MiMedx Group (NASDAQ:MDXG) Shares Down 5.6% – Here’s Why

Shares of MiMedx Group, Inc (NASDAQ:MDXG) dropped 5.6% during mid-day trading on Tuesday . The company traded as low as $6.69 and last traded at $6.7050. Approximately 487,460 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 711,903 shares. The stock had previously closed at $7.10.

Wall Street Analyst Weigh In

MDXG has been the topic of several research analyst reports. Wall Street Zen upgraded MiMedx Group from a “buy” rating to a “strong-buy” rating in a research note on Sunday, November 2nd. Cantor Fitzgerald raised their target price on shares of MiMedx Group from $11.00 to $12.00 and gave the stock an “overweight” rating in a report on Thursday, July 31st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of MiMedx Group in a research note on Thursday. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, MiMedx Group currently has a consensus rating of “Moderate Buy” and an average price target of $12.00.

MiMedx Group Stock Performance

The stock’s 50-day moving average price is $7.07 and its 200-day moving average price is $6.85. The company has a debt-to-equity ratio of 0.08, a quick ratio of 3.90 and a current ratio of 4.39. The company has a market capitalization of $995.99 million, a price-to-earnings ratio of 24.87 and a beta of 1.70.

MiMedx Group (NASDAQ:MDXG) last announced its earnings results on Monday, November 13th. The company reported ($0.03) earnings per share for the quarter. The firm had revenue of $67.69 million during the quarter. MiMedx Group had a net margin of 10.38% and a return on equity of 28.35%. As a group, equities research analysts expect that MiMedx Group, Inc will post 0.3 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Kimberly Maersk-Moller sold 58,300 shares of the business’s stock in a transaction on Thursday, November 6th. The shares were sold at an average price of $7.42, for a total transaction of $432,586.00. Following the transaction, the insider owned 236,982 shares of the company’s stock, valued at approximately $1,758,406.44. The trade was a 19.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On MiMedx Group

Several institutional investors have recently modified their holdings of MDXG. Strs Ohio acquired a new position in MiMedx Group during the first quarter worth $595,000. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in MiMedx Group by 18.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 39,713 shares of the company’s stock valued at $302,000 after buying an additional 6,090 shares in the last quarter. Truist Financial Corp increased its position in MiMedx Group by 80.8% during the second quarter. Truist Financial Corp now owns 96,250 shares of the company’s stock worth $588,000 after acquiring an additional 43,000 shares during the period. Harbor Capital Advisors Inc. raised its stake in MiMedx Group by 12.0% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 1,169,195 shares of the company’s stock worth $7,144,000 after purchasing an additional 125,519 shares in the last quarter. Finally, Jacobi Capital Management LLC boosted its holdings in MiMedx Group by 24.6% in the 1st quarter. Jacobi Capital Management LLC now owns 36,725 shares of the company’s stock valued at $279,000 after purchasing an additional 7,250 shares during the period. 79.15% of the stock is currently owned by institutional investors and hedge funds.

MiMedx Group Company Profile

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.