Granite Point Capital Management L.P. Acquires New Holdings in MINDBODY, Inc. (MB)
Granite Point Capital Management L.P. acquired a new position in MINDBODY, Inc. (NASDAQ:MB) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 106,300 shares of the technology company’s stock, valued at approximately $2,891,000. MINDBODY accounts for approximately 0.7% of Granite Point Capital Management L.P.’s investment portfolio, making the stock its 17th biggest holding. Granite Point Capital Management L.P. owned about 0.23% of MINDBODY at the end of the most recent quarter.
Other hedge funds also recently bought and sold shares of the company. Victory Capital Management Inc. acquired a new stake in MINDBODY in the second quarter worth about $37,529,000. Vanguard Group Inc. lifted its holdings in MINDBODY by 19.4% in the first quarter. Vanguard Group Inc. now owns 904,161 shares of the technology company’s stock worth $24,820,000 after purchasing an additional 146,816 shares during the period. Bank of America Corp DE lifted its holdings in MINDBODY by 5.2% in the first quarter. Bank of America Corp DE now owns 35,657 shares of the technology company’s stock worth $979,000 after purchasing an additional 1,762 shares during the period. Federated Investors Inc. PA lifted its holdings in MINDBODY by 112.3% in the second quarter. Federated Investors Inc. PA now owns 401,845 shares of the technology company’s stock worth $10,930,000 after purchasing an additional 212,537 shares during the period. Finally, State of Wisconsin Investment Board acquired a new stake in MINDBODY in the second quarter worth about $6,664,000. 92.75% of the stock is owned by institutional investors and hedge funds.
In other MINDBODY news, CEO Richard Lee Stollmeyer sold 17,739 shares of the firm’s stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $26.16, for a total transaction of $464,052.24. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Bradford Lee Wills sold 1,043 shares of the firm’s stock in a transaction dated Tuesday, June 27th. The stock was sold at an average price of $28.08, for a total value of $29,287.44. The disclosure for this sale can be found here. Over the last quarter, insiders sold 74,260 shares of company stock valued at $1,858,412. Corporate insiders own 8.22% of the company’s stock.
Several equities research analysts recently weighed in on the stock. BidaskClub raised shares of MINDBODY from a “hold” rating to a “buy” rating in a report on Friday, September 8th. KeyCorp reaffirmed a “hold” rating on shares of MINDBODY in a report on Friday, August 25th. Jefferies Group LLC assumed coverage on shares of MINDBODY in a report on Thursday, August 24th. They issued a “hold” rating and a $26.00 price objective for the company. Zacks Investment Research downgraded shares of MINDBODY from a “buy” rating to a “hold” rating in a report on Tuesday, August 1st. Finally, UBS AG reaffirmed a “buy” rating and issued a $32.00 price objective (up previously from $30.00) on shares of MINDBODY in a report on Wednesday, June 14th. Four research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $29.25.
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Shares of MINDBODY, Inc. (NASDAQ:MB) traded down 2.01% during midday trading on Wednesday, reaching $24.35. 76,103 shares of the company’s stock were exchanged. MINDBODY, Inc. has a 1-year low of $16.84 and a 1-year high of $27.40. The company’s market capitalization is $1.13 billion. The firm has a 50-day moving average of $25.40 and a 200-day moving average of $26.46.
MINDBODY (NASDAQ:MB) last announced its quarterly earnings data on Wednesday, July 26th. The technology company reported ($0.01) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.05) by $0.04. The firm had revenue of $44.10 million during the quarter, compared to analyst estimates of $44.11 million. MINDBODY had a negative return on equity of 12.49% and a negative net margin of 11.34%. The company’s revenue was up 31.3% on a year-over-year basis. During the same period last year, the company earned ($0.10) earnings per share. Equities analysts expect that MINDBODY, Inc. will post ($0.09) earnings per share for the current fiscal year.
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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