MiniMed Group Inc (NASDAQ:MMED) Stock Short Interest Report for October

Key Points

• MiniMed’s short interest fell 52.8% in October, to 9.8 million shares as of October 30; 3.5% of shares were sold short, equal to about one day of average trading volume.
• Analysts’ overall rating is Moderate Buy, with a consensus price target of $24.12; 14 analysts rated the stock Buy, four Hold, and one Sell.
• Several institutional investors increased or initiated positions in the third quarter, including Ontario Pension Plan Trust Fund, which boosted its stake by 358.7%.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was the recipient of a significant decrease in short interest in the month of October. As of October 30th, there was short interest totaling 9,813,734 shares, a decrease of 52.8% from the October 15th total of 20,793,160 shares. Based on an average daily volume of 10,245,967 shares, the short-interest ratio is presently 1.0 days. Currently, 3.5% of the company's stock are sold short.

Analyst Ratings Changes

Several brokerages have recently commented on MMED. Bank of America raised their target price on MiniMed Group from $24.00 to $28.00 and gave the company a "buy" rating in a research note on Wednesday, September 2nd. Barclays cut their price target on MiniMed Group from $22.00 to $20.00 and set an "equal weight" rating on the stock in a report on Friday. Wells Fargo & Company raised their price objective on MiniMed Group from $22.00 to $26.00 and gave the company an "overweight" rating in a research note on Wednesday, September 2nd. Truist Financial assumed coverage on MiniMed Group in a research note on Thursday, September 24th. They issued a "buy" rating and a $29.00 price objective for the company. Finally, Jefferies Financial Group started coverage on MiniMed Group in a report on Monday, October 12th. They set a "hold" rating and a $22.00 price objective for the company. Fourteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.12.

MiniMed Group Stock Performance

Shares of MiniMed Group stock traded up $0.11 during trading hours on Friday, reaching $17.99. The company's stock had a trading volume of 5,376,894 shares, compared to its average volume of 8,750,697. The company has a market capitalization of $5.06 billion and a P/E ratio of -26.46. The stock's fifty day simple moving average is $19.61 and its two-hundred day simple moving average is $16.73. MiniMed Group has a one year low of $10.65 and a one year high of $24.43.

Institutional Investors Weigh In On MiniMed Group

Institutional investors and hedge funds have recently made changes to their positions in the business. Jump Financial LLC bought a new position in MiniMed Group in the 3rd quarter valued at about $1,980,000. Marshall Wace LLP bought a new stake in MiniMed Group during the 3rd quarter worth approximately $9,151,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of MiniMed Group by 358.7% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,720,000 shares of the company's stock worth $33,488,000 after purchasing an additional 1,345,000 shares during the last quarter. First Trust Advisors LP raised its stake in shares of MiniMed Group by 124.7% in the third quarter. First Trust Advisors LP now owns 822,845 shares of the company's stock worth $16,021,000 after purchasing an additional 456,577 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of MiniMed Group by 73.0% in the third quarter. State Street Corp now owns 697,580 shares of the company's stock valued at $13,582,000 after purchasing an additional 294,291 shares in the last quarter.

MiniMed Group Company Profile

MiniMed Group focuses on diabetes technology, developing products and services to help people manage insulin-dependent diabetes. Its offerings include insulin pumps, continuous glucose monitoring systems, infusion sets and software for tracking glucose and coordinating insulin delivery. The business is known for automated insulin-delivery systems that use glucose readings to help adjust insulin delivery, including products in the MiniMed 780G system line. Its technologies are intended for use by people with diabetes and the clinicians who support their care.

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