MiniMed Group Inc’s (NASDAQ:MMED) Lock-Up Period Will Expire on September 2nd

MiniMed Group’s (NASDAQ:MMED) lock-up period is set to end on Wednesday, September 2nd. MiniMed Group had issued 28,000,000 shares in its public offering on March 6th. The total size of the offering was $560,000,000 based on an initial share price of $20.00. After the end of the company’s lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Analysts Set New Price Targets

MMED has been the topic of a number of recent research reports. Bank of America lowered their price target on shares of MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, May 18th. UBS Group initiated 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 on the stock. Piper Sandler restated a “neutral” rating and set a $16.00 target price on shares of MiniMed Group in a report on Thursday, June 4th. Benchmark restated a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Finally, Weiss Ratings raised MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, July 20th. Thirteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $21.62.

MiniMed Group Stock Performance

Shares of MMED stock opened at $20.10 on Friday. MiniMed Group has a twelve month low of $10.65 and a twelve month high of $20.88. The firm has a market cap of $5.66 billion and a PE ratio of -29.56. The firm’s 50-day moving average price is $17.35.

MiniMed Group (NASDAQ:MMED) last issued its earnings results on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.46). The business had revenue of $837.00 million for the quarter. The business’s revenue was up 15.6% compared to the same quarter last year. On average, analysts expect that MiniMed Group will post 0.66 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in MMED. California State Teachers Retirement System acquired a new stake in MiniMed Group during the second quarter worth $89,000. Legal & General Group Plc acquired a new position in shares of MiniMed Group in the 2nd quarter valued at $91,000. The Manufacturers Life Insurance Company purchased a new position in shares of MiniMed Group during the 2nd quarter worth $185,000. Punch & Associates Investment Management Inc. acquired a new stake in shares of MiniMed Group during the 2nd quarter worth about $292,000. Finally, Washington Growth Strategies LLC acquired a new position in MiniMed Group in the second quarter valued at about $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.