Merit Medical Systems, Inc. (NASDAQ:MMSI) Short Interest Down 16.7% in March

Merit Medical Systems, Inc. (NASDAQ:MMSI) saw a significant drop in short interest in 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 sold short.

Merit Medical Systems Trading Up 0.4 %

NASDAQ:MMSI opened at $90.89 on Monday. The firm’s 50 day moving average is $100.15 and its 200 day moving average is $100.68. Merit Medical Systems has a 12 month low of $71.57 and a 12 month high of $111.45. The company has a current ratio of 5.36, a quick ratio of 3.82 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $5.37 billion, a PE ratio of 44.55, a price-to-earnings-growth ratio of 2.34 and a beta of 0.85.

Insiders Place Their Bets

In other news, insider Brian G. Lloyd sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the insider now directly owns 38,993 shares in the company, valued at approximately $3,879,803.50. This represents a 39.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Fred P. Lampropoulos sold 31,320 shares of the business’s stock in a transaction dated Wednesday, March 5th. The shares were sold at an average price of $103.86, for a total transaction of $3,252,895.20. Following the transaction, the chief executive officer now directly owns 1,086,028 shares of the company’s stock, valued at $112,794,868.08. The trade was a 2.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 109,132 shares of company stock valued at $11,139,521 over the last quarter. Company insiders own 3.70% of the company’s stock.

Hedge Funds Weigh In On Merit Medical Systems

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MMSI. Opal Wealth Advisors LLC purchased a new position in shares of Merit Medical Systems in the first quarter worth about $31,000. NewSquare Capital LLC purchased a new position in shares of Merit Medical Systems in the 4th quarter worth about $32,000. Versant Capital Management Inc lifted its position in Merit Medical Systems by 1,518.5% in the 1st quarter. Versant Capital Management Inc now owns 437 shares of the medical instruments supplier’s stock valued at $46,000 after acquiring an additional 410 shares in the last quarter. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Merit Medical Systems during the fourth quarter valued at $52,000. Finally, Federated Hermes Inc. grew its holdings in shares of Merit Medical Systems by 139.1% in the fourth quarter. Federated Hermes Inc. now owns 655 shares of the medical instruments supplier’s stock worth $63,000 after acquiring an additional 381 shares during the period. 99.66% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on MMSI. Needham & Company LLC reaffirmed a “buy” rating and set a $116.00 price target on shares of Merit Medical Systems in a research note on Wednesday, April 9th. JPMorgan Chase & Co. assumed coverage on Merit Medical Systems in a research note on Friday, March 28th. They issued an “overweight” rating and a $120.00 price objective on the stock. Barrington Research restated an “outperform” rating and set a $111.00 target price on shares of Merit Medical Systems in a research note on Friday, April 11th. Wells Fargo & Company reduced their target price on shares of Merit Medical Systems from $120.00 to $117.00 and set an “overweight” rating for the company in a research note on Wednesday, February 26th. Finally, Canaccord Genuity Group cut their price objective on 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 equities research 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 MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.33.

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.