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Equities researchers at Canaccord Genuity decreased their price objective on shares of Medifast (NYSE:MED) from $32.00 to $29.00 in a research report issued on Friday. Canaccord Genuity’s price target would suggest a potential upside of 10.90% from the stock’s previous close.

A number of other analysts have also recently weighed in on MED. Analysts at Wedbush cut their price target on shares of Medifast from $37.00 to $32.00 in a research note on Friday. Analysts at Imperial Capital cut their price target on shares of Medifast from $36.00 to $34.00 in a research note on Friday. They now have an “outperform” rating on the stock.

Shares of Medifast (NYSE:MED) traded down 9.83% on Friday, hitting $26.15. The stock had a trading volume of 726,641 shares. Medifast has a 1-year low of $23.02 and a 1-year high of $34.40. The stock has a 50-day moving average of $29.96 and a 200-day moving average of $29.44. The company has a market cap of $343.4 million and a price-to-earnings ratio of 16.57. Medifast also saw some unusual options trading activity on Friday. Investors purchased 511 put options on the company. This is an increase of approximately 245% compared to the typical volume of 148 put options.

Medifast (NYSE:MED) last released its earnings data on Thursday, August 7th. The company reported $0.44 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.39 by $0.05. The company had revenue of $80.88 million for the quarter, compared to the consensus estimate of $87.30 million. During the same quarter last year, the company posted $0.51 earnings per share. Medifast’s revenue was down 16.7% 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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