MiniMed Group Inc (NASDAQ:MMED) Sees Large Growth in Short Interest

MiniMed Group Inc (NASDAQ:MMED) was the recipient of a large increase in short interest during the month of September. As of September 15th, there was short interest totaling 13,594,922 shares, an increase of 68.7% from the August 31st total of 8,060,409 shares. Based on an average daily volume of 2,805,245 shares, the days-to-cover ratio is presently 4.8 days. Approximately 4.8% of the shares of the stock are short sold.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. Citigroup boosted their target price on shares of MiniMed Group from $23.00 to $26.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Benchmark reissued a “buy” rating on shares of MiniMed Group in a research note on Thursday, June 4th. Truist Financial assumed coverage on shares of MiniMed Group in a report on Thursday, September 24th. They issued a “buy” rating and a $29.00 target price for the company. Weiss Ratings upgraded shares of MiniMed Group from a “sell (d-)” rating to a “sell (d)” rating in a report on Wednesday, September 9th. Finally, Wells Fargo & Company upped their price objective on shares of MiniMed Group from $22.00 to $26.00 and gave the company an “overweight” rating in a research note on Wednesday, September 2nd. Fourteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $24.14.

Hedge Funds Weigh In On MiniMed Group

Large investors have recently made changes to their positions in the business. State Street Corp bought a new position in MiniMed Group in the 2nd quarter valued at about $6,029,000. The Manufacturers Life Insurance Company bought a new position in MiniMed Group in the 2nd quarter worth about $185,000. WINTON GROUP Ltd bought a new position in shares of MiniMed Group in the 2nd quarter valued at about $273,000. Engineers Gate Manager LP purchased a new stake in MiniMed Group in the second quarter valued at approximately $513,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of MiniMed Group during the 2nd quarter worth $403,000.

MiniMed Group Stock Up 0.7%

MiniMed Group stock traded up $0.13 during midday trading on Thursday, reaching $19.60. The stock had a trading volume of 3,933,135 shares, compared to its average volume of 1,356,074. The firm’s 50-day moving average price is $20.34 and its 200 day moving average price is $16.27. The firm has a market capitalization of $5.51 billion and a PE ratio of -28.82. MiniMed Group has a 12 month low of $10.65 and a 12 month high of $24.43.

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.