Merit Medical Systems, Inc. (NASDAQ:MMSI) Sees Significant Growth in Short Interest

Merit Medical Systems, Inc. (NASDAQ:MMSIGet Rating) was the target of a large growth in short interest in August. As of August 31st, there was short interest totalling 1,070,000 shares, a growth of 12.5% from the August 15th total of 950,700 shares. Based on an average trading volume of 342,000 shares, the short-interest ratio is currently 3.1 days. Currently, 1.9% of the shares of the stock are short sold.

Analyst Ratings Changes

A number of equities analysts have recently commented on MMSI shares. Canaccord Genuity Group lifted their price target on shares of Merit Medical Systems from $67.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, September 2nd. Canaccord Genuity Group lifted their price target on shares of Merit Medical Systems from $67.00 to $69.00 in a report on Friday, September 2nd. Piper Sandler cut their price target on shares of Merit Medical Systems from $75.00 to $70.00 in a report on Friday, July 1st. Finally, StockNews.com upgraded shares of Merit Medical Systems from a “buy” rating to a “strong-buy” rating in a report on Monday, September 12th. One investment analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Merit Medical Systems presently has a consensus rating of “Buy” and a consensus price target of $72.14.

Insider Buying and Selling

In related news, COO Ronald Frost sold 20,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $62.10, for a total transaction of $1,242,000.00. Following the sale, the chief operating officer now owns 15,144 shares in the company, valued at approximately $940,442.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Merit Medical Systems news, COO Neil Peterson sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 1st. The shares were sold at an average price of $58.10, for a total value of $232,400.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, COO Ronald Frost sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The shares were sold at an average price of $62.10, for a total transaction of $1,242,000.00. Following the completion of the sale, the chief operating officer now owns 15,144 shares in the company, valued at approximately $940,442.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 26,436 shares of company stock worth $1,627,142. Corporate insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Lindbrook Capital LLC grew its holdings in shares of Merit Medical Systems by 148.4% during the second quarter. Lindbrook Capital LLC now owns 477 shares of the medical instruments supplier’s stock valued at $26,000 after buying an additional 285 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Merit Medical Systems during the first quarter valued at about $29,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Merit Medical Systems during the second quarter worth about $37,000. Quantbot Technologies LP purchased a new position in Merit Medical Systems during the first quarter worth about $43,000. Finally, First Horizon Advisors Inc. boosted its holdings in Merit Medical Systems by 56.2% during the second quarter. First Horizon Advisors Inc. now owns 1,287 shares of the medical instruments supplier’s stock worth $70,000 after purchasing an additional 463 shares during the last quarter. 94.52% of the stock is currently owned by institutional investors and hedge funds.

Merit Medical Systems Trading Down 2.3 %

MMSI opened at $57.97 on Monday. Merit Medical Systems has a 1-year low of $50.46 and a 1-year high of $73.81. The company has a current ratio of 2.52, a quick ratio of 1.33 and a debt-to-equity ratio of 0.22. The company has a market cap of $3.29 billion, a P/E ratio of 56.83, a price-to-earnings-growth ratio of 2.13 and a beta of 1.00. The company has a fifty day moving average price of $58.32 and a two-hundred day moving average price of $60.19.

Merit Medical Systems (NASDAQ:MMSIGet Rating) last posted its quarterly earnings results on Wednesday, July 27th. The medical instruments supplier reported $0.73 earnings per share for the quarter, beating the consensus estimate of $0.58 by $0.15. Merit Medical Systems had a net margin of 5.24% and a return on equity of 13.74%. The firm had revenue of $294.98 million during the quarter, compared to the consensus estimate of $280.55 million. During the same period in the previous year, the firm posted $0.62 earnings per share. The business’s revenue was up 5.2% compared to the same quarter last year. Analysts predict that Merit Medical Systems will post 2.47 EPS for the current fiscal year.

About Merit Medical Systems

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Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures, primarily in cardiology, radiology, oncology, critical care, and endoscopy. The company operates in two segments, Cardiovascular and Endoscopy.

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