MiMedx Group, Inc (MDXG) Given “Buy” Rating at Needham & Company LLC

MiMedx Group, Inc (NASDAQ:MDXG)‘s stock had its “buy” rating reaffirmed by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday. They currently have a $21.00 price target on the medical equipment provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 73.27% from the company’s previous close.

Several other research firms have also recently weighed in on MDXG. Piper Jaffray Companies reissued a “buy” rating and set a $18.00 price objective on shares of MiMedx Group in a report on Sunday, August 20th. Zacks Investment Research cut shares of MiMedx Group from a “hold” rating to a “sell” rating in a report on Tuesday, October 10th. Lake Street Capital boosted their price objective on shares of MiMedx Group from $16.00 to $18.00 and gave the company a “buy” rating in a report on Friday, July 28th. Finally, BidaskClub cut shares of MiMedx Group from a “buy” rating to a “hold” rating in a report on Saturday, August 26th. Three research analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. MiMedx Group currently has an average rating of “Hold” and a consensus target price of $15.40.

MiMedx Group (MDXG) traded down $0.24 on Tuesday, hitting $12.12. 1,643,800 shares of the stock traded hands, compared to its average volume of 1,718,160. MiMedx Group has a 1 year low of $7.64 and a 1 year high of $17.47. The stock has a market capitalization of $1,372.39, a PE ratio of 58.86, a price-to-earnings-growth ratio of 2.94 and a beta of 0.91.

MiMedx Group (NASDAQ:MDXG) last released its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $0.08 earnings per share for the quarter, meeting the consensus estimate of $0.08. MiMedx Group had a net margin of 11.64% and a return on equity of 17.49%. The firm had revenue of $84.60 million during the quarter, compared to analysts’ expectations of $84.60 million. During the same period in the previous year, the company earned $0.06 earnings per share. The firm’s quarterly revenue was up 31.4% on a year-over-year basis. analysts predict that MiMedx Group will post 0.24 EPS for the current year.

MiMedx Group announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, July 26th that allows the company to buyback $14.00 million in shares. This buyback authorization allows the medical equipment provider to purchase up to 0.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Acrospire Investment Management LLC grew its position in MiMedx Group by 678.9% during the second quarter. Acrospire Investment Management LLC now owns 6,769 shares of the medical equipment provider’s stock valued at $101,000 after buying an additional 5,900 shares during the period. Quantbot Technologies LP bought a new position in shares of MiMedx Group in the second quarter worth approximately $109,000. GABELLI & Co INVESTMENT ADVISERS INC. bought a new position in shares of MiMedx Group in the third quarter worth approximately $119,000. Ameritas Investment Partners Inc. boosted its position in shares of MiMedx Group by 7.5% in the second quarter. Ameritas Investment Partners Inc. now owns 8,619 shares of the medical equipment provider’s stock worth $129,000 after purchasing an additional 600 shares during the period. Finally, Sapphire Star Partners LP bought a new position in shares of MiMedx Group in the third quarter worth approximately $152,000. Institutional investors own 62.65% of the company’s stock.

MiMedx Group Company Profile

MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.

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