MiMedx Group, Inc (MDXG) Short Interest Update
MiMedx Group, Inc (NASDAQ:MDXG) was the recipient of a significant increase in short interest during the month of September. As of September 29th, there was short interest totalling 29,526,378 shares, an increase of 15.2% from the September 15th total of 25,637,754 shares. Based on an average daily trading volume, of 4,264,702 shares, the days-to-cover ratio is presently 6.9 days. Approximately 28.4% of the shares of the company are sold short.
MiMedx Group (MDXG) opened at 12.38 on Thursday. MiMedx Group has a 12 month low of $7.64 and a 12 month high of $17.47. The firm’s 50-day moving average price is $13.81 and its 200-day moving average price is $13.82. The firm has a market cap of $1.33 billion, a P/E ratio of 65.16 and a beta of 0.91.
MiMedx Group (NASDAQ:MDXG) last posted its quarterly earnings data on Wednesday, July 26th. The medical equipment provider reported $0.07 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.07. MiMedx Group had a return on equity of 15.95% and a net margin of 7.48%. The company had revenue of $76.40 million for the quarter, compared to the consensus estimate of $74.22 million. During the same period in the previous year, the business earned $0.05 EPS. MiMedx Group’s revenue for the quarter was up 33.3% compared to the same quarter last year. On average, equities research analysts expect that MiMedx Group will post $0.31 EPS for the current fiscal year.
MiMedx Group announced that its board has initiated a stock repurchase program on Wednesday, July 26th that allows the company to buyback $14.00 million in outstanding shares. This buyback authorization allows the medical equipment provider to repurchase up to 0.9% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.
A number of brokerages have weighed in on MDXG. BidaskClub raised MiMedx Group from a “hold” rating to a “buy” rating in a research report on Thursday, August 10th. Zacks Investment Research downgraded MiMedx Group from a “hold” rating to a “sell” rating in a research report on Tuesday. Needham & Company LLC reissued a “strong-buy” rating and set a $20.00 price target on shares of MiMedx Group in a research report on Sunday, July 30th. Piper Jaffray Companies reissued a “buy” rating and set a $18.00 price target on shares of MiMedx Group in a research report on Sunday, August 20th. Finally, Lake Street Capital boosted their price target on MiMedx Group from $16.00 to $18.00 and gave the stock a “buy” rating in a research report on Friday, July 28th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $14.83.
Hedge funds have recently bought and sold shares of the business. Acrospire Investment Management LLC increased its holdings in MiMedx Group by 678.9% during the 2nd quarter. Acrospire Investment Management LLC now owns 6,769 shares of the medical equipment provider’s stock worth $101,000 after purchasing an additional 5,900 shares during the last quarter. Quantbot Technologies LP purchased a new stake in MiMedx Group during the 2nd quarter worth approximately $109,000. Ameritas Investment Partners Inc. increased its holdings in MiMedx Group by 7.5% during the 2nd quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock worth $129,000 after purchasing an additional 600 shares during the last quarter. Arrowstreet Capital Limited Partnership purchased a new stake in MiMedx Group during the 2nd quarter worth approximately $157,000. Finally, Great Lakes Advisors LLC purchased a new stake in MiMedx Group during the 2nd quarter worth approximately $163,000. Institutional investors own 60.37% of the company’s stock.
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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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