Key Points
- Medifast director Parsa Kiai purchased 5,557 shares at an average price of $12.24, investing approximately $68,018 and increasing his ownership to 712,891 shares.
- Kiai has made several additional purchases since August, collectively signaling continued insider buying in Medifast stock.
- Medifast exceeded quarterly expectations, reporting a loss of $0.19 per share versus the projected $0.35 loss and revenue of $72.05 million; analysts maintain a consensus “Hold” rating with a $12 target price.
Medifast Inc (NYSE:MED - Get Free Report) Director Parsa Kiai bought 5,557 shares of the firm's stock in a transaction dated Wednesday, October 28th. The shares were acquired at an average cost of $12.24 per share, with a total value of $68,017.68. Following the completion of the transaction, the director owned 712,891 shares in the company, valued at approximately $8,725,785.84. The trade was a 0.79% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Parsa Kiai also recently made the following trade(s):
- On Wednesday, August 26th, Parsa Kiai bought 43,150 shares of Medifast stock. The shares were acquired at an average price of $12.26 per share, for a total transaction of $529,019.00.
- On Monday, August 24th, Parsa Kiai purchased 4,329 shares of Medifast stock. The stock was bought at an average cost of $12.00 per share, for a total transaction of $51,948.00.
- On Thursday, August 20th, Parsa Kiai purchased 43,150 shares of Medifast stock. The stock was bought at an average cost of $11.60 per share, for a total transaction of $500,540.00.
- On Wednesday, August 19th, Parsa Kiai purchased 29,337 shares of Medifast stock. The shares were bought at an average price of $11.66 per share, with a total value of $342,069.42.
Medifast Stock Performance
MED opened at $12.37 on Friday. The firm has a 50-day moving average of $12.01 and a 200 day moving average of $11.33. Medifast Inc has a fifty-two week low of $9.22 and a fifty-two week high of $13.45.
Medifast (NYSE:MED - Get Free Report) last announced its quarterly earnings data on Monday, October 26th. The specialty retailer reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.35) by $0.16. The business had revenue of $72.05 million for the quarter, compared to analyst estimates of $71.30 million. Medifast had a negative net margin of 13.64% and a negative return on equity of 6.90%. On average, equities analysts forecast that Medifast Inc will post -0.57 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently issued reports on MED shares. Zacks Research upgraded shares of Medifast from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, October 13th. Weiss Ratings downgraded Medifast from a "sell (d)" rating to a "sell (d-)" rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $12.00.
Get Our Latest Report on MED
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new stake in Medifast in the 2nd quarter worth about $3,920,000. Bank of America Corp DE purchased a new stake in Medifast during the second quarter valued at about $924,000. Empowered Funds LLC purchased a new stake in Medifast during the second quarter valued at about $701,000. Great Lakes Advisors LLC purchased a new stake in Medifast during the second quarter valued at about $548,000. Finally, Ancora Advisors LLC bought a new position in Medifast during the second quarter worth about $75,000. Institutional investors own 95.51% of the company's stock.
Medifast Company Profile
(
Get Free Report)
Medifast, Inc (NYSE: MED) is a health and wellness company that provides weight-management products, programs and support services. Its primary brand, OPTAVIA, offers meal-replacement products, including shakes, bars, soups and other portion-controlled foods, along with structured plans intended to help customers establish healthier eating and lifestyle habits.
The company distributes its products primarily through an independent network of coaches who provide guidance, accountability and support to clients.
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