Merit Medical Systems, Inc. (NASDAQ:MMSI) Sees Significant Drop in Short Interest

Merit Medical Systems, Inc. (NASDAQ:MMSI - Get Free Report) was the target of a large drop in short interest during the month of March. As of March 31st, there was short interest totalling 2,700,000 shares, a drop of 16.7% from the March 15th total of 3,240,000 shares. Based on an average daily volume of 675,700 shares, the short-interest ratio is currently 4.0 days. Approximately 4.8% of the company's shares are short sold.

Insider Activity

In other Merit Medical Systems news, CEO Fred P. Lampropoulos sold 31,320 shares of the company's stock in a transaction on Wednesday, March 5th. The stock was sold at an average price of $103.86, for a total value of $3,252,895.20. Following the transaction, the chief executive officer now owns 1,086,028 shares of the company's stock, valued at $112,794,868.08. This represents a 2.80 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Brian G. Lloyd sold 25,000 shares of the firm's stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $99.50, for a total transaction of $2,487,500.00. Following the completion of the transaction, the insider now directly owns 38,993 shares in the company, valued at $3,879,803.50. This represents a 39.07 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 109,132 shares of company stock valued at $11,139,521 in the last ninety days. Insiders own 3.70% of the company's stock.

Institutional Trading of Merit Medical Systems

Hedge funds have recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of Merit Medical Systems by 7.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 66,870 shares of the medical instruments supplier's stock worth $7,051,000 after purchasing an additional 4,450 shares during the last quarter. Diversified Trust Co raised its holdings in shares of Merit Medical Systems by 2.3% in the 1st quarter. Diversified Trust Co now owns 12,868 shares of the medical instruments supplier's stock valued at $1,360,000 after purchasing an additional 284 shares in the last quarter. Yorktown Management & Research Co Inc purchased a new stake in Merit Medical Systems during the 1st quarter worth about $312,000. Whalen Wealth Management Inc. boosted its holdings in Merit Medical Systems by 52.6% in the first quarter. Whalen Wealth Management Inc. now owns 3,899 shares of the medical instruments supplier's stock valued at $412,000 after purchasing an additional 1,344 shares in the last quarter. Finally, Blue Trust Inc. boosted its holdings in shares of Merit Medical Systems by 15.9% in the 1st quarter. Blue Trust Inc. now owns 1,529 shares of the medical instruments supplier's stock valued at $162,000 after buying an additional 210 shares in the last quarter. Hedge funds and other institutional investors own 99.66% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Raymond James raised their price target on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company an "outperform" rating in a report on Tuesday, December 31st. Barrington Research restated an "outperform" rating and set a $111.00 target price on shares of Merit Medical Systems in a research report on Friday, April 11th. Needham & Company LLC restated a "buy" rating and issued a $116.00 price objective on shares of Merit Medical Systems in a research report on Wednesday, April 9th. Wells Fargo & Company dropped their target price on Merit Medical Systems from $120.00 to $117.00 and set an "overweight" rating on the stock in a research report on Wednesday, February 26th. Finally, Canaccord Genuity Group reduced their price objective on shares of Merit Medical Systems from $128.00 to $127.00 and set a "buy" rating for the company in a research report on Wednesday, February 26th. Two analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $113.89.

Merit Medical Systems Trading Up 1.6 %

Shares of MMSI stock traded up $1.50 on Thursday, hitting $95.26. 577,578 shares of the stock traded hands, compared to its average volume of 489,379. Merit Medical Systems has a twelve month low of $72.81 and a twelve month high of $111.45. The stock has a market capitalization of $5.63 billion, a PE ratio of 46.70, a PEG ratio of 2.34 and a beta of 0.85. The firm's 50-day moving average price is $99.17 and its two-hundred day moving average price is $100.52. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36.

About Merit Medical Systems

Merit Medical Systems, Inc designs, develops, manufactures, and markets single-use medical products for interventional, diagnostic, and therapeutic procedures in the United States and internationally. It operates in two segments, Cardiovascular and Endoscopy. The company provides micropuncture kits, angiographic needles, sheaths, guide wires, and safety products; peripheral intervention, including angiography, drainage, delivery systems, and embolotherapy products; spine products, such as vertebral augmentation, radiofrequency ablation, and bone biopsy systems; oncology products; and cardiac intervention products, such as access, angiography, electrophysiology and cardiac rhythm management, fluid management, hemodynamic monitoring, hemostasis, and intervention to treat various heart conditions.