MiniMed Group (NASDAQ:MMED) Stock Price Down 4% - Here's What Happened

Key Points

• MiniMed Group shares fell 4% to about $19.14 in midday trading, while volume dropped roughly 80% below the stock’s average daily volume.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $21.62, though Wells Fargo and Bank of America recently cut their targets.
• The company reported a quarterly loss of $0.68 per share, missing estimates by $0.46, despite revenue rising 15.6% year over year to $837 million.

MiniMed Group Inc (NASDAQ:MMED - Get Free Report) was down 4% on Tuesday . The stock traded as low as $19.24 and last traded at $19.1350. 201,852 shares were traded during mid-day trading, a decline of 80% from the average daily volume of 1,021,525 shares. The stock had previously closed at $19.94.

Analyst Ratings Changes

Several research firms recently issued reports on MMED. Weiss Ratings upgraded MiniMed Group from a "sell (e+)" rating to a "sell (d-)" rating in a report on Monday, July 20th. Wells Fargo & Company lowered their price target on MiniMed Group from $26.00 to $22.00 and set an "overweight" rating on the stock in a research report on Thursday, June 4th. Piper Sandler reiterated a "neutral" rating and set a $16.00 price objective on shares of MiniMed Group in a research note on Thursday, June 4th. Benchmark reissued a "buy" rating on shares of MiniMed Group in a research note on Thursday, June 4th. Finally, Bank of America lowered their target price on shares of MiniMed Group from $27.00 to $20.00 and set a "buy" rating on the stock in a report on Monday, May 18th. Thirteen equities research 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. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $21.62.

MiniMed Group Trading Down 3.6%

The business's 50 day simple moving average is $16.96. The firm has a market cap of $5.40 billion and a price-to-earnings ratio of -28.26.

MiniMed Group (NASDAQ:MMED - Get Free Report) last released its quarterly earnings data on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The business had revenue of $837.00 million for the quarter. MiniMed Group's revenue for the quarter was up 15.6% on a year-over-year basis. Equities research analysts expect that MiniMed Group Inc will post 0.66 EPS for the current fiscal year.

Institutional Investors Weigh In On MiniMed Group

Several hedge funds have recently bought and sold shares of the stock. California State Teachers Retirement System acquired a new position in shares of MiniMed Group in the second quarter valued at approximately $89,000. Readystate Asset Management LP acquired a new stake in MiniMed Group during the 2nd quarter worth approximately $4,400,000. Washington Growth Strategies LLC acquired a new position in MiniMed Group in the 2nd quarter valued at $397,000. Punch & Associates Investment Management Inc. bought a new position in MiniMed Group during the 2nd quarter worth $292,000. Finally, Bank of America Corp DE lifted its holdings in shares of MiniMed Group by 377.0% during the second 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 in 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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