Canaccord Genuity Group Issues Pessimistic Forecast for Merit Medical Systems (NASDAQ:MMSI) Stock Price

Merit Medical Systems (NASDAQ:MMSI) had its price target lowered by equities researchers at Canaccord Genuity Group from $128.00 to $127.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the medical instruments supplier’s stock. Canaccord Genuity Group’s target price would suggest a potential upside of 23.28% from the company’s current price.

MMSI has been the topic of several other reports. Raymond James boosted their price objective on shares of Merit Medical Systems from $105.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday, December 31st. Needham & Company LLC decreased their price objective on shares of Merit Medical Systems from $122.00 to $116.00 and set a “buy” rating on the stock in a report on Wednesday. Piper Sandler reaffirmed an “overweight” rating and issued a $116.00 target price (up from $114.00) on shares of Merit Medical Systems in a report on Wednesday, January 29th. StockNews.com lowered Merit Medical Systems from a “buy” rating to a “hold” rating in a research note on Sunday, November 3rd. Finally, Barrington Research raised their price objective on Merit Medical Systems from $114.00 to $115.00 and gave the company an “outperform” rating in a research note on Wednesday, January 29th. Two analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.80.

Merit Medical Systems Stock Performance

Shares of MMSI stock traded up $0.99 during mid-day trading on Wednesday, hitting $103.02. 392,470 shares of the stock were exchanged, compared to its average volume of 512,032. The stock has a market capitalization of $6.00 billion, a price-to-earnings ratio of 50.57, a P/E/G ratio of 2.34 and a beta of 0.87. The company has a debt-to-equity ratio of 0.57, a quick ratio of 3.82 and a current ratio of 5.36. Merit Medical Systems has a 12-month low of $70.70 and a 12-month high of $111.45. The stock’s fifty day simple moving average is $102.72 and its two-hundred day simple moving average is $99.89.

Institutional Trading of Merit Medical Systems

A number of institutional investors have recently added to or reduced their stakes in MMSI. NewSquare Capital LLC acquired a new position in shares of Merit Medical Systems during the fourth quarter worth about $32,000. Kohmann Bosshard Financial Services LLC acquired a new stake in Merit Medical Systems in the fourth quarter valued at approximately $52,000. Federated Hermes Inc. grew its position in Merit Medical Systems by 139.1% in the fourth quarter. Federated Hermes Inc. now owns 655 shares of the medical instruments supplier’s stock valued at $63,000 after acquiring an additional 381 shares in the last quarter. Group One Trading LLC acquired a new position in shares of Merit Medical Systems during the fourth quarter worth $77,000. Finally, Farther Finance Advisors LLC boosted its stake in shares of Merit Medical Systems by 32.7% in the third quarter. Farther Finance Advisors LLC now owns 1,056 shares of the medical instruments supplier’s stock valued at $104,000 after purchasing an additional 260 shares during the period. 99.66% of the stock is owned by hedge funds and other institutional investors.

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.