MiMedx Group (MDXG) Initiates Stock Repurchase Program
MiMedx Group (NASDAQ:MDXG) declared that its Board of Directors has authorized a stock buyback program, which allows the company to buyback $10.00 million in outstanding shares on Monday, October 9th, EventVestor reports. This buyback authorization allows the medical equipment provider to purchase shares of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board of directors believes its shares are undervalued.
MDXG has been the topic of several research analyst reports. Piper Jaffray Companies restated a “buy” rating and set a $18.00 target price on shares of MiMedx Group in a research note on Sunday, August 20th. Needham & Company LLC boosted their price target 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. Zacks Investment Research downgraded MiMedx Group from a “hold” rating to a “sell” rating in a research note on Tuesday. Lake Street Capital boosted their price target on MiMedx Group from $16.00 to $18.00 and gave the company a “buy” rating in a research note on Friday, July 28th. Finally, BidaskClub upgraded MiMedx Group from a “hold” rating to a “buy” rating in a research note on Saturday, June 24th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $14.83.
Shares of MiMedx Group (NASDAQ MDXG) opened at 12.35 on Wednesday. The firm’s 50-day moving average price is $13.95 and its 200 day moving average price is $13.83. The stock has a market cap of $1.32 billion, a P/E ratio of 65.00 and a beta of 0.92. MiMedx Group has a 1-year low of $7.64 and a 1-year high of $17.47.
MiMedx Group (NASDAQ:MDXG) last issued its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The company had revenue of $76.40 million for the quarter, compared to analyst estimates of $74.22 million. During the same quarter last year, the company posted $0.05 earnings per share. The business’s quarterly revenue was up 33.3% compared to the same quarter last year. On average, equities analysts expect that MiMedx Group will post $0.31 earnings per share for the current fiscal year.
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About MiMedx Group
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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