MiMedx Group, Inc (MDXG) Receives “Buy” Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of MiMedx Group, Inc (NASDAQ:MDXG) in a research note released on Monday. Needham & Company LLC currently has a $21.00 price target on the medical equipment provider’s stock.

Other analysts have also recently issued reports about the company. BidaskClub cut MiMedx Group from a buy rating to a hold rating in a research report on Wednesday, July 5th. Zacks Investment Research cut MiMedx Group from a hold rating to a sell rating in a research report on Wednesday, October 4th. Lake Street Capital increased their price target on MiMedx Group from $16.00 to $18.00 and gave the stock a buy rating in a research report on Friday, July 28th. Finally, Piper Jaffray Companies reiterated a buy rating and set a $18.00 price target on shares of MiMedx Group in a research report on Sunday, August 20th. Three analysts have rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $14.83.

MiMedx Group (NASDAQ:MDXG) traded up 1.85% during midday trading on Monday, reaching $12.68. The company’s stock had a trading volume of 1,049,075 shares. MiMedx Group has a 1-year low of $7.64 and a 1-year high of $17.47. The company has a market capitalization of $1.36 billion, a P/E ratio of 66.74 and a beta of 0.92. The company has a 50 day moving average of $12.75 and a 200-day moving average of $14.15.

MiMedx Group (NASDAQ:MDXG) last announced its quarterly earnings data on Thursday, October 26th. The medical equipment provider reported $0.08 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.08. MiMedx Group had a return on equity of 17.49% and a net margin of 11.64%. The firm had revenue of $84.60 million for the quarter, compared to analysts’ expectations of $84.60 million. During the same quarter in the prior year, the firm posted $0.06 earnings per share. MiMedx Group’s revenue for the quarter was up 31.4% compared to the same quarter last year. Equities research analysts anticipate that MiMedx Group will post $0.31 earnings per share for the current fiscal year.

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MiMedx Group declared that its Board of Directors has initiated a share repurchase plan on Wednesday, July 26th that permits the company to buyback $14.00 million in shares. This buyback authorization permits the medical equipment provider to purchase up to 0.9% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently modified their holdings of MDXG. BlackRock Inc. lifted its position in shares of MiMedx Group by 0.7% during the 2nd quarter. BlackRock Inc. now owns 12,187,736 shares of the medical equipment provider’s stock valued at $182,451,000 after acquiring an additional 82,382 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of MiMedx Group by 11.1% during the 2nd quarter. Vanguard Group Inc. now owns 5,661,111 shares of the medical equipment provider’s stock valued at $84,746,000 after acquiring an additional 566,114 shares during the last quarter. State Street Corp lifted its position in shares of MiMedx Group by 21.9% during the 2nd quarter. State Street Corp now owns 3,960,317 shares of the medical equipment provider’s stock valued at $59,281,000 after acquiring an additional 710,515 shares during the last quarter. Atlantic Trust Group LLC lifted its position in shares of MiMedx Group by 1.5% during the 2nd quarter. Atlantic Trust Group LLC now owns 1,452,474 shares of the medical equipment provider’s stock valued at $21,744,000 after acquiring an additional 21,429 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of MiMedx Group by 2.2% during the 2nd quarter. Northern Trust Corp now owns 1,381,250 shares of the medical equipment provider’s stock valued at $20,677,000 after acquiring an additional 29,265 shares during the last quarter. 60.63% of the stock is owned by hedge funds and other institutional investors.

About MiMedx Group

MiMedx Group, Inc is an integrated developer, processor and marketer of regenerative biomaterial products and bioimplants human placental tissue, skin and bone. The Company’s Regenerative Biomaterials segment includes the design, manufacture, and marketing of products and tissue processing services for the Wound Care, Surgical, Sports Medicine, Ophthalmic and Dental market categories.

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