Meridian (NASDAQ:MRDN) Shares Climb 2% – Here’s Why

Shares of Meridian Holdings Inc. (NASDAQ:MRDN) were up 2% during trading on Friday. The stock traded as high as $10.76 and last traded at $10.35. Approximately 78,611 shares changed hands during mid-day trading, an increase of 111% from the average session volume of 37,218 shares. The stock had previously closed at $10.15.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded shares of Meridian from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, September 28th. One equities research analyst has rated the stock with a Sell rating. Based on data from MarketBeat.com, the stock presently has an average rating of “Sell” and a consensus target price of $21.60.

Meridian Stock Up 2.0%

The firm has a market cap of $131.26 million, a P/E ratio of -1.54 and a beta of 0.70. The stock’s 50-day simple moving average is $12.79 and its 200 day simple moving average is $12.04.

Meridian (NASDAQ:MRDN) last posted its quarterly earnings data on Wednesday, July 29th. The company reported $0.17 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.10. The firm had revenue of $50.19 million during the quarter. Meridian had a negative return on equity of 117.87% and a negative net margin of 41.41%. On average, research analysts forecast that Meridian Holdings Inc. will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Meridian

Institutional investors have recently added to or reduced their stakes in the business. Connor Clark & Lunn Investment Management Ltd. bought a new stake in Meridian in the second quarter valued at $2,593,000. Bank of New York Mellon Corp acquired a new position in shares of Meridian during the second quarter valued at about $855,000. Great Lakes Advisors LLC acquired a new position in shares of Meridian during the second quarter valued at about $433,000. Hsbc Holdings PLC bought a new position in shares of Meridian during the 2nd quarter worth about $515,000. Finally, Man Group plc bought a new position in shares of Meridian during the 2nd quarter worth about $466,000. 2.74% of the stock is owned by institutional investors and hedge funds.

Meridian Company Profile

Meridian Holdings Inc is engaged in the online gaming and betting business, providing sports betting, online casino, and gaming operations across multiple jurisdictions in Europe, Africa, and Central and South America. The company has three reportable segments: MeridianBet Group, GMAG, and RKings & CFAC. The MeridianBet Group segment includes retail and online sports betting, casinos, and related gaming operations. The GMAG segment focuses on the resale of third-party gaming content, mainly serving customers in the Asia-Pacific region.