Meridian (NASDAQ:MRDN) Upgraded by Wall Street Zen to “Strong-Buy” Rating

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

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

Meridian Stock Up 22.4%

Shares of NASDAQ MRDN opened at $13.44 on Friday. Meridian has a 52-week low of $5.80 and a 52-week high of $23.76. The company’s fifty day moving average is $8.08. The stock has a market cap of $170.28 million, a PE ratio of -1.85 and a beta of 0.61. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.57 and a quick ratio of 0.48.

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

Insider Activity

In other news, CEO Anthony Brian Goodman sold 10,000 shares of the business’s 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 $6,268,652.25. The trade was a 1.99% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last three months, insiders have sold 80,753 shares of company stock worth $605,471. 9.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Meridian

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Topline Capital Management LLC lifted its holdings in shares of Meridian by 1,072.4% during the 3rd quarter. Topline Capital Management LLC now owns 623,909 shares of the company’s stock valued at $705,000 after acquiring an additional 570,694 shares in the last quarter. Whetstone Capital Advisors LLC acquired a new position in shares of Meridian during the 4th quarter valued at $331,000. Citadel Advisors LLC lifted its holdings in shares of Meridian by 1,603.2% during the 3rd quarter. Citadel Advisors LLC now owns 206,082 shares of the company’s stock valued at $233,000 after acquiring an additional 193,982 shares in the last quarter. Sandhill Capital Partners LLC acquired a new position in shares of Meridian during the 3rd quarter valued at $195,000. Finally, Squarepoint Ops LLC lifted its holdings in shares of Meridian by 115.2% during the 3rd quarter. Squarepoint Ops LLC now owns 148,302 shares of the company’s stock valued at $168,000 after acquiring an additional 79,382 shares in the last quarter. Institutional investors and hedge funds own 2.74% of the company’s stock.

Meridian Company Profile

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.