Merit Medical Systems (NASDAQ:MMSI) Stock Price Down 6.2% - Here's What Happened

Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report)'s stock price traded down 6.2% on Wednesday . The stock traded as low as $87.92 and last traded at $87.82. 281,908 shares were traded during trading, a decline of 56% from the average session volume of 637,338 shares. The stock had previously closed at $93.60.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on the stock. Raymond James Financial reduced their target price on shares of Merit Medical Systems from $116.00 to $108.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Canaccord Genuity Group set a $112.00 price objective on shares of Merit Medical Systems and gave the stock a "buy" rating in a report on Wednesday, May 21st. Robert W. Baird cut their price objective on shares of Merit Medical Systems from $111.00 to $110.00 and set an "outperform" rating on the stock in a report on Friday, April 25th. Wells Fargo & Company reiterated an "overweight" rating on shares of Merit Medical Systems in a report on Wednesday. Finally, Piper Sandler reiterated an "overweight" rating and issued a $110.00 price objective (up previously from $106.00) on shares of Merit Medical Systems in a report on Friday, May 23rd. Two equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Merit Medical Systems currently has an average rating of "Moderate Buy" and an average target price of $109.11.

Merit Medical Systems Trading Down 1.8%

The company has a current ratio of 4.87, a quick ratio of 3.26 and a debt-to-equity ratio of 0.51. The stock has a market cap of $4.91 billion, a P/E ratio of 40.70, a PEG ratio of 2.68 and a beta of 0.65. The firm's 50-day simple moving average is $94.01 and its 200 day simple moving average is $98.06.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last posted its earnings results on Thursday, April 24th. The medical instruments supplier reported $0.86 EPS for the quarter, topping the consensus estimate of $0.75 by $0.11. Merit Medical Systems had a net margin of 8.81% and a return on equity of 15.52%. The firm had revenue of $355.35 million during the quarter, compared to analysts' expectations of $352.57 million. During the same quarter in the prior year, the firm earned $0.77 EPS. Merit Medical Systems's quarterly revenue was up 9.8% on a year-over-year basis. As a group, equities research analysts anticipate that Merit Medical Systems, Inc. will post 3.37 earnings per share for the current year.

Insider Buying and Selling

In related news, Director David Floyd sold 3,515 shares of the company's stock in a transaction that occurred on Friday, May 30th. The shares were sold at an average price of $94.16, for a total value of $330,972.40. Following the completion of the sale, the director owned 4,880 shares in the company, valued at approximately $459,500.80. This represents a 41.87% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael R. Mcdonnell sold 1,750 shares of the company's stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $94.51, for a total transaction of $165,392.50. Following the completion of the sale, the director owned 6,395 shares of the company's stock, valued at approximately $604,391.45. This trade represents a 21.49% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 85,596 shares of company stock worth $8,171,433. Company insiders own 3.20% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Avantax Advisory Services Inc. increased its stake in Merit Medical Systems by 4.6% in the 4th quarter. Avantax Advisory Services Inc. now owns 2,347 shares of the medical instruments supplier's stock valued at $227,000 after buying an additional 103 shares during the period. Evergreen Capital Management LLC boosted its holdings in shares of Merit Medical Systems by 2.4% during the 1st quarter. Evergreen Capital Management LLC now owns 4,616 shares of the medical instruments supplier's stock worth $488,000 after buying an additional 108 shares during the period. MassMutual Private Wealth & Trust FSB boosted its holdings in shares of Merit Medical Systems by 55.6% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier's stock worth $35,000 after buying an additional 134 shares during the period. US Bancorp DE boosted its holdings in shares of Merit Medical Systems by 3.8% during the 1st quarter. US Bancorp DE now owns 3,936 shares of the medical instruments supplier's stock worth $416,000 after buying an additional 145 shares during the period. Finally, SageView Advisory Group LLC boosted its holdings in shares of Merit Medical Systems by 3.1% during the 1st quarter. SageView Advisory Group LLC now owns 5,065 shares of the medical instruments supplier's stock worth $535,000 after buying an additional 153 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.