MiMedx Group (NASDAQ:MDXG) Shares Gap Up on Strong Earnings

Key Points

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MiMedx Group, Inc (NASDAQ:MDXG - Get Free Report)'s share price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $6.52, but opened at $7.60. MiMedx Group shares last traded at $7.67, with a volume of 749,489 shares traded.

The company reported $0.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.04. MiMedx Group had a return on equity of 23.03% and a net margin of 8.84%. The business had revenue of $98.61 million for the quarter, compared to analysts' expectations of $90.79 million.

Analyst Ratings Changes

Several analysts have issued reports on MDXG shares. Wall Street Zen raised MiMedx Group from a "hold" rating to a "strong-buy" rating in a research note on Saturday. Cantor Fitzgerald raised their price target on MiMedx Group from $11.00 to $12.00 and gave the stock an "overweight" rating in a research report on Thursday.

Institutional Investors Weigh In On MiMedx Group

Hedge funds have recently made changes to their positions in the company. CWM LLC boosted its position in shares of MiMedx Group by 63.8% during the second quarter. CWM LLC now owns 4,857 shares of the company's stock valued at $30,000 after purchasing an additional 1,892 shares in the last quarter. Virtus Fund Advisers LLC purchased a new position in MiMedx Group during the fourth quarter valued at $35,000. Virtus Advisers LLC purchased a new position in MiMedx Group during the first quarter valued at $40,000. Tower Research Capital LLC TRC raised its stake in MiMedx Group by 77.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 6,501 shares of the company's stock valued at $63,000 after buying an additional 2,837 shares during the last quarter. Finally, Legato Capital Management LLC purchased a new position in MiMedx Group during the first quarter valued at $101,000. 79.15% of the stock is currently owned by institutional investors.

MiMedx Group Stock Down 0.4%

The stock has a 50 day simple moving average of $6.44 and a 200-day simple moving average of $7.27. The firm has a market cap of $1.06 billion, a PE ratio of 34.10 and a beta of 1.79. The company has a debt-to-equity ratio of 0.08, a current ratio of 4.39 and a quick ratio of 4.13.

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.