MiniMed Group Inc (NASDAQ:MMED – Get Free Report) 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.
MiniMed Group News Summary
Here are the key news stories impacting MiniMed Group this week:
- Positive Sentiment: Rothschild & Co. Redburn initiated coverage with a Buy rating and a $30 price target, implying substantial upside from recent levels. The bullish call may support investor confidence in MiniMed’s growth prospects.
- Positive Sentiment: MMED has been identified as a potential “powder keg” stock with significant short-selling interest. If favorable news or renewed buying emerges, short covering could amplify a rebound. Top 10 powder keg stocks where short sellers are sitting on a fuse
- Neutral Sentiment: Jefferies initiated coverage with a Hold rating and a $22 price target. The target is above recent trading levels, but the cautious rating limits the bullish impact of the valuation assessment. Jefferies initiates coverage on MiniMed Group with Hold
- Neutral Sentiment: Shareholders approved all submitted proposals, including annual say-on-pay votes. The results remove a governance overhang but do not introduce a major new catalyst. MiniMed Group Stockholders Approve All Proposals
- Negative Sentiment: Medtronic said its exchange offer for MMED shares was oversubscribed after expiring October 9. Oversubscription means not all tendered shares are likely to be accepted, creating near-term uncertainty around ownership, share supply and trading dynamics. Medtronic Announces Preliminary Results of MiniMed Group Exchange Offer
- Negative Sentiment: Reports characterized MMED as gapping lower and questioned whether investors should sell, reinforcing short-term technical weakness and selling pressure. MiniMed Group Shares Gap Down
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on MMED. Citigroup lifted their price objective on MiniMed Group from $23.00 to $26.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. 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 note on Wednesday, September 2nd. Mizuho raised their price target on MiniMed Group from $26.00 to $28.00 and gave the company an “outperform” rating in a report on Thursday, October 8th. Rothschild & Co Redburn assumed coverage on MiniMed Group in a report on Tuesday. They issued a “buy” rating and a $30.00 price target for the company. Finally, Barclays assumed coverage on MiniMed Group in a research note on Wednesday, October 7th. They issued an “equal weight” rating and a $22.00 price target on the stock. Fourteen equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $24.25.
MiniMed Group Stock Performance
The stock’s 50-day moving average price is $20.61 and its 200-day moving average price is $16.45.
Hedge Funds Weigh In On MiniMed Group
Several hedge funds have recently bought and sold shares of MMED. State Street Corp purchased a new position in shares of MiniMed Group in the second quarter valued at $6,029,000. Bank of America Corp DE boosted its position in shares of 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 in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of MiniMed Group in the 2nd quarter worth about $1,058,000. Freestone Grove Partners LP purchased a new stake in shares of MiniMed Group in the 2nd quarter worth about $1,745,000. Finally, J. Goldman & Co LP acquired a new stake in MiniMed Group in the 2nd quarter valued at about $12,412,000.
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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