MiMedx Group (NASDAQ:MDXG) Trading 5.8% Higher – Here’s What Happened

MiMedx Group, Inc. (NASDAQ:MDXG) shares traded up 5.8% on Tuesday . The company traded as high as $9.13 and last traded at $9.21. 82,488 shares traded hands during trading, a decline of 87% from the average session volume of 636,250 shares. The stock had previously closed at $8.71.

Analysts Set New Price Targets

Separately, StockNews.com cut shares of MiMedx Group from a “strong-buy” rating to a “buy” rating in a research report on Friday, November 8th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $12.00.

MiMedx Group Stock Up 4.0 %

The stock’s 50-day moving average price is $9.20 and its 200-day moving average price is $7.49. The company has a current ratio of 4.10, a quick ratio of 3.53 and a debt-to-equity ratio of 0.10. The stock has a market cap of $1.33 billion, a price-to-earnings ratio of 16.47 and a beta of 1.96.

MiMedx Group (NASDAQ:MDXG) last released its earnings results on Wednesday, October 30th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.05 by $0.02. The business had revenue of $84.06 million for the quarter, compared to analyst estimates of $81.00 million. MiMedx Group had a net margin of 23.86% and a return on equity of 26.21%. During the same quarter in the previous year, the business earned $0.05 earnings per share. On average, sell-side analysts expect that MiMedx Group, Inc. will post 0.3 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Harbor Capital Advisors Inc. increased its holdings in MiMedx Group by 299.9% in the third quarter. Harbor Capital Advisors Inc. now owns 1,027,738 shares of the company’s stock worth $6,074,000 after purchasing an additional 770,744 shares in the last quarter. Millennium Management LLC grew its position in shares of MiMedx Group by 339.9% during the 2nd quarter. Millennium Management LLC now owns 889,446 shares of the company’s stock worth $6,164,000 after buying an additional 687,267 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of MiMedx Group by 47.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,292,822 shares of the company’s stock valued at $8,958,000 after acquiring an additional 413,443 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of MiMedx Group by 265.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 297,367 shares of the company’s stock valued at $1,757,000 after acquiring an additional 215,995 shares during the period. Finally, Jane Street Group LLC boosted its stake in MiMedx Group by 133.6% during the third quarter. Jane Street Group LLC now owns 305,652 shares of the company’s stock worth $1,806,000 after acquiring an additional 174,797 shares in the last quarter. 79.15% of the stock is owned by institutional investors and hedge funds.

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.