Shares of Wright Medical Group NV (NASDAQ:WMGI) hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $30.75 and last traded at $29.88, with a volume of 251416 shares changing hands. The stock had previously closed at $27.73.
The medical device company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.15) by $0.06. Wright Medical Group had a negative net margin of 24.74% and a negative return on equity of 1.94%. The firm had revenue of $194.11 million for the quarter, compared to analyst estimates of $186.09 million. During the same quarter in the prior year, the business earned ($0.16) earnings per share. The business’s quarterly revenue was up 13.8% compared to the same quarter last year.
WMGI has been the topic of several research reports. BMO Capital Markets upgraded shares of Wright Medical Group from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $28.00 to $31.00 in a report on Wednesday, August 29th. Needham & Company LLC upgraded shares of Wright Medical Group from a “hold” rating to a “buy” rating and set a $30.00 price objective on the stock in a report on Tuesday, August 28th. Oppenheimer set a $28.00 price objective on shares of Wright Medical Group and gave the company a “hold” rating in a report on Thursday, August 9th. BidaskClub upgraded shares of Wright Medical Group from a “hold” rating to a “buy” rating in a report on Friday, October 19th. Finally, Stifel Nicolaus initiated coverage on shares of Wright Medical Group in a report on Tuesday, August 21st. They set a “buy” rating and a $34.00 price objective on the stock. One research analyst has rated the stock with a hold rating and fourteen have given a buy rating to the company. Wright Medical Group currently has a consensus rating of “Buy” and a consensus price target of $32.75.
Institutional investors and hedge funds have recently bought and sold shares of the stock. Strs Ohio raised its holdings in shares of Wright Medical Group by 850.0% in the 2nd quarter. Strs Ohio now owns 5,700 shares of the medical device company’s stock worth $147,000 after acquiring an additional 5,100 shares during the last quarter. Parametrica Management Ltd acquired a new stake in shares of Wright Medical Group in the 3rd quarter worth about $204,000. Vishria Bird Financial Group LLC acquired a new stake in shares of Wright Medical Group in the 3rd quarter worth about $214,000. Cortina Asset Management LLC acquired a new stake in shares of Wright Medical Group in the 2nd quarter worth about $221,000. Finally, Hartford Investment Management Co. acquired a new stake in shares of Wright Medical Group in the 2nd quarter worth about $280,000.
The company has a current ratio of 2.06, a quick ratio of 1.57 and a debt-to-equity ratio of 1.87. The stock has a market capitalization of $2.93 billion, a PE ratio of -137.23 and a beta of 1.06.
Wright Medical Group Company Profile (NASDAQ:WMGI)
Wright Medical Group N.V., a medical device company, designs, manufactures, markets, and sells extremities and biologics products. The company offers joint implants and bone fixation devices for the shoulder, elbow, wrist, hand, foot, and ankle; and biologics products that are used for supporting the treatment of damaged or diseased bones, tendons, and soft tissues, as well as to stimulate bone growth.
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