Merit Medical Systems (NASDAQ:MMSI) Hits New 52-Week Low - Here's What Happened
Merit Medical Systems (NASDAQ:MMSI) shares hit a new 52-week low of $80.10, closing at $85.65 with a trading volume of 711 shares. Analysts have mixed ratings, with target prices ranging from $100 to $112. The company reported $1.01 EPS, exceeding estimates, and a revenue increase of 13.2% year-over-year. Insider trading activity includes significant sales by directors. Institutional investors have also been active, acquiring new stakes in the company.
Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report) shares reached a new 52-week low during trading on Friday . The company traded as low as $80.10 and last traded at $85.65, with a volume of 711 shares changing hands. The stock had previously closed at $85.65.
Get Merit Medical Systems alerts:
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on MMSI shares. Canaccord Genuity Group set a $112.00 target price on Merit Medical Systems and gave the company a "buy" rating in a research report on Wednesday, May 21st. Barrington Research restated an "outperform" rating and issued a $103.00 price objective on shares of Merit Medical Systems in a report on Thursday, July 31st. Wells Fargo & Company lowered their target price on shares of Merit Medical Systems from $108.00 to $100.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Raymond James Financial dropped their price target on shares of Merit Medical Systems from $108.00 to $102.00 and set an "outperform" rating for the company in a research report on Thursday, July 31st. Finally, Piper Sandler reduced their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating on the stock in a research note on Thursday, July 31st. Two analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, Merit Medical Systems currently has an average rating of "Moderate Buy" and an average target price of $107.00.
View Our Latest Stock Report on Merit Medical Systems
Merit Medical Systems Price Performance
The company has a market cap of $5.07 billion, a PE ratio of 43.42, a price-to-earnings-growth ratio of 2.73 and a beta of 0.66. The stock has a fifty day simple moving average of $90.55 and a two-hundred day simple moving average of $96.70. The company has a current ratio of 4.09, a quick ratio of 2.66 and a debt-to-equity ratio of 0.49.
Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last issued its quarterly earnings data on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.85 by $0.16. Merit Medical Systems had a return on equity of 15.07% and a net margin of 8.31%. The firm had revenue of $382.46 million during the quarter, compared to the consensus estimate of $372.47 million. During the same period in the previous year, the firm posted $0.92 EPS. The company's quarterly revenue was up 13.2% compared to the same quarter last year. On average, equities analysts predict that Merit Medical Systems, Inc. will post 3.37 EPS for the current fiscal year.
Insider Activity
In other news, Director F. Ann Millner sold 21,250 shares of Merit Medical Systems stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $96.47, for a total value of $2,049,987.50. Following the transaction, the director directly owned 34,543 shares of the company's stock, valued at $3,332,363.21. The trade was a 38.09% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Michael R. Mcdonnell sold 1,750 shares of the stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $94.51, for a total transaction of $165,392.50. Following the completion of the sale, the director directly owned 6,395 shares of the company's stock, valued at $604,391.45. The trade was a 21.49% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 85,596 shares of company stock valued at $8,171,433 in the last ninety days. 3.20% of the stock is owned by company insiders.
Institutional Investors Weigh In On Merit Medical Systems
Several hedge funds and other institutional investors have recently bought and sold shares of the business. Maseco LLP acquired a new stake in shares of Merit Medical Systems during the 2nd quarter valued at approximately $28,000. Opal Wealth Advisors LLC bought a new position in Merit Medical Systems in the first quarter worth about $31,000. IFP Advisors Inc boosted its stake in Merit Medical Systems by 1,435.0% in the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier's stock valued at $32,000 after acquiring an additional 287 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Merit Medical Systems by 55.6% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock valued at $35,000 after purchasing an additional 134 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Merit Medical Systems by 119.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier's stock worth $39,000 after purchasing an additional 200 shares during the last quarter. 99.66% of the stock is currently owned by hedge funds and other institutional investors.
Merit Medical Systems Company Profile
(Get Free Report)Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.
See Also
- Five stocks we like better than Merit Medical Systems
- 3 Fintech Stocks With Good 2021 Prospects
- DraftKings Posts Record Quarter, Eyes Profitability
- How to Use High Beta Stocks to Maximize Your Investing Profits
- Amazon Takes an Equity Stake in IonQ—Any Upside Potential?
- Biggest Stock Losers - Today’s Biggest Percentage Decliners
- Wall Street Has Left Intel for Dead—Here's Why You Shouldn’t
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Should You Invest $1,000 in Merit Medical Systems Right Now?
Before you consider Merit Medical Systems, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Merit Medical Systems wasn't on the list.
While Merit Medical Systems currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
