business subscribers on its platform. The Company’s subscribers provide a range of wellness services to active consumers. Its integrated software and payments platform helps business owners in the wellness services industry run, market and build their businesses.
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