Meridian (NASDAQ:MRDN) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Meridian (NASDAQ:MRDN) to a strong-buy rating in a research report sent to investors on Saturday morning.

Separately, Weiss Ratings began coverage on shares of Meridian in a report on Tuesday, April 7th. They issued a “sell (e+)” rating on the stock. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Sell” and a consensus price target of $21.60.

Meridian Price Performance

NASDAQ:MRDN opened at $11.37 on Friday. The stock has a market capitalization of $144.05 million, a P/E ratio of -1.56 and a beta of 0.61. The stock’s fifty day moving average is $8.26. Meridian has a 1 year low of $5.80 and a 1 year high of $23.76. The company has a current ratio of 0.57, a quick ratio of 0.48 and a debt-to-equity ratio of 0.10.

Meridian (NASDAQ:MRDN) last posted its earnings results on Tuesday, April 28th. The company reported $0.18 earnings per share (EPS) for the quarter. The firm had revenue of $50.10 million for the quarter. Meridian had a negative return on equity of 99.65% and a negative net margin of 45.94%. On average, analysts expect that Meridian will post 0.33 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Anthony Brian Goodman sold 10,000 shares of Meridian stock in a transaction on Monday, May 4th. The shares were sold at an average price of $12.75, for a total transaction of $127,500.00. Following the completion of the sale, the chief executive officer directly owned 491,659 shares of the company’s stock, valued at approximately $6,268,652.25. The trade was a 1.99% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last ninety days, insiders have sold 80,753 shares of company stock worth $605,471. Insiders own 9.37% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Whetstone Capital Advisors LLC bought a new position in Meridian in the fourth quarter valued at $331,000. State Street Corp increased its stake in Meridian by 25.6% in the fourth quarter. State Street Corp now owns 99,899 shares of the company’s stock valued at $80,000 after acquiring an additional 20,343 shares during the last quarter. Deutsche Bank AG increased its stake in Meridian by 224.4% in the fourth quarter. Deutsche Bank AG now owns 94,695 shares of the company’s stock valued at $76,000 after acquiring an additional 65,501 shares during the last quarter. Continuum Advisory LLC increased its stake in Meridian by 375.0% in the fourth quarter. Continuum Advisory LLC now owns 57,000 shares of the company’s stock valued at $46,000 after acquiring an additional 45,000 shares during the last quarter. Finally, Susquehanna International Group LLP increased its stake in Meridian by 33.7% in the third quarter. Susquehanna International Group LLP now owns 114,409 shares of the company’s stock valued at $129,000 after acquiring an additional 28,819 shares during the last quarter. Institutional investors own 2.74% of the company’s stock.

About Meridian

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.