MiniMed Group (NASDAQ:MMED) Sees Large Volume Increase - Time to Buy?

Key Points

• MMED trading volume surged 210% to 4.31 million shares, while the stock rose 1.4% to $19.91.
• Analyst sentiment is broadly positive: 14 analysts rate the stock Buy, two rate it Hold, and one rates it Sell. The consensus is “Moderate Buy” with an average price target of $24.14, while recent targets range as high as $29.
• Several institutional investors, including State Street, recently initiated positions in MiniMed Group, whose market capitalization is approximately $5.62 billion.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) shares saw unusually-strong trading volume on Monday. 4,313,746 shares were traded during trading, an increase of 210% from the previous session's volume of 1,391,735 shares. The stock last traded at $19.91 and had previously closed at $19.70.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MMED shares. Mizuho boosted their price target on MiniMed Group from $21.00 to $26.00 and gave the company an "outperform" rating in a report on Wednesday, September 2nd. Wells Fargo & Company lifted their target price on shares of MiniMed Group from $22.00 to $26.00 and gave the company an "overweight" rating in a report on Wednesday, September 2nd. Weiss Ratings upgraded shares of MiniMed Group from a "sell (d-)" rating to a "sell (d)" rating in a research note on Wednesday, September 9th. Truist Financial started coverage on shares of MiniMed Group in a research report on Thursday, September 24th. They set a "buy" rating and a $29.00 price target on the stock. Finally, Citigroup lifted 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. Fourteen investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $24.14.

MiniMed Group Stock Up 1.4%

The firm has a market capitalization of $5.62 billion and a PE ratio of -29.44. The stock has a 50-day moving average price of $20.46 and a 200 day moving average price of $16.32.

Hedge Funds Weigh In On MiniMed Group

A number of large investors have recently added to or reduced their stakes in the stock. State Street Corp acquired a new stake in shares of MiniMed Group in the second quarter valued at about $6,029,000. The Manufacturers Life Insurance Company acquired a new position in shares of MiniMed Group during the 2nd quarter worth about $185,000. WINTON GROUP Ltd purchased a new position in MiniMed Group in the 2nd quarter valued at about $273,000. Engineers Gate Manager LP acquired a new stake in MiniMed Group in the 2nd quarter worth about $513,000. Finally, Squarepoint Ops LLC acquired a new stake in MiniMed Group in the 2nd quarter worth about $403,000.

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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