Medifast (NYSE:MED) Posts Quarterly Earnings Results, Misses Estimates By $0.12 EPS

Medifast (NYSE:MED) released its quarterly earnings results on Monday. The specialty retailer reported $0.66 earnings per share for the quarter, missing the consensus estimate of $0.78 by ($0.12), Briefing.com reports. Medifast had a net margin of 7.55% and a return on equity of 36.64%. The firm had revenue of $174.74 million for the quarter, compared to the consensus estimate of $168.90 million. During the same quarter in the prior year, the firm earned $3.67 earnings per share. 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 NYSE:MED opened at $26.36 on Thursday. The company has a market cap of $288.32 million, a P/E ratio of 4.25 and a beta of 1.19. Medifast has a 1 year low of $25.92 and a 1 year high of $109.52. The stock’s fifty day moving average price is $35.52 and its 200-day moving average price is $53.93.

Analyst Ratings Changes

Several research firms have commented on MED. TheStreet downgraded Medifast from a “c” rating to a “d+” rating in a report on Wednesday, February 21st. DA Davidson dropped their target price on Medifast from $40.00 to $25.00 and set a “neutral” rating on the stock in a report on Tuesday.

Insider Activity

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 transaction, the director now directly owns 7,785 shares of the company’s stock, valued at $307,040.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.06% of the company’s stock.

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.