MiniMed Group (NASDAQ:MMED) Stock Price Down 4% – What’s Next?

MiniMed Group Inc (NASDAQ:MMED)’s share price fell 4% on Tuesday . The stock traded as low as $19.24 and last traded at $19.1350. Approximately 201,852 shares changed hands during mid-day trading, a decline of 80% from the average session volume of 1,021,525 shares. The stock had previously closed at $19.94.

Analysts Set New Price Targets

A number of brokerages have issued reports on MMED. 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. UBS Group began coverage on MiniMed Group in a research note on Tuesday, July 28th. They issued a “buy” rating and a $25.00 price target for the company. Benchmark reissued a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Piper Sandler reaffirmed a “neutral” rating and issued a $16.00 price objective on shares of MiniMed Group in a report on Thursday, June 4th. Finally, Bank of America cut their target price on MiniMed Group from $27.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, May 18th. Thirteen analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, MiniMed Group has an average rating of “Moderate Buy” and a consensus target price of $21.62.

MiniMed Group Stock Down 3.6%

The stock’s fifty day moving average price is $16.96. The stock has a market capitalization of $5.40 billion and a PE ratio of -28.26.

MiniMed Group (NASDAQ:MMED) last posted its quarterly earnings results 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 company’s revenue for the quarter was up 15.6% on a year-over-year basis. On average, analysts predict that MiniMed Group Inc will post 0.66 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System bought a new position in shares of MiniMed Group in the second quarter worth about $89,000. Readystate Asset Management LP acquired a new position in MiniMed Group during the 2nd quarter worth approximately $4,400,000. Bank of America Corp DE boosted its position in MiniMed Group by 377.0% in the second quarter. Bank of America Corp DE now owns 238,819 shares of the company’s stock valued at $3,570,000 after buying an additional 188,756 shares in the last quarter. Legal & General Group Plc bought a new stake in shares of MiniMed Group during the second quarter worth $91,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of MiniMed Group during the second quarter worth $185,000.

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.