MiMedx Group (NASDAQ:MDXG) Sees Unusually-High Trading Volume - 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) shares saw unusually-high trading volume on Friday . Approximately 1,364,784 shares traded hands during 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.

Wall Street Analyst Weigh In

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

MiMedx Group Price Performance

The business has a 50 day simple moving average of $6.99 and a 200-day simple moving average of $6.94. The stock has a market cap of $1.06 billion, a P/E ratio of 34.17 and a beta of 1.74. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.90 and a current ratio of 4.39.

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

Hedge Funds Weigh In On MiMedx Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. acquired a new position in MiMedx Group during the fourth quarter worth $115,000. BNP Paribas Financial Markets acquired a new position in MiMedx Group in the fourth quarter valued at $450,000. Deutsche Bank AG boosted its stake in MiMedx Group by 37.3% in the fourth quarter. Deutsche Bank AG now owns 131,546 shares of the company's stock valued at $1,265,000 after acquiring an additional 35,733 shares in the last quarter. Millennium Management LLC boosted its stake in shares of MiMedx Group by 10.1% during the fourth quarter. Millennium Management LLC now owns 634,968 shares of the company's stock worth $6,108,000 after buying an additional 58,052 shares during the period. Finally, ProShare Advisors LLC raised its holdings in MiMedx Group by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 33,393 shares of the company's stock worth $321,000 after purchasing an additional 10,987 shares in the last quarter. Hedge funds and other institutional investors own 79.15% of the company's stock.

MiMedx Group Company Profile

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.

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