MiniMed Group Inc's (NASDAQ:MMED) Lock-Up Period To End on September 2nd

Key Points

• MiniMed Group’s lock-up period expires September 2, allowing insiders and major shareholders to sell shares. The company issued 28 million IPO shares at $20 each, raising $560 million.
• Analyst sentiment is generally positive, with 13 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with a $21.62 price target.
• MMED opened at $18.92 after declining 5.1%, while its latest quarterly loss of $0.68 per share significantly missed estimates of a $0.22 loss, despite revenue rising 15.6% year over year to $837 million.

MiniMed Group's (NASDAQ:MMED - Get Free Report) lock-up period is set to expire on Wednesday, September 2nd. MiniMed Group had issued 28,000,000 shares in its initial public offering on March 6th. The total size of the offering was $560,000,000 based on an initial share price of $20.00. After the end of the company's lock-up period, restrictions preventing company insiders and major shareholders from selling shares in the company will be lifted.

Wall Street Analysts Forecast Growth

MMED has been the topic of a number of recent analyst reports. Benchmark reiterated a "buy" rating on shares of MiniMed Group in a report on Thursday, June 4th. Bank of America decreased their price objective 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. UBS Group started coverage on MiniMed Group in a research note on Tuesday, July 28th. They set a "buy" rating and a $25.00 target price on the stock. Piper Sandler reissued a "neutral" rating and issued a $16.00 target price on shares of MiniMed Group in a report on Thursday, June 4th. Finally, Wells Fargo & Company decreased their price target on MiniMed Group from $26.00 to $22.00 and set an "overweight" rating for the company in a research note on Thursday, June 4th. Thirteen research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued 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 $21.62.

MiniMed Group Stock Down 5.1%

MMED opened at $18.92 on Wednesday. The company's 50-day moving average is $17.05. The company has a market cap of $5.32 billion and a PE ratio of -27.82. MiniMed Group has a 52-week low of $10.65 and a 52-week high of $20.88.

MiniMed Group (NASDAQ:MMED - Get Free Report) last announced its quarterly earnings results on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.46). The firm had revenue of $837.00 million for the quarter. The firm's quarterly revenue was up 15.6% on a year-over-year basis. Research analysts forecast that MiniMed Group will post 0.66 earnings per share for the current fiscal year.

Hedge Funds Weigh In On MiniMed Group

Several hedge funds and other institutional investors have recently modified their holdings of MMED. California State Teachers Retirement System purchased a new position in shares of MiniMed Group in the 2nd quarter worth $89,000. Legal & General Group Plc purchased a new stake in MiniMed Group during the second quarter valued at $91,000. The Manufacturers Life Insurance Company bought a new position in MiniMed Group in the second quarter valued at about $185,000. Punch & Associates Investment Management Inc. bought a new position in MiniMed Group in the second quarter valued at about $292,000. Finally, Washington Growth Strategies LLC purchased a new position in MiniMed Group in 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.

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