Connor Clark & Lunn Investment Management Ltd. Invests $2.59 Million in Meridian Holdings Inc. $MRDN

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Meridian Holdings Inc. (NASDAQ:MRDN) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 129,471 shares of the company’s stock, valued at approximately $2,593,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.02% of Meridian at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of the business. Continuum Advisory LLC increased its holdings in shares of Meridian by 375.0% in the fourth quarter. Continuum Advisory LLC now owns 57,000 shares of the company’s stock worth $46,000 after purchasing an additional 45,000 shares during the period. Whetstone Capital Advisors LLC bought a new stake in Meridian during the fourth quarter valued at $331,000. Bank of New York Mellon Corp purchased a new position in Meridian during the second quarter worth about $855,000. State Street Corp grew its position in Meridian by 25.6% during the fourth quarter. State Street Corp now owns 99,899 shares of the company’s stock worth $80,000 after buying an additional 20,343 shares in the last quarter. Finally, Deutsche Bank AG increased its stake in Meridian by 224.4% in the 4th quarter. Deutsche Bank AG now owns 94,695 shares of the company’s stock worth $76,000 after acquiring an additional 65,501 shares during the last quarter. 2.74% of the stock is owned by institutional investors and hedge funds.

Meridian Price Performance

Shares of Meridian stock opened at $13.94 on Friday. The company has a market cap of $176.62 million, a price-to-earnings ratio of -2.07 and a beta of 0.65. Meridian Holdings Inc. has a 12 month low of $5.80 and a 12 month high of $16.09. The firm’s 50-day moving average price is $13.64.

Meridian (NASDAQ:MRDN) last released its earnings results on Wednesday, July 29th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.10. Meridian had a negative return on equity of 117.87% and a negative net margin of 41.41%.The company had revenue of $50.19 million during the quarter. On average, analysts expect that Meridian Holdings Inc. will post 0.66 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on MRDN shares. Wall Street Zen raised Meridian to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings raised Meridian from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Meridian presently has a consensus rating of “Sell” and a consensus price target of $21.60.

Insider Buying and Selling at Meridian

In other news, CEO Anthony Brian Goodman sold 5,500 shares of the company’s stock in a transaction on Tuesday, June 23rd. The shares were sold at an average price of $13.73, for a total value of $75,515.00. Following the completion of the sale, the chief executive officer owned 429,313 shares of the company’s stock, valued at approximately $5,894,467.49. This represents a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last three months, insiders have sold 45,150 shares of company stock valued at $601,149. Insiders own 9.37% 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.