MiniMed Group Inc’s Lock-Up Period To Expire on September 2nd (NASDAQ:MMED)

MiniMed Group’s (NASDAQ:MMED) lock-up period is set to end on Wednesday, September 2nd. MiniMed Group had issued 28,000,000 shares in its public offering on March 6th. The total size of the offering was $560,000,000 based on an initial share price of $20.00. Shares of the company owned by company insiders and major shareholders will be eligible for trade following the expiration of the lock-up period.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. Weiss Ratings upgraded shares of MiniMed Group from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, July 20th. Wells Fargo & Company decreased their price objective on MiniMed Group from $26.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, June 4th. Benchmark reaffirmed a “buy” rating on shares of MiniMed Group in a research report on Thursday, June 4th. Bank of America dropped their target price on MiniMed Group from $27.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, May 18th. Finally, UBS Group started coverage on MiniMed Group in a research report on Tuesday, July 28th. They set a “buy” rating and a $25.00 price target for the company. Thirteen equities research 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.com, MiniMed Group currently has an average rating of “Moderate Buy” and an average price target of $21.62.

MiniMed Group Stock Up 0.1%

NASDAQ:MMED opened at $19.51 on Friday. The company has a market capitalization of $5.49 billion and a PE ratio of -28.69. MiniMed Group has a 1-year low of $10.65 and a 1-year high of $20.88. The firm has a fifty day moving average price of $17.25.

MiniMed Group (NASDAQ:MMED) last posted its quarterly 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 business had revenue of $837.00 million for the quarter. The company’s quarterly revenue was up 15.6% compared to the same quarter last year. Research analysts predict that MiniMed Group will post 0.66 EPS for the current year.

Hedge Funds Weigh In On MiniMed Group

A number of institutional investors have recently bought and sold shares of MMED. California State Teachers Retirement System bought a new stake in MiniMed Group in the second quarter valued at approximately $89,000. Readystate Asset Management LP bought a new position in shares of MiniMed Group during the 2nd quarter worth approximately $4,400,000. Washington Growth Strategies LLC bought a new position in shares of MiniMed Group during the 2nd quarter worth approximately $397,000. Punch & Associates Investment Management Inc. acquired a new position in shares of MiniMed Group during the 2nd quarter worth approximately $292,000. Finally, Bank of America Corp DE raised its stake in 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 acquiring an additional 188,756 shares during the period.

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.