Medifast (NYSE:MED) Releases Q2 2024 Earnings Guidance

Medifast (NYSE:MED) issued an update on its second quarter 2024 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of 0.050-0.400 for the period, compared to the consensus estimate of 0.780. The company issued revenue guidance of $150.0 million-$170.0 million, compared to the consensus revenue estimate of $168.9 million. Medifast also updated its Q2 guidance to $0.05-0.40 EPS.

Analyst Upgrades and Downgrades

Several research firms have commented on MED. DA Davidson reduced their price objective on Medifast from $67.00 to $40.00 and set a neutral rating for the company in a research note on Wednesday, February 21st. TheStreet cut Medifast from a c rating to a d+ rating in a research note on Wednesday, February 21st.

Medifast Stock Up 5.4 %

NYSE MED traded up $1.81 during mid-day trading on Monday, hitting $35.53. The stock had a trading volume of 673,900 shares, compared to its average volume of 379,872. The company has a 50 day simple moving average of $36.52 and a 200 day simple moving average of $54.69. The company has a market cap of $387.22 million, a price-to-earnings ratio of 3.90 and a beta of 1.14. Medifast has a 52-week low of $30.95 and a 52-week high of $109.52.

Medifast (NYSE:MED) last issued its quarterly earnings data on Tuesday, February 20th. The specialty retailer reported $1.09 EPS for the quarter, beating analysts’ consensus estimates of $0.99 by $0.10. The firm had revenue of $191.02 million for the quarter, compared to analysts’ expectations of $184.17 million. Medifast had a net margin of 9.27% and a return on equity of 56.06%. The firm’s revenue was down 43.4% on a year-over-year basis. During the same period in the prior year, the company earned $3.70 EPS. As a group, equities analysts anticipate that Medifast will post 1.91 earnings per share for the current fiscal year.

Insider Activity at Medifast

In related news, Director Scott Schlackman sold 4,053 shares of the company’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $39.44, for a total transaction of $159,850.32. Following the transaction, the director now owns 7,785 shares of the company’s stock, valued at $307,040.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 2.06% of the stock is currently owned by corporate insiders.

About Medifast

Medifast, Inc, through its subsidiaries, engages in the manufacture and sale of weight loss, weight management, and healthy living products in the United States and the Asia-Pacific. It offers bars, puffs, cereal, crunchers, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups under the OPTAVIA, OPTAVIA ACTIVE, and Optimal Health brand names.