MiniMed Group (NASDAQ:MMED) Shares Gap Down - Here's What Happened

Key Points

• MiniMed Group shares fell 2.9% at the open, dropping from a prior close of $19.71 to $18.87 before last trading around $19.33.
• Analyst sentiment remains favorable: 13 analysts rate the stock Buy, four Hold, and one Sell, producing a “Moderate Buy” consensus and an average price target of $23.87.
• Institutional ownership increased significantly, including a 7,527.5% boost by BlackRock and new positions from J. Goldman, State Street, and Readystate Asset Management.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report)'s share price gapped down before the market opened on Monday. The stock had previously closed at $19.71, but opened at $18.87. MiniMed Group shares last traded at $19.3280, with a volume of 3,846,634 shares.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley raised their price target on shares of MiniMed Group from $19.00 to $21.00 and gave the company an "overweight" rating in a report on Thursday, September 3rd. Bank of America upped their price target on shares of MiniMed Group from $24.00 to $28.00 and gave the stock a "buy" rating in a report on Wednesday, September 2nd. Mizuho increased their price objective on MiniMed Group from $26.00 to $28.00 and gave the stock an "outperform" rating in a research report on Thursday. Jefferies Financial Group assumed coverage on MiniMed Group in a research note on Monday. They set a "hold" rating and a $22.00 price objective for the company. Finally, Wells Fargo & Company boosted their target price on MiniMed Group from $22.00 to $26.00 and gave the stock an "overweight" rating in a research report on Wednesday, September 2nd. Thirteen analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, MiniMed Group has a consensus rating of "Moderate Buy" and an average price target of $23.87.

MiniMed Group Trading Down 2.9%

The stock's fifty day moving average price is $20.63 and its 200 day moving average price is $16.42. The stock has a market cap of $5.38 billion and a P/E ratio of -28.13.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its holdings in shares of MiniMed Group by 7,527.5% in the 2nd quarter. BlackRock Inc. now owns 1,996,489 shares of the company's stock worth $29,848,000 after purchasing an additional 1,970,314 shares in the last quarter. J. Goldman & Co LP purchased a new position in shares of MiniMed Group during the 2nd quarter valued at about $12,412,000. State Street Corp purchased a new position in shares of MiniMed Group during the 2nd quarter valued at about $6,029,000. Readystate Asset Management LP bought a new stake in MiniMed Group in the 2nd quarter worth approximately $4,400,000. Finally, Bank of America Corp DE lifted its position in MiniMed Group by 377.0% in the 2nd quarter. Bank of America Corp DE now owns 238,819 shares of the company's stock worth $3,570,000 after buying an additional 188,756 shares during the last quarter.

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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