Shares of Medifast, Inc (NYSE:MED) moved down to record low in around 2 years after acting chief financial officer of company reported that he would quit, 6 weeks after the manufacturer of weight- loss products prior Chief Financial Officer stepped down.
Medifast stock plunged 13% to settle at $25.69 at 12:14 PM in New York after earlier plunging 16% in its major intraday drop since March 2011.
The Owings Mills, Maryland-based company reported earlier on Wednesday that Edward J. Powers would depart as acting Chief Financial Officer and principal accounting officer no later than Jan 4.
The company, which sells diet- plan meals and weight-loss counseling, reported in a regulatory filing on Wednesday that Edward J. Powers was quitting to pursue other interests without offering further information.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Weight Watchers International, Inc. (NYSE:WTW) fell -1.43% to settle at $52.26, NutriSystem Inc. (NASDAQ:NTRI) moved down -1.36% to end at $7.98 while USANA Health Sciences, Inc. (NYSE:USNA) dropped -4.83% to finish at $30.92 on Wednesday.
Medifast, Inc. (NYSE:MED) on Dec 26, 2012 decreased -13.15% to the closing price of $25.50. The overall volume in the last trading session was 1.76 million shares. Its fifty two weeks range was $13.70 – $33.29. The total market capitalization remained at $395.91 million.
MED is ahead of its 52-week low with 86.13% and lagging behind from its 52-week high price with -23.40%. MED’s last month’s stock price volatility remained 4.07%. In its share capital MED has 15.53 million outstanding shares, among them 13.67 million shares have been floated in market exchange. MED’s stock’s institutional ownership remained 66.17% while insider ownership included 0.14%.
The stock price of MED is moving down from its 20 days moving average with -18.08% and remote negatively from 50 days moving average with -11.93%. MED’s current year’s earnings per share experienced a downfall of -2.96% while its current quarter performance remained at -5.17%. Company’s beta coefficient included 1.89. Beta factors measure the amount of market risk associated with market trade.
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