Medifast (NYSE:MED) Updates Q2 2024 Earnings Guidance

Medifast (NYSE:MED) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share guidance of 0.050-0.400 for the period, compared to the consensus earnings per share estimate of 0.780. The company issued revenue guidance of $150.0 million-$170.0 million, compared to the consensus revenue estimate of $168.9 million. Medifast also updated its Q2 guidance to $0.05-0.40 EPS.

Medifast Stock Performance

Shares of NYSE:MED traded down $8.12 during midday trading on Tuesday, hitting $27.39. The company’s stock had a trading volume of 1,000,191 shares, compared to its average volume of 387,339. Medifast has a fifty-two week low of $26.02 and a fifty-two week high of $109.52. The stock has a market capitalization of $298.55 million, a price-to-earnings ratio of 2.94 and a beta of 1.14. The stock’s 50 day simple moving average is $36.23 and its 200 day simple moving average is $54.44.

Medifast (NYSE:MED) last announced its earnings results on Monday, April 29th. The specialty retailer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.12). Medifast had a return on equity of 56.06% and a net margin of 9.27%. The company had revenue of $174.74 million for the quarter, compared to the consensus estimate of $168.90 million. During the same period last year, the firm posted $3.67 EPS. The company’s revenue was down 49.9% compared to the same quarter last year. As a group, analysts anticipate that Medifast will post 1.91 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on MED shares. TheStreet downgraded Medifast from a c rating to a d+ rating in a report on Wednesday, February 21st. DA Davidson lowered their price target on Medifast from $67.00 to $40.00 and set a neutral rating on the stock in a research report on Wednesday, February 21st.

Insider Transactions at Medifast

In related news, Director Scott Schlackman sold 4,053 shares of Medifast stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $39.44, for a total value of $159,850.32. Following the transaction, the director now directly owns 7,785 shares of the company’s stock, valued at $307,040.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.06% of the stock is owned by corporate insiders.

Medifast Company Profile

Medifast, Inc, through its subsidiaries, engages in the manufacture and sale of weight loss, weight management, and healthy living products in the United States and the Asia-Pacific. It offers bars, puffs, cereal, crunchers, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups under the OPTAVIA, OPTAVIA ACTIVE, and Optimal Health brand names.