MiniMed Group (NASDAQ:MMED) Sees Unusually-High Trading Volume – Here’s What Happened

MiniMed Group Inc (NASDAQ:MMED) shares saw strong trading volume on Monday. Approximately 4,313,746 shares traded hands 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.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MMED. Mizuho upped their price objective on shares of MiniMed Group from $21.00 to $26.00 and gave the company an “outperform” rating in a research note on Wednesday, September 2nd. Truist Financial started coverage on MiniMed Group in a report on Thursday, September 24th. They set a “buy” rating and a $29.00 target price on the stock. Morgan Stanley upped their price target on MiniMed Group from $19.00 to $21.00 and gave the company an “overweight” rating in a research report on Thursday, September 3rd. Wells Fargo & Company increased their price target on MiniMed Group from $22.00 to $26.00 and gave the company an “overweight” rating in a report on Wednesday, September 2nd. Finally, UBS Group lifted their price objective on MiniMed Group from $25.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Fourteen 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’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $24.14.

MiniMed Group Trading Up 1.4%

The firm has a market cap of $5.62 billion and a price-to-earnings ratio of -29.44. The stock’s fifty day moving average price is $20.46 and its 200-day moving average price is $16.32.

Hedge Funds Weigh In On MiniMed Group

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