Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 5.5% – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price traded down 5.5% during mid-day trading on Tuesday . The company traded as low as $14.58 and last traded at $15.3550. 322,057 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 2,141,933 shares. The stock had previously closed at $16.25.

Analyst Ratings Changes

TNDM has been the subject of a number of research analyst reports. Benchmark started coverage on Tandem Diabetes Care in a report on Monday, May 11th. They issued a “hold” rating for the company. Zacks Research downgraded shares of Tandem Diabetes Care from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, June 10th. Piper Sandler upgraded shares of Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $21.00 to $33.00 in a research report on Tuesday, March 17th. Mizuho set a $24.00 target price on shares of Tandem Diabetes Care in a research note on Friday, May 8th. Finally, Bank of America reduced their price target on shares of Tandem Diabetes Care from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Tandem Diabetes Care currently has an average rating of “Hold” and an average target price of $29.12.

Tandem Diabetes Care Price Performance

The company has a debt-to-equity ratio of 4.54, a current ratio of 3.58 and a quick ratio of 3.07. The business’s fifty day moving average price is $15.96 and its 200-day moving average price is $19.38. The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -11.15 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.16. The company had revenue of $247.22 million for the quarter, compared to analyst estimates of $240.41 million. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The firm’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.66) EPS. On average, research analysts forecast that Tandem Diabetes Care, Inc. will post -0.72 EPS for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently bought and sold shares of TNDM. State of Alaska Department of Revenue raised its holdings in shares of Tandem Diabetes Care by 1.4% in the fourth quarter. State of Alaska Department of Revenue now owns 38,676 shares of the medical device company’s stock valued at $849,000 after purchasing an additional 523 shares during the last quarter. ProShare Advisors LLC grew its position in Tandem Diabetes Care by 4.6% in the 4th quarter. ProShare Advisors LLC now owns 13,185 shares of the medical device company’s stock worth $290,000 after purchasing an additional 579 shares in the last quarter. Smartleaf Asset Management LLC increased its stake in Tandem Diabetes Care by 80.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after buying an additional 593 shares during the last quarter. Natixis Advisors LLC increased its stake in Tandem Diabetes Care by 1.1% in the 4th quarter. Natixis Advisors LLC now owns 57,021 shares of the medical device company’s stock valued at $1,253,000 after buying an additional 617 shares during the last quarter. Finally, LPL Financial LLC lifted its position in shares of Tandem Diabetes Care by 1.8% during the 4th quarter. LPL Financial LLC now owns 39,590 shares of the medical device company’s stock worth $870,000 after buying an additional 716 shares in the last quarter.

Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc (NASDAQ: TNDM), headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company’s flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.