MiniMed Group (NASDAQ:MMED) Sees Large Volume Increase – Here’s Why

Shares of MiniMed Group Inc (NASDAQ:MMED) saw strong trading volume on Tuesday. Approximately 3,318,752 shares changed hands during mid-day trading, an increase of 56% from the previous session’s volume of 2,123,232 shares. The stock last traded at $19.0660 and had previously closed at $18.80.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on MMED shares. Bank of America boosted their price objective on shares of MiniMed Group from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Truist Financial assumed coverage on shares of MiniMed Group in a research report on Thursday, September 24th. They issued a “buy” rating and a $29.00 target price on the stock. Barclays started coverage on shares of MiniMed Group in a report on Wednesday, October 7th. They set an “equal weight” rating and a $22.00 target price for the company. Wells Fargo & Company increased 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. Finally, Jefferies Financial Group initiated coverage on MiniMed Group in a research report on Monday. They set a “hold” rating and a $22.00 price objective for the company. Fourteen research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, MiniMed Group currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.

MiniMed Group Trading Up 0.7%

The company’s 50 day moving average price is $20.63 and its two-hundred day moving average price is $16.44. The stock has a market cap of $5.33 billion and a P/E ratio of -27.83.

Hedge Funds Weigh In On MiniMed Group

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. State Street Corp purchased a new position in shares of MiniMed Group during the second quarter valued at about $6,029,000. The Manufacturers Life Insurance Company bought a new position in MiniMed Group during the second quarter valued at $185,000. WINTON GROUP Ltd purchased a new stake in MiniMed Group in the 2nd quarter worth about $273,000. Engineers Gate Manager LP bought a new stake in shares of MiniMed Group during the 2nd quarter worth approximately $513,000. Finally, Squarepoint Ops LLC bought a new stake in shares of MiniMed Group during the second quarter worth $403,000.

About MiniMed Group

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.