Medifast (NYSE:MED) Stock Crosses Above Fifty Day Moving Average – Here’s What Happened

Shares of Medifast Inc (NYSE:MED) crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $11.93 and traded as high as $13.41. Medifast shares last traded at $12.1170, with a volume of 306,122 shares traded.

Wall Street Analysts Forecast Growth

MED has been the subject of a number of analyst reports. Weiss Ratings upgraded shares of Medifast from a “sell (e+)” rating to a “sell (d)” rating in a research report on Monday, August 17th. Zacks Research raised shares of Medifast from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 13th. One research analyst has rated the stock with a Strong Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $12.00.

Medifast Trading Down 1.6%

The business has a fifty day moving average of $11.98 and a 200-day moving average of $11.32. The firm has a market cap of $137.36 million, a PE ratio of -3.33 and a beta of 0.68.

Medifast (NYSE:MED) last announced its earnings results on Monday, October 26th. The specialty retailer reported ($0.19) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.16. The business had revenue of $72.05 million during the quarter, compared to analyst estimates of $71.30 million. Medifast had a negative net margin of 8.08% and a negative return on equity of 6.69%. On average, equities analysts forecast that Medifast Inc will post -0.57 EPS for the current year.

Insider Buying and Selling at Medifast

In other news, Director Parsa Kiai acquired 43,150 shares of the firm’s stock in a transaction that occurred on Wednesday, August 26th. The stock was purchased at an average cost of $12.26 per share, for a total transaction of $529,019.00. Following the completion of the acquisition, the director directly owned 707,492 shares of the company’s stock, valued at $8,673,851.92. The trade was a 6.50% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Daniel R. Chard sold 9,544 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $11.73, for a total transaction of $111,951.12. Following the completion of the sale, the director directly owned 130,609 shares of the company’s stock, valued at $1,532,043.57. The trade was a 6.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have bought 119,966 shares of company stock valued at $1,423,576. Corporate insiders own 3.70% of the company’s stock.

Institutional Trading of Medifast

Institutional investors have recently modified their holdings of the company. Engineers Gate Manager LP increased its position in Medifast by 25.9% during the 2nd quarter. Engineers Gate Manager LP now owns 49,829 shares of the specialty retailer’s stock valued at $529,000 after buying an additional 10,249 shares in the last quarter. Squarepoint Ops LLC purchased a new stake in Medifast in the second quarter valued at about $214,000. Chico Wealth RIA purchased a new stake in Medifast in the second quarter valued at about $223,000. Ancora Advisors LLC acquired a new stake in Medifast in the second quarter worth about $75,000. Finally, Empowered Funds LLC acquired a new stake in Medifast in the second quarter worth about $701,000. 95.51% of the stock is currently owned by institutional investors.

Medifast Company Profile

Medifast, Inc (NYSE: MED) is a health and wellness company that provides weight-management products, programs and support services. Its primary brand, OPTAVIA, offers meal-replacement products, including shakes, bars, soups and other portion-controlled foods, along with structured plans intended to help customers establish healthier eating and lifestyle habits.

The company distributes its products primarily through an independent network of coaches who provide guidance, accountability and support to clients.