Merit Medical Systems (NASDAQ:MMSI) Trading Up 10.8% on Analyst Upgrade

Merit Medical Systems, Inc. (NASDAQ:MMSI)’s stock price traded up 10.8% on Tuesday after Piper Sandler raised their price target on the stock from to . The company traded as high as $39.88 and last traded at $38.40, 1,464,591 shares traded hands during mid-day trading. An increase of 45% from the average session volume of 1,009,177 shares. The stock had previously closed at $34.65.

A number of other research analysts have also recently commented on the stock. BidaskClub upgraded shares of Merit Medical Systems from a “buy” rating to a “strong-buy” rating in a research report on Saturday. Oppenheimer initiated coverage on shares of Merit Medical Systems in a report on Monday, September 23rd. They issued an “outperform” rating and a $40.00 price objective for the company. Wells Fargo & Co cut shares of Merit Medical Systems from an “equal weight” rating to an “underweight” rating and set a $26.00 price objective for the company. in a research note on Thursday, December 12th. Barrington Research reduced their target price on shares of Merit Medical Systems from $59.00 to $31.00 and set an “outperform” rating on the stock in a report on Thursday, October 31st. Finally, ValuEngine upgraded shares of Merit Medical Systems from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, five have given a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $42.22.

In other news, major shareholder Enterprise Associates 14 New acquired 935,000 shares of the firm’s stock in a transaction on Monday, November 4th. The shares were purchased at an average price of $15.59 per share, for a total transaction of $14,576,650.00. Also, CFO Raul Jr. Parra acquired 2,525 shares of the stock in a transaction dated Tuesday, November 5th. The shares were purchased at an average cost of $25.50 per share, with a total value of $64,387.50. The disclosure for this purchase can be found here. 4.75% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Tower Research Capital LLC TRC increased its holdings in Merit Medical Systems by 20,825.0% during the 3rd quarter. Tower Research Capital LLC TRC now owns 1,674 shares of the medical instruments supplier’s stock valued at $51,000 after purchasing an additional 1,666 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Merit Medical Systems by 803.1% in the 3rd quarter. Nisa Investment Advisors LLC now owns 2,935 shares of the medical instruments supplier’s stock worth $89,000 after buying an additional 2,610 shares during the period. BB&T Corp lifted its holdings in Merit Medical Systems by 99.9% in the 3rd quarter. BB&T Corp now owns 6,825 shares of the medical instruments supplier’s stock worth $207,000 after buying an additional 3,411 shares during the period. Wellington Shields & Co. LLC purchased a new stake in Merit Medical Systems in the 3rd quarter worth approximately $244,000. Finally, Cubist Systematic Strategies LLC grew its position in shares of Merit Medical Systems by 416.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 4,124 shares of the medical instruments supplier’s stock worth $246,000 after buying an additional 3,325 shares during the last quarter. 97.43% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.47 and a current ratio of 2.88. The stock has a market capitalization of $1.91 billion, a P/E ratio of 22.72, a price-to-earnings-growth ratio of 2.63 and a beta of 1.14. The stock has a 50-day moving average price of $30.99 and a two-hundred day moving average price of $35.01.

Merit Medical Systems (NASDAQ:MMSI) last announced its earnings results on Wednesday, October 30th. The medical instruments supplier reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.17). Merit Medical Systems had a net margin of 1.94% and a return on equity of 9.23%. The business had revenue of $243.05 million for the quarter, compared to the consensus estimate of $248.53 million. During the same quarter in the prior year, the company earned $0.47 EPS. Merit Medical Systems’s revenue was up 9.6% compared to the same quarter last year. Equities analysts anticipate that Merit Medical Systems, Inc. will post 1.41 earnings per share for the current fiscal year.

About Merit Medical Systems (NASDAQ:MMSI)

Merit Medical Systems, Inc manufactures and markets disposable medical devices for interventional, diagnostic, and therapeutic procedures in cardiology, radiology, oncology, critical care, and endoscopy. The company operates through Cardiovascular and Endoscopy segments. It provides peripheral intervention products, including access, angiography, intervention, and drainage and biopsy for diagnosis and treatment of diseases in peripheral vessels and organs; and cardiac intervention products, such as access, angiography, hemostasis, intervention, and electrophysiology and cardiac rhythm management products to treat various heart conditions.

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