Meridian (NASDAQ:MRDN) Trading Up 4.9% - What's Next?

Key Points

• Meridian Holdings (NASDAQ:MRDN) rose 4.9% in mid-day trading, hitting an intraday high of $14.98 on volume above its average session level. The stock last traded at $14.72, up from the prior close of $14.03.
• Analyst views are mixed, but the stock currently carries a consensus rating of “Sell” with a consensus price target of $21.60. Weiss Ratings reiterated a sell rating, while Wall Street Zen upgraded the shares to strong-buy.
• The company reported Q1 earnings of $0.18 per share on revenue of $50.10 million, and analysts expect full-year EPS of 0.33. Meridian operates online gaming and betting businesses across Europe, Africa, and Central and South America.

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

Wall Street Analysts Forecast Growth

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

Meridian Stock Performance

The stock has a 50-day moving average of $12.62. The firm has a market cap of $186.50 million, a price-to-earnings ratio of -2.02 and a beta of 0.63. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.57 and a quick ratio of 0.48.

Meridian (NASDAQ:MRDN - Get Free Report) last issued its quarterly earnings data on Tuesday, April 28th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $50.10 million during the quarter. Meridian had a negative return on equity of 99.65% and a negative net margin of 45.94%. On average, equities analysts predict that Meridian Holdings Inc. will post 0.33 EPS for the current year.

Insider Buying and Selling at Meridian

In related news, CEO Anthony Brian Goodman sold 5,500 shares of Meridian stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $13.73, for a total value of $75,515.00. Following the completion of the transaction, the chief executive officer directly owned 429,313 shares of the company's stock, valued at $5,894,467.49. The trade was a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders sold 94,353 shares of company stock valued at $1,027,192 in the last three months. Company insiders own 9.37% of the company's stock.

Institutional Investors Weigh In On Meridian

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Whetstone Capital Advisors LLC bought a new position in shares of Meridian in the fourth quarter worth about $331,000. State Street Corp grew its stake in shares of Meridian by 25.6% during the fourth quarter. State Street Corp now owns 99,899 shares of the company's stock valued at $80,000 after purchasing an additional 20,343 shares during the last quarter. Deutsche Bank AG increased its holdings in shares of Meridian by 224.4% in the fourth quarter. Deutsche Bank AG now owns 94,695 shares of the company's stock valued at $76,000 after purchasing an additional 65,501 shares in the last quarter. Continuum Advisory LLC increased its holdings in shares of Meridian by 375.0% in the fourth 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 in the last quarter. Finally, Susquehanna International Group LLP raised its position in Meridian by 33.7% in 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 during the last quarter. Institutional investors and hedge funds own 2.74% of the company's stock.

About Meridian

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.

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