MiniMed Group (NASDAQ:MMED) Trading 8.6% Higher – Here’s Why

MiniMed Group Inc (NASDAQ:MMED) shot up 8.6% during trading on Wednesday . The stock traded as high as $14.80 and last traded at $14.9150. Approximately 92,007 shares changed hands during trading, a decline of 90% from the average daily volume of 900,319 shares. The stock had previously closed at $13.74.

Analyst Ratings Changes

Several research firms have recently commented on MMED. Barclays initiated coverage on shares of MiniMed Group in a report on Wednesday, April 1st. They issued an “overweight” rating and a $26.00 price objective on the stock. Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a report on Thursday, June 4th. BTIG Research began coverage on MiniMed Group in a research report on Tuesday, March 31st. They set a “buy” rating and a $25.00 price target on the stock. Bank of America reduced their price objective on MiniMed Group from $27.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, May 18th. Finally, William Blair started coverage on MiniMed Group in a research note on Tuesday, March 31st. They issued an “outperform” rating on the stock. Twelve investment 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. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $21.33.

MiniMed Group Stock Performance

The company has a 50 day moving average of $13.03.

MiniMed Group (NASDAQ:MMED) last posted its earnings results on Wednesday, June 3rd. The company reported ($0.68) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The company had revenue of $837.00 million for the quarter. The firm’s revenue for the quarter was up 15.6% on a year-over-year basis.

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.