Meridian (NASDAQ:MRDN) Trading Down 0.4% – Here’s Why

Meridian Holdings Inc. (NASDAQ:MRDN) shares traded down 0.4% during mid-day trading on Friday . The stock traded as low as $13.29 and last traded at $13.94. Approximately 106,364 shares were traded during mid-day trading, an increase of 38% from the average session volume of 77,260 shares. The stock had previously closed at $14.00.

Analysts Set New Price Targets

Several research firms have commented on MRDN. Wall Street Zen raised shares of Meridian to a “strong-buy” rating in a research note on Saturday, May 9th. Weiss Ratings raised shares of 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 has an average rating of “Sell” and a consensus target price of $21.60.

Meridian Stock Down 0.4%

The stock’s fifty day moving average price is $13.64. The company has a market cap of $176.62 million, a P/E ratio of -2.07 and a beta of 0.65.

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

Insider Activity at Meridian

In related news, CEO Anthony Brian Goodman sold 10,000 shares of the company’s stock in a transaction on Friday, June 12th. The shares were sold at an average price of $12.68, for a total transaction of $126,800.00. Following the completion of the sale, the chief executive officer directly owned 453,463 shares in the company, valued at $5,749,910.84. This represents a 2.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 45,150 shares of company stock valued at $601,149 over the last quarter. 9.37% of the stock is owned by insiders.

Hedge Funds Weigh In On Meridian

Hedge funds have recently modified their holdings of the company. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Meridian in the second quarter worth about $2,593,000. Whetstone Capital Advisors LLC bought a new position in Meridian during the 4th quarter valued at approximately $331,000. Continuum Advisory LLC raised its position in Meridian by 375.0% during the 4th quarter. Continuum Advisory LLC now owns 57,000 shares of the company’s stock valued at $46,000 after purchasing an additional 45,000 shares during the last quarter. Great Lakes Advisors LLC bought a new position in Meridian during the 2nd quarter valued at approximately $433,000. Finally, Persistent Asset Partners Ltd purchased a new stake in Meridian in the 2nd quarter worth approximately $58,000. Hedge funds and other institutional investors 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.