MiMedx Group (NASDAQ:MDXG) Sees Large Volume Increase - Here's Why

Key Points

• MiMedx Group (NASDAQ:MDXG) experienced an unusual trading volume of approximately 1.36 million shares, marking a 104% increase from the previous session.
• Brokerages have recently upgraded the stock's rating to "strong-buy" and increased the price target from $11.00 to $12.00.
• In its last quarterly earnings report, MiMedx posted an EPS of $0.10, exceeding analysts' expectations, with revenues of $98.61 million surpassing estimates of $90.79 million.

MiMedx Group, Inc (NASDAQ:MDXG - Get Free Report) saw unusually-high trading volume on Friday . Approximately 1,364,784 shares traded hands during mid-day trading, an increase of 104% from the previous session's volume of 668,189 shares.The stock last traded at $7.26 and had previously closed at $7.15.

Analysts Set New Price Targets

MDXG has been the subject of several analyst reports. Wall Street Zen upgraded shares of MiMedx Group from a "hold" rating to a "strong-buy" rating in a report on Saturday, August 2nd. Cantor Fitzgerald raised their target price on shares of MiMedx Group from $11.00 to $12.00 and gave the stock an "overweight" rating in a report on Thursday, July 31st. One research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $12.00.

MiMedx Group Stock Performance

The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.90 and a current ratio of 4.39. The stock has a market cap of $1.06 billion, a P/E ratio of 23.40 and a beta of 1.74. The firm's 50 day moving average is $7.00 and its 200 day moving average is $6.92.

MiMedx Group (NASDAQ:MDXG - Get Free Report) last posted its quarterly earnings data on Wednesday, July 30th. The company reported $0.10 EPS for the quarter, topping the consensus estimate of $0.06 by $0.04. The firm had revenue of $98.61 million during the quarter, compared to analyst estimates of $90.79 million. MiMedx Group had a net margin of 8.84% and a return on equity of 23.03%. Analysts anticipate that MiMedx Group, Inc will post 0.3 EPS for the current year.

Institutional Investors Weigh In On MiMedx Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. BNP Paribas Financial Markets purchased a new position in MiMedx Group in the 4th quarter worth $450,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in MiMedx Group by 18.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,713 shares of the company's stock worth $302,000 after acquiring an additional 6,090 shares during the period. Millennium Management LLC lifted its position in MiMedx Group by 10.1% during the 4th quarter. Millennium Management LLC now owns 634,968 shares of the company's stock worth $6,108,000 after acquiring an additional 58,052 shares during the period. Sowell Financial Services LLC purchased a new stake in shares of MiMedx Group in the 1st quarter valued at $115,000. Finally, New York State Common Retirement Fund boosted its holdings in shares of MiMedx Group by 51.8% in the 1st quarter. New York State Common Retirement Fund now owns 87,781 shares of the company's stock valued at $667,000 after acquiring an additional 29,941 shares during the last quarter. 79.15% of the stock is currently owned by institutional investors and hedge funds.

About MiMedx Group

MiMedx Group, Inc develops and distributes placental tissue allografts for various sectors of healthcare. It processes the human placental tissues utilizing its patented and proprietary PURION process to produce allografts that retains the tissue's inherent biological properties and regulatory proteins.