Needham & Company Increases Wright Medical Group Price Target to $40.00 (WMGI)
Research analysts at Needham & Company increased their price objective on shares of Wright Medical Group (NASDAQ:WMGI) from $38.00 to $40.00 in a report released on Tuesday, Analyst Ratings Network reports. The firm currently has a “buy” rating on the stock. Needham & Company’s price target suggests a potential upside of 18.34% from the company’s current price.
Wright Medical Group (NASDAQ:WMGI) traded down 4.02% during mid-day trading on Tuesday, hitting $32.44. 2,020,087 shares of the company’s stock traded hands. Wright Medical Group has a 1-year low of $22.34 and a 1-year high of $33.80. The stock has a 50-day moving average of $31.14 and a 200-day moving average of $28.20. The company’s market cap is $1.506 billion.
Wright Medical Group (NASDAQ:WMGI) last announced its earnings results on Monday, February 24th. The company reported ($0.17) earnings per share for the quarter, beating the analysts’ consensus estimate of ($0.18) by $0.01. The company had revenue of $67.80 million for the quarter, compared to the consensus estimate of $64.98 million. On average, analysts predict that Wright Medical Group will post $-0.62 earnings per share for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Piper Jaffray raised their price target on shares of Wright Medical Group from $35.00 to $37.00 in a research note on Thursday, February 20th. Separately, analysts at Zacks reiterated a “neutral” rating on shares of Wright Medical Group in a research note on Friday, January 17th. They now have a $34.00 price target on the stock. Finally, analysts at Leerink Swann raised their price target on shares of Wright Medical Group from $31.00 to $37.00 in a research note on Friday, January 17th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Wright Medical Group presently has an average rating of “Buy” and a consensus target price of $33.58.
Wright Medical Group, Inc, through Wright Medical Technology, Inc (NASDAQ:WMGI) and other operating subsidiaries (Wright), is a global orthopaedic medical device company specializing in the design, manufacture and marketing of devices and biologic products for extremity, hip and knee repair and reconstruction.
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