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Merit Medical Systems , Inc. (NASDAQ:MMSI) has reached an impressive milestone, with its stock price soaring to an all-time high of $108.14. This peak reflects a significant uptrend for the company, which specializes in manufacturing and marketing medical devices for interventional and diagnostic procedures. With a market capitalization of $6.29 billion and an excellent financial health score according to InvestingPro, the company maintains strong fundamentals, including a robust current ratio of 5.36. Over the past year, Merit Medical Systems has witnessed a robust growth trajectory, with its stock value climbing by 34.5%. This remarkable 1-year change underscores the company’s strong performance and investor confidence in its strategic direction and market position. The company’s revenue grew by 8.12% in the last twelve months, though InvestingPro analysis suggests the stock may be slightly overvalued at current levels. Analysts maintain a bullish outlook, with price targets ranging from $103 to $127. Discover more insights and 13 additional ProTips with an InvestingPro subscription, including access to the comprehensive Pro Research Report covering what really matters about MMSI’s financial outlook.
In other recent news, Merit Medical Systems has seen a series of upgrades and positive developments. Piper Sandler has raised the company’s stock target from $110.00 to $114.00, maintaining an Overweight rating. This follows a series of meetings with the company’s management, which revealed a broad-based top-line beat in the fourth quarter across various segments and geographies, resulting in an 8.12% revenue increase over the last twelve months.
Merit Medical (TASE:PMCN) preannounced its 2024 revenue to be between $1.355 and $1.357 billion, surpassing the consensus estimate of $1.348 billion. Needham reaffirmed its positive stance with a Buy rating, expressing confidence in the company’s performance and future prospects. Furthermore, Raymond (NSE:RYMD) James increased its price target for Merit Medical shares, maintaining an Outperform rating.
The company’s Wrapsody Cell-Impermeable Endoprosthesis received premarket approval from the US Food and Drug Administration, with commercialization set to begin in 2025. This development is expected to contribute to the company’s revenue stream and support its competitive position in the market. Additionally, Wells Fargo (NYSE:WFC) upgraded Merit Medical to Overweight, following the company’s strong Q3 results, which saw total revenue reach $339.8 million, marking a 7.8% increase from the previous year.
Finally, the company’s President, Joseph C. Wright, recently resigned, with Fred P. Lampropoulos reinstated as the President. These are the recent developments for Merit Medical Systems, Inc.
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