MiniMed Group (NASDAQ:MMED) Trading Up 6.7% – Here’s What Happened

MiniMed Group Inc (NASDAQ:MMED) shot up 6.7% on Friday . The company traded as high as $16.88 and last traded at $16.94. 1,230,110 shares changed hands during mid-day trading, an increase of 26% from the average daily volume of 973,886 shares. The stock had previously closed at $15.88.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MMED. Piper Sandler restated a “neutral” rating and set a $16.00 target price on shares of MiniMed Group in a research report on Thursday, June 4th. Barclays started coverage on MiniMed Group in a research report on Wednesday, April 1st. They issued an “overweight” rating and a $26.00 price target on the stock. William Blair initiated coverage on MiniMed Group in a research report on Tuesday, March 31st. They set an “outperform” rating for the company. Zacks Research upgraded MiniMed Group to a “hold” rating in a research note on Thursday, April 9th. Finally, Bank of America decreased their price target on MiniMed Group from $27.00 to $20.00 and set a “buy” rating for the company in a report on Monday, May 18th. Twelve analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, MiniMed Group presently has an average rating of “Moderate Buy” and a consensus price target of $21.33.

MiniMed Group Trading Up 4.5%

The company has a market capitalization of $4.66 billion and a PE ratio of -24.47. The stock has a 50-day moving average of $13.66.

MiniMed Group (NASDAQ:MMED) last announced its earnings results on Wednesday, June 3rd. The company reported ($0.68) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.46). The company had revenue of $837.00 million during the quarter. The company’s revenue 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.