MiniMed Group Inc (NASDAQ:MMED) Short Interest Update

Key Points

• Short interest surged 68.7% to 13.6 million shares as of September 15, representing 4.8% of shares outstanding and 4.8 days to cover based on average trading volume.
• Analysts remain broadly positive, with 14 Buy ratings, two Holds, and one Sell; the consensus rating is “Moderate Buy” with a $24.14 price target.
• Institutional ownership increased significantly, led by BlackRock’s 7,527.5% holding increase, while the stock recently traded at $19.83—up from its 12-month low of $10.65 but below its $24.43 high.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was the target of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 13,594,922 shares, a growth 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 short-interest ratio is currently 4.8 days. Currently, 4.8% of the shares of the company are short sold.

Analysts Set New Price Targets

Several research firms have issued reports on MMED. Morgan Stanley upped their price objective on MiniMed Group from $19.00 to $21.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. Citigroup upped their price objective on shares of MiniMed Group from $23.00 to $26.00 and gave the company a "buy" rating in a report on Wednesday, September 2nd. UBS Group boosted their price objective on MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Mizuho upped their target price on 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 lifted their price target on MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Tuesday, September 1st. Fourteen investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, MiniMed Group presently has an average rating of "Moderate Buy" and a consensus price target of $24.14.

Institutional Investors Weigh In On MiniMed Group

Several institutional investors and hedge funds have recently bought and sold shares of MMED. BlackRock Inc. increased its holdings in MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock valued at $29,848,000 after buying an additional 1,970,314 shares during the period. J. Goldman & Co LP acquired a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $12,412,000. State Street Corp acquired a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $6,029,000. Readystate Asset Management LP bought a new position in MiniMed Group in the second quarter valued at approximately $4,400,000. Finally, Bank of America Corp DE raised its position in MiniMed Group by 377.0% during the second quarter. Bank of America Corp DE now owns 238,819 shares of the company's stock valued at $3,570,000 after purchasing an additional 188,756 shares in the last quarter.

MiniMed Group Price Performance

MiniMed Group stock traded down $0.21 during mid-day trading on Wednesday, reaching $19.83. 157,731 shares of the company were exchanged, compared to its average volume of 1,310,108. The firm has a market cap of $5.58 billion and a PE ratio of -29.22. The company has a fifty day simple moving average of $20.28 and a 200-day simple moving average of $16.25. MiniMed Group has a 12 month low of $10.65 and a 12 month high of $24.43.

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.

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