Stock Buyback Program Initiated by MiMedx Group (NASDAQ:MDXG)
MiMedx Group (NASDAQ:MDXG) declared that its board has approved a share buyback plan, which authorizes the company to buyback $14.00 million in outstanding shares on Wednesday, July 26th, EventVestor reports. This buyback authorization authorizes the medical equipment provider to buy up to 0.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.
Shares of MiMedx Group (NASDAQ:MDXG) traded up 4.2512% during mid-day trading on Thursday, reaching $15.2728. 418,237 shares of the company were exchanged. The stock has a market capitalization of $1.61 billion, a P/E ratio of 109.0914 and a beta of 1.04. MiMedx Group has a 12 month low of $6.94 and a 12 month high of $16.20. The firm has a 50-day moving average price of $15.00 and a 200 day moving average price of $11.47.
MiMedx Group (NASDAQ:MDXG) last announced its earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, hitting the Zacks’ consensus estimate of $0.07. MiMedx Group had a net margin of 5.72% and a return on equity of 12.25%. The company had revenue of $76.40 million during the quarter, compared to the consensus estimate of $74.22 million. During the same period in the previous year, the firm posted $0.05 earnings per share. The company’s revenue was up 33.3% on a year-over-year basis. Equities research analysts anticipate that MiMedx Group will post $0.30 EPS for the current fiscal year.
A number of research analysts recently commented on the stock. First Analysis lowered shares of MiMedx Group from an “equal weight” rating to an “underweight” rating and set a $11.00 price objective on the stock. in a research note on Tuesday, May 23rd. BidaskClub lowered shares of MiMedx Group from a “buy” rating to a “hold” rating in a research note on Wednesday, July 5th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $15.00 price objective on shares of MiMedx Group in a research note on Wednesday, April 26th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the company’s stock. MiMedx Group has an average rating of “Hold” and a consensus price target of $12.40.
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In related news, insider William Charles Taylor sold 80,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 14th. The shares were sold at an average price of $14.52, for a total transaction of $1,161,600.00. Following the completion of the sale, the insider now directly owns 547,424 shares of the company’s stock, valued at $7,948,596.48. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 12.40% of the company’s stock.
MiMedx Group Company Profile
MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.
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