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Merit Medical Systems (NASDAQ:MMSI) shares hit a new 52-week low on Wednesday after the company announced weaker than expected quarterly earnings, AnalystRatings.NET reports. The stock traded as low as $11.41 and last traded at $12.57, with a volume of 1,075,815 shares changing hands. The stock had previously closed at $14.74.

The company reported $0.15 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.17 by $0.02. The company had revenue of $128.87 million for the quarter, compared to the consensus estimate of $121.40 million. During the same quarter last year, the company posted $0.15 earnings per share. Merit Medical Systems’s revenue was up 17.3% compared to the same quarter last year.

Separately, analysts at Raymond James downgraded shares of Merit Medical Systems from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday. They now have a $16.00 price target on the stock, down previously from $19.00.

The stock has a 50-day moving average of $14.72 and a 200-day moving average of $14.40. The company has a market cap of $547.5 million and a price-to-earnings ratio of 33.58.

Merit Medical Systems, Inc (NASDAQ:MMSI) designs, develops, manufactures and markets medical devices used in interventional and diagnostic procedures.

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