Why Is Medifast (MED) Stock Down 20% Today?

Medifast (NYSE:MED) stock is falling on Tuesday after the weight loss company released its earnings report for the first quarter of 2024.The bad news for MED stock comes from its adjusted earnings per share of 66 cents. That’s well below Wall Street’s estimate of 80 cents for the quarter. It’s also much worse than the $3.67 per share reported in the same period of the year prior.Medifast also reported revenue of $174.74 million during Q1. That’s better than the $173.45 million analysts were expecting. Howev ...