MiniMed Group (NASDAQ:MMED) Stock Price Down 5.6% – Here’s Why

MiniMed Group Inc (NASDAQ:MMED) traded down 5.6% during mid-day trading on Tuesday . The stock traded as low as $15.31 and last traded at $15.2060. Approximately 67,344 shares were traded during trading, a decline of 93% from the average session volume of 959,218 shares. The stock had previously closed at $16.10.

Analysts Set New Price Targets

Several brokerages have recently issued reports on MMED. Wells Fargo & Company lowered their price target on MiniMed Group from $26.00 to $22.00 and set an “overweight” rating on the stock in a research report on Thursday, June 4th. Citigroup initiated coverage on shares of MiniMed Group in a research note on Tuesday, March 31st. They set a “buy” rating and a $23.00 target price on the stock. Zacks Research upgraded shares of MiniMed Group to a “hold” rating in a report on Thursday, April 9th. William Blair initiated coverage on shares of MiniMed Group in a research report on Tuesday, March 31st. They issued an “outperform” rating for the company. Finally, Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a research note on Thursday, June 4th. Twelve equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, MiniMed Group has a consensus rating of “Moderate Buy” and a consensus target price of $21.33.

MiniMed Group Stock Performance

The company has a market cap of $4.27 billion and a P/E ratio of -22.41. The business’s fifty day moving average is $13.43.

MiniMed Group (NASDAQ:MMED) last posted its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) earnings per share (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 quarterly revenue was up 15.6% compared to the same quarter last year.

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.