MiMedx Group, Inc (MDXG) Short Interest Up 15.2% in September
MiMedx Group, Inc (NASDAQ:MDXG) was the recipient of a large growth in short interest in the month of September. As of September 29th, there was short interest totalling 29,526,378 shares, a growth 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 company’s stock are short sold.
A number of research firms have recently weighed in on MDXG. Needham & Company LLC upped their target price on shares of MiMedx Group from $20.00 to $21.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, September 5th. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $18.00 target price on shares of MiMedx Group in a research report on Sunday, August 20th. BidaskClub raised shares of MiMedx Group from a “hold” rating to a “buy” rating in a research report on Saturday, June 24th. Lake Street Capital increased their price objective on shares of MiMedx Group from $16.00 to $18.00 and gave the company a “buy” rating in a research report on Friday, July 28th. Finally, Zacks Investment Research downgraded shares of MiMedx Group from a “hold” rating to a “sell” rating in a research report on Wednesday, October 4th. Three research analysts have rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $14.83.
A number of institutional investors have recently made changes to their positions in the business. Lourd Capital LLC raised its holdings in MiMedx Group by 0.4% in the second quarter. Lourd Capital LLC now owns 31,120 shares of the medical equipment provider’s stock worth $466,000 after purchasing an additional 120 shares in the last quarter. Alps Advisors Inc. raised its holdings in MiMedx Group by 0.3% in the second quarter. Alps Advisors Inc. now owns 56,871 shares of the medical equipment provider’s stock worth $851,000 after purchasing an additional 147 shares in the last quarter. Arizona State Retirement System raised its holdings in MiMedx Group by 0.6% in the first quarter. Arizona State Retirement System now owns 52,216 shares of the medical equipment provider’s stock worth $498,000 after purchasing an additional 300 shares in the last quarter. Pinebridge Investments L.P. raised its holdings in MiMedx Group by 2.9% in the second quarter. Pinebridge Investments L.P. now owns 13,438 shares of the medical equipment provider’s stock worth $201,000 after purchasing an additional 377 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its holdings in MiMedx Group by 0.5% in the first quarter. PNC Financial Services Group Inc. now owns 103,931 shares of the medical equipment provider’s stock worth $992,000 after purchasing an additional 517 shares in the last quarter. Institutional investors and hedge funds own 60.37% of the company’s stock.
Shares of MiMedx Group (MDXG) opened at 13.51 on Tuesday. The company’s 50-day moving average is $13.56 and its 200 day moving average is $13.90. MiMedx Group has a 12 month low of $7.64 and a 12 month high of $17.47. The stock has a market capitalization of $1.45 billion, a P/E ratio of 71.11 and a beta of 0.92.
MiMedx Group (NASDAQ:MDXG) last announced its earnings results on Wednesday, July 26th. The medical equipment provider reported $0.07 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.07. The business had revenue of $76.40 million during the quarter, compared to the consensus estimate of $74.22 million. MiMedx Group had a net margin of 7.48% and a return on equity of 15.95%. The firm’s revenue was up 33.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.05 earnings per share. Equities research analysts predict that MiMedx Group will post $0.31 earnings per share for the current year.
MiMedx Group declared that its Board of Directors has approved a share buyback program on Wednesday, July 26th that permits the company to repurchase $14.00 million in shares. This repurchase authorization permits the medical equipment provider to purchase up to 0.9% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.
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MiMedx Group Company Profile
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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