Merit Medical Systems (NASDAQ:MMSI) Shares Gap Down on Analyst Downgrade

Shares of Merit Medical Systems, Inc. (NASDAQ:MMSI) gapped down before the market opened on Friday after Canaccord Genuity Group lowered their price target on the stock from $104.00 to $93.00. The stock had previously closed at $87.40, but opened at $80.03. Canaccord Genuity Group currently has a buy rating on the stock. Merit Medical Systems shares last traded at $84.8050, with a volume of 543,019 shares traded.

Several other brokerages also recently weighed in on MMSI. Wells Fargo & Company reduced their price objective on shares of Merit Medical Systems from $103.00 to $95.00 and set an “overweight” rating for the company in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and set a $108.00 price target on shares of Merit Medical Systems in a research note on Friday, October 31st. Robert W. Baird set a $103.00 price objective on shares of Merit Medical Systems in a research note on Friday, October 31st. Piper Sandler reaffirmed an “overweight” rating and set a $109.00 price objective (up previously from $105.00) on shares of Merit Medical Systems in a report on Friday, October 31st. Finally, Raymond James Financial reduced their target price on Merit Medical Systems from $108.00 to $102.00 and set an “outperform” rating for the company in a report on Thursday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, Merit Medical Systems has a consensus rating of “Buy” and a consensus target price of $104.50.

Insider Buying and Selling at Merit Medical Systems

In related news, Director Lynne N. Ward sold 3,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $88.56, for a total transaction of $265,680.00. Following the transaction, the director owned 12,809 shares of the company’s stock, valued at $1,134,365.04. This trade represents a 18.98% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 3.70% of the company’s stock.

Institutional Trading of Merit Medical Systems

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Maseco LLP purchased a new position in shares of Merit Medical Systems in the 2nd quarter valued at approximately $28,000. IFP Advisors Inc lifted its holdings in shares of Merit Medical Systems by 1,435.0% during the first quarter. IFP Advisors Inc now owns 307 shares of the medical instruments supplier’s stock worth $32,000 after purchasing an additional 287 shares during the period. MassMutual Private Wealth & Trust FSB grew its position in Merit Medical Systems by 55.6% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 375 shares of the medical instruments supplier’s stock valued at $35,000 after buying an additional 134 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in Merit Medical Systems in the 3rd quarter valued at $37,000. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Merit Medical Systems by 119.8% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 367 shares of the medical instruments supplier’s stock valued at $39,000 after buying an additional 200 shares during the period. 99.66% of the stock is owned by hedge funds and other institutional investors.

Merit Medical Systems Stock Performance

The company has a market cap of $5.04 billion, a PE ratio of 43.19, a P/E/G ratio of 2.62 and a beta of 0.64. The company has a debt-to-equity ratio of 0.49, a quick ratio of 2.66 and a current ratio of 4.09. The stock’s 50-day simple moving average is $84.26 and its 200 day simple moving average is $88.88.

Merit Medical Systems (NASDAQ:MMSI) last issued its earnings results on Thursday, October 30th. The medical instruments supplier reported $0.92 earnings per share for the quarter, beating the consensus estimate of $0.82 by $0.10. Merit Medical Systems had a net margin of 8.31% and a return on equity of 15.07%. The business had revenue of $384.16 million for the quarter, compared to the consensus estimate of $371.69 million. During the same quarter in the previous year, the firm earned $0.86 earnings per share. The business’s quarterly revenue was up 13.0% compared to the same quarter last year. Merit Medical Systems has set its FY 2025 guidance at 3.660-3.790 EPS. As a group, equities analysts anticipate that Merit Medical Systems, Inc. will post 3.37 EPS for the current year.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.