Traders Buy Large Volume of MiniMed Group Call Options (NASDAQ:MMED)

MiniMed Group Inc (NASDAQ:MMED) was the target of some unusual options trading activity on Friday. Stock investors acquired 7,533 call options on the company. This is an increase of approximately 111% compared to the typical volume of 3,563 call options.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Truist Financial began coverage on MiniMed Group in a research report on Thursday, September 24th. They issued a “buy” rating and a $29.00 price objective for the company. UBS Group increased their price objective on shares of MiniMed Group from $25.00 to $28.00 and gave the company a “buy” rating in a report on Wednesday, September 2nd. Citigroup raised their price objective on shares of MiniMed Group from $23.00 to $26.00 and gave the company a “buy” rating in a research note on Wednesday, September 2nd. Weiss Ratings upgraded shares of MiniMed Group from a “sell (d-)” rating to a “sell (d)” rating in a research report on Wednesday, September 9th. Finally, Mizuho raised their price target on MiniMed Group from $26.00 to $28.00 and gave the stock an “outperform” rating in a research report on Thursday. Thirteen analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $24.00.

MiniMed Group Price Performance

Shares of NASDAQ:MMED opened at $19.71 on Friday. The firm’s 50 day simple moving average is $20.63 and its 200 day simple moving average is $16.42. MiniMed Group has a fifty-two week low of $10.65 and a fifty-two week high of $24.43. The company has a market capitalization of $5.55 billion and a price-to-earnings ratio of -28.99.

Hedge Funds Weigh In On MiniMed Group

A number of hedge funds and other institutional investors have recently made changes to their positions in MMED. BlackRock Inc. lifted its holdings in MiniMed Group by 7,527.5% during the second quarter. BlackRock Inc. now owns 1,996,489 shares of the company’s stock worth $29,848,000 after acquiring an additional 1,970,314 shares in the last quarter. J. Goldman & Co LP bought a new stake in shares of MiniMed Group in the second quarter worth about $12,412,000. State Street Corp acquired a new stake in shares of MiniMed Group during the second quarter worth about $6,029,000. Readystate Asset Management LP bought a new position in shares of MiniMed Group during the 2nd quarter valued at about $4,400,000. Finally, Bank of America Corp DE grew 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 valued at $3,570,000 after purchasing an additional 188,756 shares during the period.

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.