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

Key Points

• Unusually high options activity: Investors bought 10,919 MiniMed call options on Wednesday, about 75% above the average volume of 6,240.
• Shares rose $1.02 to $18.38, while trading volume of 2.37 million shares was below the average of 3.57 million.
• Analysts’ average rating is “Moderate Buy,” with an average price target of $24.25; 14 analysts rate the stock Buy, four Hold, and one Sell.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was the target of some unusual options trading activity on Wednesday. Investors acquired 10,919 call options on the stock. This is an increase of approximately 75% compared to the average volume of 6,240 call options.

MiniMed Group Stock Performance

NASDAQ:MMED traded up $1.02 during trading on Wednesday, reaching $18.38. The company's stock had a trading volume of 2,367,381 shares, compared to its average volume of 3,571,900. MiniMed Group has a 12 month low of $10.65 and a 12 month high of $24.43. The firm has a market cap of $5.17 billion and a price-to-earnings ratio of -26.99. The firm has a 50 day moving average of $19.92 and a 200-day moving average of $16.71.

Institutional Investors Weigh In On MiniMed Group

Hedge funds have recently modified their holdings of the stock. Boston Partners increased its position in MiniMed Group by 0.6% in the third quarter. Boston Partners now owns 908,007 shares of the company's stock worth $17,695,000 after buying an additional 5,648 shares during the last quarter. Landscape Capital Management L.L.C. purchased a new position in shares of MiniMed Group during the 3rd quarter valued at $1,963,000. Fifth Third Bancorp lifted its position in shares of MiniMed Group by 420,970.0% during the 3rd quarter. Fifth Third Bancorp now owns 252,642 shares of the company's stock valued at $4,919,000 after buying an additional 252,582 shares during the last quarter. Lisanti Capital Growth LLC purchased a new position in shares of MiniMed Group during the 3rd quarter valued at $3,103,000. Finally, Ballast Asset Management LP bought a new position in shares of MiniMed Group during the 3rd quarter worth $4,675,000.

Wall Street Analysts Forecast Growth

MMED has been the subject of a number of recent research reports. BTIG Research boosted their price objective on MiniMed Group from $25.00 to $28.00 and gave the stock a "buy" rating in a report on Tuesday, September 1st. Rothschild & Co Redburn assumed coverage on MiniMed Group in a report on Tuesday, October 13th. They issued a "buy" rating and a $30.00 target price on the stock. Weiss Ratings raised MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a research report on Wednesday, September 9th. Wells Fargo & Company upped their price target on MiniMed Group from $22.00 to $26.00 and gave the stock an "overweight" rating in a report on Wednesday, September 2nd. Finally, Bank of America increased their price target on MiniMed Group from $24.00 to $28.00 and gave the company a "buy" rating in a research report on Wednesday, September 2nd. Fourteen equities research 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. According to data from MarketBeat.com, MiniMed Group presently has an average rating of "Moderate Buy" and an average target price of $24.25.

About MiniMed Group

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.

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.