Wright Medical Group Inc. (WMGI) Shares Gap Up to $24.44
Wright Medical Group Inc. (NASDAQ:WMGI)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $24.37, but opened at $24.44. Wright Medical Group shares last traded at $24.67, with a volume of 268,518 shares changing hands.
A number of research firms have recently weighed in on WMGI. Zacks Investment Research lowered shares of Wright Medical Group from a “buy” rating to a “hold” rating in a research report on Wednesday, August 10th. Jefferies Group reissued a “buy” rating and issued a $29.00 price objective on shares of Wright Medical Group in a research report on Monday. Leerink Swann reissued an “outperform” rating and issued a $27.00 price objective (up previously from $25.00) on shares of Wright Medical Group in a research report on Wednesday, August 3rd. JPMorgan Chase & Co. set a $26.00 price objective on shares of Wright Medical Group and gave the company a “buy” rating in a research report on Wednesday, August 3rd. Finally, Piper Jaffray Cos. raised shares of Wright Medical Group from a “neutral” rating to an “overweight” rating and set a $23.00 price objective for the company in a research report on Wednesday, July 13th. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the stock. Wright Medical Group currently has an average rating of “Buy” and an average price target of $25.60.
The firm’s 50-day moving average is $21.88 and its 200 day moving average is $18.91. The stock’s market capitalization is $2.54 billion.
Wright Medical Group (NASDAQ:WMGI) last posted its quarterly earnings data on Tuesday, August 2nd. The medical device company reported ($0.11) EPS for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.11. During the same period in the prior year, the company posted ($0.71) earnings per share. The firm had revenue of $170 million for the quarter, compared to analysts’ expectations of $172.81 million. Wright Medical Group’s quarterly revenue was up 13.6% compared to the same quarter last year. Analysts anticipate that Wright Medical Group Inc. will post ($0.49) EPS for the current fiscal year.
In other news, Director Sean Carney sold 6,221,809 shares of the stock in a transaction that occurred on Friday, May 27th. The shares were sold at an average price of $18.39, for a total value of $114,419,067.51. Following the completion of the sale, the director now directly owns 32,814 shares of the company’s stock, valued at $603,449.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Lance A. Berry sold 4,432 shares of the stock in a transaction that occurred on Thursday, June 2nd. The stock was sold at an average price of $19.40, for a total transaction of $85,980.80. Following the completion of the sale, the chief financial officer now directly owns 94,123 shares of the company’s stock, valued at $1,825,986.20. The disclosure for this sale can be found here.
Other hedge funds recently bought and sold shares of the company. Nicholas Co. Inc. WI bought a new stake in Wright Medical Group during the fourth quarter worth about $3,167,000. Trexquant Investment LP bought a new stake in Wright Medical Group during the fourth quarter worth about $1,023,000. Morgan Stanley raised its stake in Wright Medical Group by 12.9% in the fourth quarter. Morgan Stanley now owns 515,969 shares of the medical device company’s stock worth $12,476,000 after buying an additional 58,907 shares during the period. New York State Common Retirement Fund raised its stake in Wright Medical Group by 87.7% in the fourth quarter. New York State Common Retirement Fund now owns 88,048 shares of the medical device company’s stock worth $2,129,000 after buying an additional 41,148 shares during the period. Finally, Wells Fargo & Company MN raised its stake in Wright Medical Group by 78.0% in the fourth quarter. Wells Fargo & Company MN now owns 701,546 shares of the medical device company’s stock worth $16,963,000 after buying an additional 307,319 shares during the period.
Wright Medical Group, Inc is a global specialty orthopaedic company. The Company through Wright Medical Technology, Inc (WMT) and other subsidiaries provides extremity and biologic solutions that enable clinicians to alleviate pain and restore the patients’ lifestyles. The Company operates through three segments: U.S., International and BioMimetic.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.