Merit Medical Systems (NASDAQ:MMSI) Stock Breaks Above Fifty Day Moving Average – What’s Next?

Merit Medical Systems, Inc. (NASDAQ:MMSI) shares passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $88.24 and traded as high as $89.30. Merit Medical Systems shares last traded at $88.42, with a volume of 507,101 shares trading hands.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MMSI. Canaccord Genuity Group raised their target price on shares of Merit Medical Systems from $94.00 to $121.00 and gave the stock a “buy” rating in a research note on Friday, October 30th. BTIG Research upped their price target on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company a “buy” rating in a research note on Friday, October 30th. Piper Sandler upped their price target on shares of Merit Medical Systems from $96.00 to $106.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Zacks Research cut shares of Merit Medical Systems from a “strong-buy” rating to a “hold” rating in a report on Monday, October 19th. Finally, Freedom Capital assumed coverage on shares of Merit Medical Systems in a research report on Tuesday, October 27th. They set a “hold” rating for the company. Eight analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $105.55.

Merit Medical Systems Price Performance

The company has a 50 day moving average of $88.24 and a 200-day moving average of $77.31. The firm has a market capitalization of $5.30 billion, a P/E ratio of 33.24, a P/E/G ratio of 2.22 and a beta of 0.56. The company has a current ratio of 4.52, a quick ratio of 3.05 and a debt-to-equity ratio of 0.42.

Merit Medical Systems (NASDAQ:MMSI) last issued its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $1.12 EPS for the quarter, beating analysts’ consensus estimates of $1.04 by $0.08. The firm had revenue of $416.24 million for the quarter, compared to analyst estimates of $410.56 million. Merit Medical Systems had a return on equity of 14.12% and a net margin of 9.94%. The company’s revenue for the quarter was up 8.4% on a year-over-year basis. During the same period in the prior year, the firm posted $0.92 EPS. On average, sell-side analysts predict that Merit Medical Systems, Inc. will post 3.86 EPS for the current year.

Institutional Investors Weigh In On Merit Medical Systems

Institutional investors have recently made changes to their positions in the stock. Congress Asset Management Co. lifted its position in shares of Merit Medical Systems by 6.4% during the 3rd quarter. Congress Asset Management Co. now owns 1,260,675 shares of the medical instruments supplier’s stock valued at $108,708,000 after acquiring an additional 76,338 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Merit Medical Systems by 1.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,237,298 shares of the medical instruments supplier’s stock valued at $85,287,000 after purchasing an additional 12,285 shares during the last quarter. William Blair Investment Management LLC acquired a new position in shares of Merit Medical Systems during the 2nd quarter worth $78,894,000. Maverick Capital Ltd. raised its holdings in shares of Merit Medical Systems by 46.9% during the 1st quarter. Maverick Capital Ltd. now owns 714,081 shares of the medical instruments supplier’s stock worth $49,222,000 after buying an additional 227,915 shares in the last quarter. Finally, Irenic Capital Management LP acquired a new position in shares of Merit Medical Systems during the 2nd quarter worth $37,623,000. 99.66% of the stock is currently owned by institutional investors.

About Merit Medical Systems

Merit Medical Systems develops, manufactures and markets medical devices used in diagnostic and interventional procedures. Its products support clinicians in areas including cardiology, radiology, oncology and endoscopy.

The company’s portfolio includes devices and accessories for vascular access, diagnostic and therapeutic procedures, drainage, biopsy and embolization. Merit serves hospitals, clinics and other healthcare providers through direct sales and distribution channels.

Founded in 1987 and headquartered in South Jordan, Utah, Merit Medical serves customers in the United States and internationally.