MiniMed Group Inc’s (NASDAQ:MMED) Lock-Up Period Will Expire Tomorrow

MiniMed Group’s (NASDAQ:MMED) lock-up period will 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. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the end of the lock-up period.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on MMED shares. Benchmark reiterated a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Weiss Ratings upgraded shares of MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, July 20th. Bank of America cut their price target on MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Wells Fargo & Company reduced their price objective on MiniMed Group from $26.00 to $22.00 and set an “overweight” rating for the company in a research report on Thursday, June 4th. Finally, Piper Sandler reissued a “neutral” rating and issued a $16.00 price objective on shares of MiniMed Group in a report on Thursday, June 4th. Thirteen 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, the company presently has an average rating of “Moderate Buy” and a consensus price target of $21.62.

MiniMed Group Stock Up 0.8%

MMED stock opened at $20.26 on Tuesday. The business has a 50-day moving average of $17.47. The firm has a market capitalization of $5.70 billion and a P/E ratio of -29.79. MiniMed Group has a fifty-two week low of $10.65 and a fifty-two week high of $20.88.

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

Institutional Investors Weigh In On MiniMed Group

A number of institutional investors have recently added to or reduced their stakes in the company. California State Teachers Retirement System acquired a new position in shares of MiniMed Group during the 2nd quarter valued at $89,000. Legal & General Group Plc acquired a new stake in shares of MiniMed Group in the second quarter valued at $91,000. The Manufacturers Life Insurance Company acquired a new stake in shares of MiniMed Group in the second quarter valued at $185,000. Punch & Associates Investment Management Inc. bought a new position in MiniMed Group during the second quarter valued at about $292,000. Finally, Washington Growth Strategies LLC acquired a new position in MiniMed Group during the second quarter worth about $397,000.

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.