MiMedx Group (NASDAQ:MDXG) Shares Gap Down to $7.45

MiMedx Group, Inc. (NASDAQ:MDXG) shares gapped down before the market opened on Thursday . The stock had previously closed at $7.45, but opened at $6.50. MiMedx Group shares last traded at $6.68, with a volume of 133,707 shares.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on MDXG. Cantor Fitzgerald began coverage on MiMedx Group in a research report on Tuesday, July 2nd. They issued an “overweight” rating and a $11.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and issued a $11.00 target price on shares of MiMedx Group in a research note on Wednesday, May 1st. Finally, StockNews.com upgraded MiMedx Group from a “buy” rating to a “strong-buy” rating in a research note on Thursday, July 11th. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, MiMedx Group currently has a consensus rating of “Buy” and an average price target of $12.00.

MiMedx Group Price Performance

The company has a market capitalization of $981.54 million, a price-to-earnings ratio of 15.25 and a beta of 1.99. The company has a quick ratio of 2.71, a current ratio of 3.29 and a debt-to-equity ratio of 0.12. The company has a 50 day simple moving average of $7.14 and a 200 day simple moving average of $7.45.

MiMedx Group (NASDAQ:MDXG) last issued its earnings results on Tuesday, April 30th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of $0.04 by $0.03. MiMedx Group had a return on equity of 39.42% and a net margin of 18.63%. The company had revenue of $84.71 million during the quarter, compared to the consensus estimate of $79.36 million. As a group, research analysts predict that MiMedx Group, Inc. will post 0.32 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC lifted its holdings in MiMedx Group by 9.2% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 181,199 shares of the company’s stock worth $1,256,000 after buying an additional 15,240 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of MiMedx Group by 9.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 409,344 shares of the company’s stock worth $2,837,000 after purchasing an additional 35,107 shares during the period. Harbor Capital Advisors Inc. acquired a new stake in shares of MiMedx Group during the 2nd quarter worth approximately $1,781,000. Caxton Associates LP acquired a new stake in MiMedx Group in the 1st quarter valued at approximately $1,018,000. Finally, Price T Rowe Associates Inc. MD increased its position in MiMedx Group by 13.0% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 32,978 shares of the company’s stock valued at $254,000 after acquiring an additional 3,806 shares during the period. Hedge funds and other institutional investors own 79.15% of the company’s stock.

About MiMedx Group

MiMedx Group, Inc develops and distributes placental tissue allografts for various sectors of healthcare. It processes the human placental tissues utilizing its patented and proprietary PURION process to produce allografts that retains the tissue's inherent biological properties and regulatory proteins.