Medifast (NYSE:MED) Issues Quarterly Earnings Results

Medifast (NYSE:MED) released its quarterly earnings results on Monday. The specialty retailer reported $0.66 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.78 by ($0.12), Briefing.com reports. Medifast had a return on equity of 56.06% and a net margin of 9.27%. The business had revenue of $174.74 million during the quarter, compared to the consensus estimate of $168.90 million. During the same period in the previous year, the company posted $3.67 EPS. The company’s revenue for the quarter was down 49.9% compared to the same quarter last year. Medifast updated its Q2 guidance to $0.05-0.40 EPS and its Q2 2024 guidance to 0.050-0.400 EPS.

Medifast Price Performance

Shares of MED traded down $8.74 during mid-day trading on Tuesday, hitting $26.77. The company’s stock had a trading volume of 432,861 shares, compared to its average volume of 379,321. The stock has a market capitalization of $291.79 million, a price-to-earnings ratio of 2.94 and a beta of 1.14. Medifast has a fifty-two week low of $26.02 and a fifty-two week high of $109.52. The firm has a 50-day moving average price of $36.23 and a 200 day moving average price of $54.44.

Analysts Set New Price Targets

A number of analysts have commented on MED shares. DA Davidson dropped their price target on shares of Medifast from $67.00 to $40.00 and set a “neutral” rating on the stock in a research report on Wednesday, February 21st. TheStreet cut Medifast from a “c” rating to a “d+” rating in a report on Wednesday, February 21st.

Insiders Place Their Bets

In other news, Director Scott Schlackman sold 4,053 shares of the company’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $39.44, for a total transaction of $159,850.32. Following the completion of the sale, the director now directly owns 7,785 shares of the company’s stock, valued at $307,040.40. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 2.06% of the stock is currently owned by company insiders.

Medifast Company Profile

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.