Merit Medical Systems (NASDAQ:MMSI) Share Price Crosses Above 50 Day Moving Average - Should You Sell?

Key Points

• Merit Medical shares rose above their 50-day moving average, trading at $88.42 versus the $88.24 average; the 200-day average is $77.31.
• Recent quarterly results beat expectations: earnings were $1.12 per share versus $1.04 forecast, and revenue of $416.24 million exceeded estimates and grew 8.4% year over year.
• Analysts give the stock a “Moderate Buy” consensus, with an average price target of $105.55; eight rate it Buy and five Hold.

Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report) passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $88.24 and traded as high as $89.30. Merit Medical Systems shares last traded at $88.42, with a volume of 507,101 shares.

Analyst Upgrades and Downgrades

MMSI has been the topic of a number of recent research reports. Needham & Company LLC lifted their target price on Merit Medical Systems from $101.00 to $106.00 and gave the company a "buy" rating in a research report on Friday, October 30th. Bank of America increased their price target on Merit Medical Systems from $92.00 to $97.00 and gave the company a "neutral" rating in a research report on Thursday, August 13th. Barrington Research set a $114.00 price target on Merit Medical Systems in a research report on Friday, July 31st. BTIG Research raised their price target on Merit Medical Systems from $105.00 to $110.00 and gave the company a "buy" rating in a research note on Friday, October 30th. Finally, Robert W. Baird set a $98.00 price target on Merit Medical Systems in a research report on Friday, July 31st. Eight investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $105.55.

Merit Medical Systems Trading Up 1.4%

The stock has a market cap of $5.30 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 2.22 and a beta of 0.56. The company has a quick ratio of 3.05, a current ratio of 4.52 and a debt-to-equity ratio of 0.42. The business's 50 day simple moving average is $88.24 and its 200 day simple moving average is $77.31.

Merit Medical Systems (NASDAQ:MMSI - Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $1.12 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.08. The company had revenue of $416.24 million for the quarter, compared to analyst estimates of $410.56 million. Merit Medical Systems had a net margin of 9.94% and a return on equity of 14.12%. Merit Medical Systems's revenue for the quarter was up 8.4% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 EPS. On average, research analysts expect that Merit Medical Systems, Inc. will post 3.86 EPS for the current fiscal year.

Institutional Trading of Merit Medical Systems

Institutional investors and hedge funds have recently bought and sold shares of the business. Kilter Group LLC bought a new position in shares of Merit Medical Systems during the 2nd quarter worth approximately $25,000. Salomon & Ludwin LLC raised its stake in Merit Medical Systems by 140.8% in the 3rd quarter. Salomon & Ludwin LLC now owns 537 shares of the medical instruments supplier's stock valued at $46,000 after acquiring an additional 314 shares during the period. Harbor Investment Advisory LLC bought a new stake in Merit Medical Systems in the 2nd quarter valued at $50,000. IFP Advisors Inc lifted its holdings in Merit Medical Systems by 88.6% during the 3rd quarter. IFP Advisors Inc now owns 694 shares of the medical instruments supplier's stock valued at $60,000 after purchasing an additional 326 shares during the last quarter. Finally, Pinnacle Wealth Planning Services Inc. lifted its holdings in Merit Medical Systems by 84.0% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 784 shares of the medical instruments supplier's stock valued at $68,000 after purchasing an additional 358 shares during the last quarter. Institutional investors own 99.66% of the company's stock.

About Merit Medical Systems

Merit Medical Systems develops, manufactures and markets medical devices used in diagnostic and interventional procedures. Its products support clinicians in areas including cardiology, radiology, oncology and endoscopy.

The company's portfolio includes devices and accessories for vascular access, diagnostic and therapeutic procedures, drainage, biopsy and embolization. Merit serves hospitals, clinics and other healthcare providers through direct sales and distribution channels.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves customers in the United States and internationally.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.