Medifast (NYSE:MED) Posts Quarterly Earnings Results, Beats Expectations By $0.37 EPS

Medifast (NYSE:MED) issued its quarterly earnings results on Monday. The specialty retailer reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.65) by $0.37, FiscalAI reports. Medifast had a negative net margin of 5.78% and a negative return on equity of 4.80%. The business had revenue of $76.38 million for the quarter, compared to analysts’ expectations of $72.70 million.

Medifast Stock Down 1.1%

NYSE MED traded down $0.10 on Monday, hitting $9.72. 215,601 shares of the stock were exchanged, compared to its average volume of 234,176. Medifast has a fifty-two week low of $9.22 and a fifty-two week high of $15.11. The company has a 50-day moving average price of $11.11 and a 200-day moving average price of $11.05. The company has a market cap of $108.14 million, a PE ratio of -5.31 and a beta of 0.65.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Zacks Research raised shares of Medifast from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Weiss Ratings downgraded shares of Medifast from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. One research analyst has rated the stock with a Strong Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $12.00.

Insider Buying and Selling at Medifast

In other news, Director Scott Schlackman acquired 2,500 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $12.53 per share, with a total value of $31,325.00. Following the transaction, the director owned 30,549 shares in the company, valued at approximately $382,778.97. This trade represents a 8.91% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 3.70% of the company’s stock.

Institutional Trading of Medifast

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Charles Schwab Investment Management Inc. lifted its holdings in Medifast by 30.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 776,829 shares of the specialty retailer’s stock worth $8,297,000 after buying an additional 181,618 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Medifast by 14.2% in the 3rd quarter. Bank of America Corp DE now owns 452,543 shares of the specialty retailer’s stock valued at $6,186,000 after acquiring an additional 56,174 shares during the last quarter. Lido Advisors LLC purchased a new position in shares of Medifast in the 3rd quarter valued at about $4,521,000. Dimensional Fund Advisors LP raised its position in shares of Medifast by 9.3% during the 4th quarter. Dimensional Fund Advisors LP now owns 326,240 shares of the specialty retailer’s stock worth $3,484,000 after acquiring an additional 27,871 shares in the last quarter. Finally, Steamboat Capital Partners LLC acquired a new stake in shares of Medifast during the 4th quarter worth about $2,952,000. 95.51% of the stock is currently owned by institutional investors and hedge funds.

Medifast Company Profile

Medifast, Inc (NYSE: MED) is a health and wellness company specializing in clinically supported weight-loss, weight-management and healthy living products and services. Through its OPTAVIA brand, the company offers a range of meal replacement products, snacks, supplements and coaching programs designed to support metabolic health and sustainable lifestyle changes. Medifast markets its products directly to consumers via a network of independent distributors—known as OPTAVIA Coaches—who provide personalized guidance and support throughout the client’s weight?loss journey.

Founded in 1980 by William Vitale and headquartered in Baltimore, Maryland, Medifast has grown into a nationally recognized provider of nutrition and weight?management solutions.