Medifast (NYSE:MED) Updates Q2 2024 Earnings Guidance

Medifast (NYSE:MED) updated its second quarter 2024 earnings guidance on Monday. The company provided earnings per share guidance of 0.050-0.400 for the period, compared to the consensus earnings per share estimate of 0.780. The company issued revenue guidance of $150.0 million-$170.0 million, compared to the consensus revenue estimate of $168.9 million. Medifast also updated its Q2 guidance to $0.05-0.40 EPS.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. DA Davidson decreased their price objective on Medifast from $40.00 to $25.00 and set a neutral rating for the company in a report on Tuesday. TheStreet lowered Medifast from a c rating to a d+ rating in a report on Wednesday, February 21st.

Medifast Price Performance

MED stock traded down $1.27 during mid-day trading on Wednesday, reaching $26.26. 394,370 shares of the company traded hands, compared to its average volume of 397,658. The company has a market capitalization of $287.28 million, a P/E ratio of 4.30 and a beta of 1.14. Medifast has a 52-week low of $25.92 and a 52-week high of $109.52. The company has a fifty day moving average price of $35.80 and a 200-day moving average price of $54.13.

Medifast (NYSE:MED) last issued its quarterly earnings results on Monday, April 29th. The specialty retailer reported $0.66 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.78 by ($0.12). The business had revenue of $174.74 million for the quarter, compared to the consensus estimate of $168.90 million. Medifast had a net margin of 7.55% and a return on equity of 37.47%. The business’s revenue was down 49.9% compared to the same quarter last year. During the same quarter last year, the business posted $3.67 EPS. As a group, analysts forecast that Medifast will post 1.91 EPS for the current year.

Insider Activity

In other news, Director Scott Schlackman sold 4,053 shares of Medifast stock in a transaction dated 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 owns 7,785 shares in the company, valued at approximately $307,040.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.06% of the company’s stock.

About Medifast

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.