Meridian (NASDAQ:MRDN) Trading Up 4.9% – Time to Buy?

Meridian Holdings Inc. (NASDAQ:MRDN) shot up 4.9% during trading on Wednesday . The stock traded as high as $14.98 and last traded at $14.72. Approximately 79,557 shares were traded during mid-day trading, an increase of 19% from the average daily volume of 66,757 shares. The stock had previously closed at $14.03.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on MRDN. Weiss Ratings restated a “sell (e+)” rating on shares of Meridian in a research report on Monday, July 6th. Wall Street Zen upgraded Meridian to a “strong-buy” rating in a report on Saturday, May 9th. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, the company presently has a consensus rating of “Sell” and an average price target of $21.60.

Meridian Stock Up 4.9%

The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.48 and a current ratio of 0.57. The stock has a market cap of $186.50 million, a PE ratio of -2.02 and a beta of 0.63. The stock’s fifty day moving average is $12.62.

Meridian (NASDAQ:MRDN) last posted its earnings results on Tuesday, April 28th. The company reported $0.18 earnings per share for the quarter. The company had revenue of $50.10 million for the quarter. Meridian had a negative net margin of 45.94% and a negative return on equity of 99.65%. As a group, equities research analysts predict that Meridian Holdings Inc. will post 0.33 earnings per share for the current fiscal year.

Insider Activity at Meridian

In related news, CEO Anthony Brian Goodman sold 5,500 shares of the firm’s stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $13.73, for a total transaction of $75,515.00. Following the sale, the chief executive officer owned 429,313 shares of the company’s stock, valued at approximately $5,894,467.49. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In the last three months, insiders have sold 94,353 shares of company stock valued at $1,027,192. 9.37% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Whetstone Capital Advisors LLC bought a new position in shares of Meridian during the 4th quarter valued at about $331,000. Continuum Advisory LLC grew its position in shares of Meridian by 375.0% in the 4th quarter. Continuum Advisory LLC now owns 57,000 shares of the company’s stock valued at $46,000 after purchasing an additional 45,000 shares during the period. State Street Corp increased its stake in Meridian by 25.6% during the 4th quarter. State Street Corp now owns 99,899 shares of the company’s stock worth $80,000 after purchasing an additional 20,343 shares in the last quarter. Susquehanna International Group LLP increased its stake in Meridian by 33.7% during the 3rd quarter. Susquehanna International Group LLP now owns 114,409 shares of the company’s stock worth $129,000 after purchasing an additional 28,819 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in Meridian by 68.8% during the 3rd quarter. Millennium Management LLC now owns 131,812 shares of the company’s stock worth $149,000 after buying an additional 53,703 shares during the period. 2.74% of the stock is owned by institutional investors and hedge funds.

Meridian Company Profile

Meridian Holdings Inc is engaged in the online gaming and betting business, providing sports betting, online casino, and gaming operations across multiple jurisdictions in Europe, Africa, and Central and South America. The company has three reportable segments: MeridianBet Group, GMAG, and RKings & CFAC. The MeridianBet Group segment includes retail and online sports betting, casinos, and related gaming operations. The GMAG segment focuses on the resale of third-party gaming content, mainly serving customers in the Asia-Pacific region.