Merit Medical Systems (NASDAQ:MMSI) Reaches New 1-Year Low - Here's Why

Key Points

• Merit Medical Systems' stock has reached a new 52-week low of $78.95, dropping from a previous close of $82.48, with a trading volume of 250,624 shares.
• Analysts' ratings are mixed, with eight ratings indicating a "Buy," one a "Hold," and varying price targets ranging from $100.00 to $108.00, reflecting a consensus average target of $107.50.
• The company reported quarterly earnings of $1.01 per share, exceeding expectations and achieving a revenue increase of 13.2% compared to the same quarter last year, totaling $382.46 million.

Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report)'s share price hit a new 52-week low during mid-day trading on Friday . The stock traded as low as $79.07 and last traded at $78.95, with a volume of 250624 shares changing hands. The stock had previously closed at $82.48.

Analysts Set New Price Targets

MMSI has been the subject of a number of recent research reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Merit Medical Systems in a research note on Wednesday. Wells Fargo & Company decreased their price target 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. Piper Sandler decreased their price target on shares of Merit Medical Systems from $110.00 to $105.00 and set an "overweight" rating for the company in a research note on Thursday, July 31st. Needham & Company LLC restated a "buy" rating and issued a $108.00 target price on shares of Merit Medical Systems in a research note on Friday, July 18th. Finally, Raymond James Financial cut 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 report on Thursday, July 31st. Eight research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $107.50.

Merit Medical Systems Trading Down 5.1%

The stock has a market cap of $4.64 billion, a P/E ratio of 39.85, a price-to-earnings-growth ratio of 2.69 and a beta of 0.58. The company has a quick ratio of 2.66, a current ratio of 4.09 and a debt-to-equity ratio of 0.49. The firm's 50 day simple moving average is $85.94 and its two-hundred day simple moving average is $91.02.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The medical instruments supplier reported $1.01 earnings per share for the quarter, topping the consensus estimate of $0.85 by $0.16. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business had revenue of $382.46 million during the quarter, compared to the consensus estimate of $372.47 million. During the same quarter in the prior year, the company posted $0.92 earnings per share. The company's quarterly revenue was up 13.2% compared to the same quarter last year. As a group, equities research analysts predict that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Lynne N. Ward sold 3,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $88.56, for a total value of $265,680.00. Following the transaction, the director owned 12,809 shares in the company, valued at approximately $1,134,365.04. This represents a 18.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 3.20% of the company's stock.

Hedge Funds Weigh In On Merit Medical Systems

Hedge funds have recently added to or reduced their stakes in the company. Maverick Capital Ltd. bought a new stake in Merit Medical Systems during the first quarter worth approximately $134,517,000. Nuveen LLC bought a new stake in shares of Merit Medical Systems in the first quarter valued at approximately $80,679,000. Norges Bank bought a new stake in shares of Merit Medical Systems in the second quarter valued at approximately $53,697,000. Ameriprise Financial Inc. boosted its position in shares of Merit Medical Systems by 109.4% in the first quarter. Ameriprise Financial Inc. now owns 660,394 shares of the medical instruments supplier's stock valued at $69,810,000 after acquiring an additional 345,070 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Merit Medical Systems by 16.4% in the first quarter. Invesco Ltd. now owns 1,787,289 shares of the medical instruments supplier's stock valued at $188,934,000 after acquiring an additional 251,821 shares during the period. Institutional investors and hedge funds own 99.66% of the company's stock.

About Merit Medical Systems

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.

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.