MiniMed Group (NASDAQ:MMED) Shares Down 5.6% – Should You Sell?

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

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Wells Fargo & Company cut their target price 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. Deutsche Bank Aktiengesellschaft started coverage on MiniMed Group in a research report on Tuesday, March 31st. They issued a “buy” rating and a $20.00 price target on the stock. Benchmark restated a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Piper Sandler reissued a “neutral” rating and issued a $16.00 price target on shares of MiniMed Group in a report on Thursday, June 4th. Finally, Bank of America dropped their target price on shares of MiniMed Group from $27.00 to $20.00 and set a “buy” rating for the company in a report on Monday, May 18th. Twelve analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $21.33.

MiniMed Group Trading Down 5.5%

The company has a fifty day simple moving average of $13.43. The firm has a market cap of $4.27 billion and a price-to-earnings ratio of -22.41.

MiniMed Group (NASDAQ:MMED) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.68) earnings per share 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 firm’s revenue for the quarter was up 15.6% on a year-over-year basis.

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.