Medifast (NYSE:MED – Get Free Report) posted its quarterly earnings data on Monday. The specialty retailer reported $0.66 earnings per share for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.12), Briefing.com reports. The firm had revenue of $174.74 million for the quarter, compared to the consensus estimate of $168.90 million. Medifast had a net margin of 9.27% and a return on equity of 56.06%. The company’s revenue was down 49.9% on a year-over-year basis. During the same quarter last year, the firm earned $3.67 EPS. Medifast updated its Q2 guidance to $0.05-0.40 EPS and its Q2 2024 guidance to 0.050-0.400 EPS.
Medifast Trading Down 22.1 %
Shares of MED traded down $7.86 during trading hours on Tuesday, reaching $27.65. 599,967 shares of the company traded hands, compared to its average volume of 381,862. The stock’s fifty day moving average price is $36.23 and its 200 day moving average price is $54.44. The firm has a market cap of $301.39 million, a price-to-earnings ratio of 2.94 and a beta of 1.14. Medifast has a 12-month low of $26.02 and a 12-month high of $109.52.
Wall Street Analysts Forecast Growth
MED has been the topic of several analyst reports. TheStreet downgraded shares of Medifast from a “c” rating to a “d+” rating in a report on Wednesday, February 21st. DA Davidson cut their target price on Medifast from $67.00 to $40.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 21st.
Insider Buying and Selling
In other news, Director Scott Schlackman sold 4,053 shares of the firm’s stock in a transaction that occurred on Friday, March 8th. The shares were sold at an average price of $39.44, for a total transaction of $159,850.32. Following the transaction, the director now directly owns 7,785 shares of the company’s stock, valued at $307,040.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.06% of the stock is currently owned by insiders.
About Medifast
Medifast, Inc, through its subsidiaries, engages in the manufacture and sale of weight loss, weight management, and healthy living products in the United States and the Asia-Pacific. It offers bars, puffs, cereal, crunchers, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups under the OPTAVIA, OPTAVIA ACTIVE, and Optimal Health brand names.
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