MiniMed Group (NASDAQ:MMED) Trading 5.8% Higher – What’s Next?

MiniMed Group Inc (NASDAQ:MMED)’s stock price shot up 5.8% on Wednesday . The company 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 daily volume of 1,182,658 shares. The stock had previously closed at $22.01.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MMED. Citigroup raised their price objective on shares of MiniMed Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Morgan Stanley upped their target price on shares of MiniMed Group from $19.00 to $21.00 and gave the stock an “overweight” rating in a research report on Thursday, September 3rd. Weiss Ratings raised shares of MiniMed Group from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, September 9th. Mizuho lifted their price target on shares of MiniMed Group from $21.00 to $26.00 and gave the company an “outperform” rating in a research report on Wednesday, September 2nd. Finally, BTIG Research boosted their price target on MiniMed Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, September 1st. Thirteen investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $23.77.

MiniMed Group Price Performance

The firm has a market cap of $6.52 billion and a price-to-earnings ratio of -34.12. The company has a 50-day moving average price of $19.24.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of MMED. Bank of New York Mellon Corp purchased a new position in MiniMed Group in the second quarter valued at about $1,058,000. Freestone Grove Partners LP acquired a new position in shares of MiniMed Group during the second quarter worth $1,745,000. J. Goldman & Co LP acquired a new position in shares of MiniMed Group during the second quarter worth $12,412,000. Deutsche Bank AG purchased a new position in shares of MiniMed Group in the second quarter valued at $420,000. Finally, Readystate Asset Management LP purchased a new stake in MiniMed Group during the 2nd quarter worth $4,400,000.

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.