MiniMed Group (NASDAQ:MMED) Shares Up 5.8% – What’s Next?

Shares of MiniMed Group Inc (NASDAQ:MMED) traded up 5.8% during mid-day trading on Wednesday . The stock traded as high as $23.20 and last traded at $23.2930. 1,086,560 shares traded hands during trading, a decline of 8% from the average session volume of 1,182,658 shares. The stock had previously closed at $22.01.

Analysts Set New Price Targets

MMED has been the subject of several research analyst reports. Mizuho upped their price objective on shares of MiniMed Group from $21.00 to $26.00 and gave the stock an “outperform” rating in a report on Wednesday, September 2nd. BTIG Research lifted their target price on MiniMed Group from $25.00 to $28.00 and gave the stock a “buy” rating in a report on Tuesday, September 1st. Piper Sandler reiterated a “neutral” rating and issued a $16.00 price target on shares of MiniMed Group in a research report on Thursday, June 4th. Wells Fargo & Company upped their price target on shares of MiniMed Group from $22.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Finally, UBS Group raised their price objective on MiniMed Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Wednesday, September 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, MiniMed Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.77.

MiniMed Group Stock Performance

The firm has a market capitalization of $6.52 billion and a P/E ratio of -34.12. The stock’s 50 day moving average price is $19.24.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in MMED. BlackRock Inc. lifted its position in MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company’s stock worth $29,848,000 after buying an additional 1,970,314 shares in the last quarter. J. Goldman & Co LP purchased a new position in shares of MiniMed Group during the 2nd quarter valued at $12,412,000. Readystate Asset Management LP acquired a new position in shares of MiniMed Group in the second quarter worth $4,400,000. Bank of America Corp DE raised its holdings in shares of MiniMed Group by 377.0% during the second quarter. Bank of America Corp DE now owns 238,819 shares of the company’s stock worth $3,570,000 after acquiring an additional 188,756 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in MiniMed Group during the second quarter valued at $1,745,000.

About MiniMed Group

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.