MiMedx Group, Inc (MDXG) Trading Up 7.7%
MiMedx Group, Inc (NASDAQ:MDXG) was up 7.7% during mid-day trading on Monday . The company traded as high as $12.82 and last traded at $12.79. Approximately 2,808,143 shares traded hands during mid-day trading, an increase of 68% from the average daily volume of 1,673,820 shares. The stock had previously closed at $11.88.
A number of research firms recently commented on MDXG. BidaskClub downgraded MiMedx Group from a “buy” rating to a “hold” rating in a research note on Saturday, August 26th. Needham & Company LLC upped their price objective on MiMedx Group from $20.00 to $21.00 and gave the company a “strong-buy” rating in a research note on Tuesday, September 5th. Piper Jaffray Companies reaffirmed a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a report on Sunday, August 20th. Finally, Lake Street Capital lifted their target price on MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $14.83.
The stock has a 50-day moving average price of $14.58 and a 200 day moving average price of $13.71. The firm has a market cap of $1.26 billion, a PE ratio of 61.89 and a beta of 0.91.
MiMedx Group (NASDAQ:MDXG) last released its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.07. The business had revenue of $76.40 million for the quarter, compared to analysts’ expectations of $74.22 million. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. MiMedx Group’s quarterly revenue was up 33.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.05 earnings per share. Equities analysts expect that MiMedx Group, Inc will post $0.31 EPS for the current fiscal year.
MiMedx Group declared that its board has approved a share repurchase program on Wednesday, July 26th that allows the company to buyback $14.00 million in shares. This buyback authorization allows the medical equipment provider to repurchase up to 0.9% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
Institutional investors have recently modified their holdings of the company. Acrospire Investment Management LLC increased its stake in 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 acquiring an additional 5,900 shares during the period. Quantbot Technologies LP bought a new position in MiMedx Group during the second quarter worth about $109,000. Ameritas Investment Partners Inc. lifted its stake in MiMedx Group by 7.5% during the second quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock worth $129,000 after purchasing an additional 600 shares during the period. Victory Capital Management Inc. lifted its stake in MiMedx Group by 15.4% during the first quarter. Victory Capital Management Inc. now owns 14,616 shares of the medical equipment provider’s stock worth $139,000 after purchasing an additional 1,952 shares during the period. Finally, Arrowstreet Capital Limited Partnership bought a new position in MiMedx Group during the second quarter worth about $157,000. Institutional investors and hedge funds own 60.35% of the company’s stock.
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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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