Medifast (NYSE:MED) Rating Increased to Neutral at DA Davidson

Medifast (NYSE:MED - Get Free Report) was upgraded by research analysts at DA Davidson from an "underperform" rating to a "neutral" rating in a note issued to investors on Tuesday, Marketbeat reports. The brokerage currently has a $17.00 price objective on the specialty retailer's stock, up from their previous price objective of $16.50. DA Davidson's target price points to a potential downside of 16.67% from the company's previous close.

Medifast Stock Up 8.5 %

Shares of MED stock traded up $1.59 during mid-day trading on Tuesday, reaching $20.40. The company's stock had a trading volume of 587,692 shares, compared to its average volume of 391,487. The company's 50 day simple moving average is $18.43 and its 200-day simple moving average is $21.00. Medifast has a 12-month low of $17.07 and a 12-month high of $76.42. The firm has a market capitalization of $223.18 million, a PE ratio of 7.62 and a beta of 1.13.

Medifast (NYSE:MED - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The specialty retailer reported $0.35 EPS for the quarter, topping analysts' consensus estimates of ($0.15) by $0.50. Medifast had a return on equity of 25.77% and a net margin of 3.81%. The company had revenue of $140.16 million for the quarter, compared to analysts' expectations of $135.45 million. During the same quarter in the previous year, the firm posted $2.12 earnings per share. As a group, research analysts anticipate that Medifast will post 1.12 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. nVerses Capital LLC boosted its holdings in shares of Medifast by 54.5% in the 2nd quarter. nVerses Capital LLC now owns 1,700 shares of the specialty retailer's stock valued at $37,000 after buying an additional 600 shares during the period. Quarry LP lifted its holdings in shares of Medifast by 592.7% in the 2nd quarter. Quarry LP now owns 2,667 shares of the specialty retailer's stock worth $58,000 after purchasing an additional 2,282 shares during the last quarter. CWM LLC boosted its position in Medifast by 370.8% during the 2nd quarter. CWM LLC now owns 4,684 shares of the specialty retailer's stock valued at $102,000 after purchasing an additional 3,689 shares during the period. Swedbank AB bought a new position in Medifast during the 1st quarter worth $115,000. Finally, SG Americas Securities LLC acquired a new stake in Medifast in the third quarter worth $206,000. 95.51% of the stock is owned by institutional investors and hedge funds.

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.