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Medifast (NYSE:MED) traded down 10.2% during trading on Friday after Canaccord Genuity lowered their price target on the stock from $32.00 to $29.00, American Banking reports. The stock traded as low as $26.02 and last traded at $26.03, with a volume of 442,420 shares changing hands. The stock had previously closed at $29.00.

MED has been the subject of a number of other recent research reports. 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.

The stock’s 50-day moving average is $29.96 and its 200-day moving average is $29.44. The company has a market cap of $343.4 million and a P/E ratio of 16.57. Medifast also was the target of some unusual options trading activity on Friday. Traders acquired 511 put options on the company. This is an increase of approximately 245% compared to the average daily volume of 148 put options.

Medifast (NYSE:MED) last released its earnings data on Thursday, August 7th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters 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 in the prior year, the company posted $0.51 earnings per share. The company’s quarterly revenue was down 16.7% on a year-over-year basis. On average, analysts predict that Medifast will post $1.83 earnings per share 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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