MiniMed Group (NASDAQ:MMED) Trading Down 4% – Time to Sell?

MiniMed Group Inc (NASDAQ:MMED) fell 4% during trading on Tuesday . The stock traded as low as $19.24 and last traded at $19.1350. Approximately 201,852 shares changed hands during trading, a decline of 80% from the average session volume of 1,021,525 shares. The stock had previously closed at $19.94.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on MMED. UBS Group started coverage on shares of MiniMed Group in a research note on Tuesday, July 28th. They issued a “buy” rating and a $25.00 target price for the company. Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a report on Thursday, June 4th. Piper Sandler reissued a “neutral” rating and set a $16.00 target price on shares of MiniMed Group in a report on Thursday, June 4th. Bank of America dropped their target price on MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. Finally, Weiss Ratings upgraded MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $21.62.

MiniMed Group Stock Up 3.0%

The firm has a fifty day moving average price of $17.15. The stock has a market capitalization of $5.48 billion and a PE ratio of -28.66.

MiniMed Group (NASDAQ:MMED) last issued its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The company had revenue of $837.00 million for the quarter. The business’s revenue was up 15.6% compared to the same quarter last year. As a group, research analysts expect that MiniMed Group Inc will post 0.66 earnings per share for the current year.

Institutional Investors Weigh In On MiniMed Group

Institutional investors and hedge funds have recently made changes to their positions in the business. California State Teachers Retirement System bought a new stake in MiniMed Group during the second quarter valued at $89,000. Legal & General Group Plc bought a new position in MiniMed Group in the 2nd quarter worth about $91,000. The Manufacturers Life Insurance Company purchased a new stake in shares of MiniMed Group in the 2nd quarter valued at about $185,000. Punch & Associates Investment Management Inc. purchased a new stake in shares of MiniMed Group in the 2nd quarter valued at about $292,000. Finally, Washington Growth Strategies LLC bought a new stake in MiniMed Group during the second quarter valued at approximately $397,000.

MiniMed Group Company Profile

We are a scaled global medical technology company that develops, manufactures, and markets a comprehensive suite of solutions for the management of diabetes. Since our founding more than 40 years ago, we have pioneered groundbreaking innovation and served the needs of our customers across the globe in service of our mission to make every day a better day for people with diabetes. Today, we are the only player in the market that commercializes all parts of an integrated diabetes management system.