Medifast Hits New 1-Year High After Analyst Upgrade (MED)
Shares of Medifast (NYSE:MED) reached a new 52-week high during mid-day trading on Friday after Canaccord Genuity raised their price target on the stock from $31.00 to $32.00, AmericanBankingNews.com reports. Canaccord Genuity currently has a hold rating on the stock. Medifast traded as high as $33.97 and last traded at $33.94, with a volume of 89,160 shares changing hands. The stock had previously closed at $32.89.
Separately, analysts at Imperial Capital raised their price target on shares of Medifast from $30.00 to $36.00 in a research note on Wednesday, April 23rd. They now have an “outperform” rating on the stock. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company. Medifast presently has an average rating of “Buy” and an average price target of $32.00.
In other Medifast news, Director John P. Mcdaniel sold 3,500 shares of Medifast stock on the open market in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $31.74, for a total value of $111,090.00. The transaction was disclosed in a document filed with the SEC, which is available at this link.
The stock has a 50-day moving average of $30.84 and a 200-day moving average of $28.20. The company has a market cap of $444.2 million and a P/E ratio of 18.79.
Medifast (NYSE:MED) last announced its earnings results on Monday, May 5th. The company reported $0.45 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.37 by $0.08. The company had revenue of $86.50 million for the quarter, compared to the consensus estimate of $87.60 million. During the same quarter last year, the company posted $0.43 earnings per share. Medifast’s revenue was down 9.9% compared to the same quarter last year. Analysts expect that Medifast will post $1.83 EPS for the current fiscal year.
Medifast, Inc (NYSE:MED) is engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products.
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