MiniMed Group Sees Unusually High Options Volume (NASDAQ:MMED)

Key Points

• Options activity surged: Traders purchased 7,533 MMED call options, 111% above the stock’s typical daily call volume.
• Institutional interest increased: Five investment firms, including Legal & General and Manufacturers Life Insurance, opened new positions in MiniMed Group during the second quarter.
• Analysts remain broadly optimistic: Thirteen analysts rate the stock Buy, with an average rating of “Moderate Buy” and a consensus price target of $24.00 versus the latest share price of $19.51.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was the target of unusually large options trading on Friday. Traders purchased 7,533 call options on the stock. This represents an increase of 111% compared to the typical daily volume of 3,563 call options.

Institutional Trading of MiniMed Group

Large investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust purchased a new stake in MiniMed Group in the second quarter worth about $28,000. Legal & General Group Plc purchased a new position in shares of MiniMed Group in the second quarter valued at about $91,000. The Manufacturers Life Insurance Company purchased a new position in shares of MiniMed Group in the second quarter valued at about $185,000. WINTON GROUP Ltd purchased a new position in MiniMed Group in the 2nd quarter worth approximately $273,000. Finally, Punch & Associates Investment Management Inc. bought a new position in MiniMed Group in the 2nd quarter worth approximately $292,000.

MiniMed Group Stock Performance

Shares of NASDAQ:MMED traded down $0.29 during midday trading on Friday, reaching $19.51. 4,936,076 shares of the company's stock traded hands, compared to its average volume of 1,786,601. MiniMed Group has a one year low of $10.65 and a one year high of $24.43. The company has a market cap of $5.49 billion and a price-to-earnings ratio of -28.77. The stock has a 50 day moving average of $20.60 and a 200 day moving average of $16.40.

Analyst Ratings Changes

A number of equities analysts have issued reports on the stock. Truist Financial began coverage on shares of MiniMed Group in a research report on Thursday, September 24th. They issued a "buy" rating and a $29.00 price objective on the stock. Morgan Stanley boosted their target price 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 stock a "buy" rating in a report on Wednesday, September 2nd. BTIG Research raised their target price on shares of MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a research report on Tuesday, September 1st. Finally, Weiss Ratings upgraded shares of MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a research report on Wednesday, September 9th. Thirteen research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, MiniMed Group has an average rating of "Moderate Buy" and an average target price of $24.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.