MiMedx Group, Inc (MDXG) Downgraded to “Hold” at BidaskClub
MiMedx Group, Inc (NASDAQ:MDXG) was downgraded by analysts at BidaskClub from a “buy” rating to a “hold” rating in a report issued on Saturday.
Several other equities analysts have also recently issued reports on the company. First Analysis cut MiMedx Group from an “equal weight” rating to an “underweight” rating and set a $11.00 price objective for the company. in a report on Tuesday, May 23rd. Needham & Company LLC reissued a “buy” rating and issued a $20.00 price objective (up previously from $15.00) on shares of MiMedx Group in a report on Monday, June 26th. Lake Street Capital boosted their price objective on MiMedx Group from $16.00 to $18.00 and gave the company a “buy” rating in a report on Friday, July 28th. Finally, Piper Jaffray Companies reissued a “buy” rating and issued a $18.00 price objective on shares of MiMedx Group in a report on Sunday, August 20th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $14.67.
Shares of MiMedx Group (NASDAQ MDXG) traded down 3.90% during midday trading on Friday, reaching $15.52. The company had a trading volume of 2,395,613 shares. The stock has a market capitalization of $1.66 billion, a PE ratio of 81.68 and a beta of 1.03. MiMedx Group has a 1-year low of $6.94 and a 1-year high of $17.47. The company’s 50-day moving average is $15.36 and its 200-day moving average is $12.60.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.07. The business had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The company’s quarterly revenue was up 33.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.05 EPS. On average, equities research analysts forecast that MiMedx Group will post $0.31 EPS for the current year.
MiMedx Group declared that its Board of Directors has initiated a stock buyback plan on Wednesday, July 26th that authorizes the company to repurchase $14.00 million in shares. This repurchase authorization authorizes the medical equipment provider to buy up to 0.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
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In other news, insider William Charles Taylor sold 80,000 shares of the business’s stock in a transaction dated Wednesday, June 14th. The stock was sold at an average price of $14.52, for a total value of $1,161,600.00. Following the completion of the transaction, the insider now owns 547,424 shares of the company’s stock, valued at approximately $7,948,596.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.40% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the company. UBS Asset Management Americas Inc. boosted its position in MiMedx Group by 56.5% in the fourth quarter. UBS Asset Management Americas Inc. now owns 74,013 shares of the medical equipment provider’s stock worth $656,000 after buying an additional 26,713 shares during the last quarter. Teachers Advisors LLC boosted its position in MiMedx Group by 1.7% in the fourth quarter. Teachers Advisors LLC now owns 209,027 shares of the medical equipment provider’s stock worth $1,852,000 after buying an additional 3,438 shares during the last quarter. Louisiana State Employees Retirement System boosted its position in MiMedx Group by 0.7% in the first quarter. Louisiana State Employees Retirement System now owns 40,800 shares of the medical equipment provider’s stock worth $389,000 after buying an additional 300 shares during the last quarter. State of Alaska Department of Revenue boosted its position in MiMedx Group by 1.3% in the first quarter. State of Alaska Department of Revenue now owns 11,100 shares of the medical equipment provider’s stock worth $105,000 after buying an additional 140 shares during the last quarter. Finally, Wells Fargo & Company MN boosted its position in MiMedx Group by 9.5% in the first quarter. Wells Fargo & Company MN now owns 471,131 shares of the medical equipment provider’s stock worth $4,491,000 after buying an additional 41,028 shares during the last quarter. 53.73% of the stock is owned by institutional investors.
About MiMedx Group
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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