Insider Buying: Mindbody Inc. (MB) Major Shareholder Buys 500,000 Shares of Stock
Mindbody Inc. (NASDAQ:MB) major shareholder Qualified Master Fund L. Abdiel acquired 500,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 11th. The stock was purchased at an average price of $18.22 per share, for a total transaction of $9,110,000.00. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.
Shares of Mindbody Inc. (NASDAQ:MB) traded up 3.05% on Friday, hitting $17.89. The company had a trading volume of 66,717 shares. Mindbody Inc. has a 12-month low of $9.20 and a 12-month high of $20.83. The company’s market capitalization is $710.68 million. The firm has a 50-day moving average price of $18.08 and a 200 day moving average price of $15.89.
Mindbody (NASDAQ:MB) last announced its earnings results on Wednesday, July 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.04. Mindbody had a negative return on equity of 30.95% and a negative net margin of 27.12%. The business had revenue of $33.60 million for the quarter, compared to analyst estimates of $33.22 million. During the same quarter last year, the firm earned ($0.21) EPS. Mindbody’s revenue for the quarter was up 35.5% compared to the same quarter last year. Equities analysts expect that Mindbody Inc. will post ($0.44) EPS for the current year.
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A number of equities research analysts have issued reports on MB shares. JMP Securities upped their target price on Mindbody from $19.00 to $25.00 and gave the stock a “market outperform” rating in a research report on Thursday, July 28th. Credit Suisse Group AG reissued a “buy” rating on shares of Mindbody in a research report on Thursday, June 16th. Zacks Investment Research cut Mindbody from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. Morgan Stanley increased their price objective on Mindbody from $17.00 to $20.00 and gave the company an “equal weight” rating in a research report on Thursday, July 28th. Finally, Pacific Crest reissued a “buy” rating and issued a $22.00 price objective (up from $20.00) on shares of Mindbody in a research report on Tuesday, September 13th. One equities research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $22.14.
A number of large investors have recently made changes to their positions in MB. Royal Bank of Canada purchased a new stake in shares of Mindbody during the second quarter worth about $4,043,000. Schwab Charles Investment Management Inc. bought a new position in Mindbody during the second quarter valued at $356,000. Metropolitan Life Insurance Co. NY bought a new position in Mindbody during the second quarter valued at $179,000. Caisse DE Depot ET Placement DU Quebec raised its position in Mindbody by 37.3% in the second quarter. Caisse DE Depot ET Placement DU Quebec now owns 435,000 shares of the company’s stock valued at $7,021,000 after buying an additional 118,225 shares during the period. Finally, Capital World Investors bought a new position in Mindbody during the second quarter valued at $2,401,000. 38.49% of the stock is currently owned by institutional investors and hedge funds.
MINDBODY, Inc is a provider of cloud-based business management software for the wellness services industry and operates as a consumer marketplace with over 51,000 local business subscribers on its platform in over 130 countries and territories. The Company’s subscribers provide a range of wellness services to approximately 28 million active consumers.
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