Meridian (NASDAQ:MRDN) Stock Price Down 0.4% - Here's What Happened

Key Points

• Meridian shares fell 0.4% to $13.94 in Friday trading, with volume rising 38% above the average session level.
• Analyst sentiment remains cautious: Meridian has an average “Sell” rating and a $21.60 consensus price target, despite one firm upgrading the stock to “strong buy.”
• The company beat quarterly EPS expectations, reporting $0.17 versus the $0.07 consensus, but continued to post a negative net margin and return on equity. Insiders have sold 45,150 shares worth about $601,149 over the past 90 days.

Meridian Holdings Inc. (NASDAQ:MRDN - Get Free Report) traded down 0.4% during trading on Friday . The stock traded as low as $13.29 and last traded at $13.94. 106,364 shares changed hands during mid-day trading, an increase of 38% from the average session volume of 77,260 shares. The stock had previously closed at $14.00.

Analyst Upgrades and Downgrades

MRDN has been the topic of several analyst reports. Wall Street Zen raised shares of Meridian to a "strong-buy" rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of Meridian from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Meridian currently has an average rating of "Sell" and a consensus price target of $21.60.

Meridian Price Performance

The company has a fifty day moving average of $13.64. The firm has a market capitalization of $176.62 million, a price-to-earnings ratio of -2.07 and a beta of 0.65.

Meridian (NASDAQ:MRDN - Get Free Report) last announced its quarterly earnings results on Wednesday, July 29th. The company reported $0.17 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.10. Meridian had a negative return on equity of 117.87% and a negative net margin of 41.41%.The business had revenue of $50.19 million during the quarter. As a group, analysts expect that Meridian Holdings Inc. will post 0.66 EPS for the current fiscal year.

Insider Activity

In related news, CEO Anthony Brian Goodman sold 5,500 shares of Meridian stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $13.73, for a total transaction of $75,515.00. Following the completion of the sale, the chief executive officer owned 429,313 shares of the company's stock, valued at approximately $5,894,467.49. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders have sold 45,150 shares of company stock worth $601,149. Company insiders own 9.37% of the company's stock.

Institutional Investors Weigh In On Meridian

Several hedge funds have recently bought and sold shares of the stock. Marex Group plc acquired a new position in shares of Meridian in the second quarter valued at approximately $26,000. Virtu Financial LLC bought a new stake in Meridian in the 3rd quarter valued at $33,000. Continuum Advisory LLC grew its holdings in Meridian by 375.0% in the 4th quarter. Continuum Advisory LLC now owns 57,000 shares of the company's stock valued at $46,000 after buying an additional 45,000 shares in the last quarter. Marshall Wace LLP bought a new position in Meridian during the 2nd quarter worth $57,000. Finally, Persistent Asset Partners Ltd acquired a new stake in shares of Meridian during the second quarter worth $58,000. 2.74% of the stock is currently owned by institutional investors and hedge funds.

Meridian Company Profile

Meridian Holdings Inc is engaged in the online gaming and betting business, providing sports betting, online casino, and gaming operations across multiple jurisdictions in Europe, Africa, and Central and South America. The company has three reportable segments: MeridianBet Group, GMAG, and RKings & CFAC. The MeridianBet Group segment includes retail and online sports betting, casinos, and related gaming operations. The GMAG segment focuses on the resale of third-party gaming content, mainly serving customers in the Asia-Pacific region.

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