Tandem Diabetes Care (NASDAQ:TNDM) Lowered to Hold Rating by Lake Street Capital

Lake Street Capital downgraded shares of Tandem Diabetes Care (NASDAQ:TNDM) from a buy rating to a hold rating in a research note issued to investors on Monday, Marketbeat reports. The brokerage currently has $12.00 price target on the medical device company’s stock, down from their previous price target of $75.00.

Several other research analysts also recently commented on the company. Wells Fargo & Company decreased their price objective on Tandem Diabetes Care from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research note on Thursday, August 7th. Wall Street Zen downgraded Tandem Diabetes Care from a “hold” rating to a “sell” rating in a research note on Saturday, June 21st. Piper Sandler downgraded Tandem Diabetes Care from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $30.00 to $14.00 in a research note on Thursday. Royal Bank Of Canada decreased their price objective on Tandem Diabetes Care from $45.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Finally, Robert W. Baird decreased their price objective on Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating on the stock in a research note on Thursday, May 1st. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, Tandem Diabetes Care has a consensus rating of “Hold” and an average price target of $22.67.

Tandem Diabetes Care Stock Down 10.0%

TNDM stock opened at $10.11 on Monday. Tandem Diabetes Care has a fifty-two week low of $9.98 and a fifty-two week high of $47.60. The business’s 50-day moving average is $17.36 and its two-hundred day moving average is $21.17. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.88 and a current ratio of 2.44. The company has a market cap of $683.13 million, a price-to-earnings ratio of -3.27 and a beta of 1.46.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.08). Tandem Diabetes Care had a negative net margin of 20.51% and a negative return on equity of 65.40%. The firm had revenue of $240.68 million during the quarter, compared to the consensus estimate of $238.39 million. During the same period in the prior year, the company posted ($0.47) EPS. The firm’s revenue was up 8.5% compared to the same quarter last year. As a group, analysts forecast that Tandem Diabetes Care will post -1.68 earnings per share for the current year.

Insider Activity at Tandem Diabetes Care

In other news, CEO John F. Sheridan purchased 10,000 shares of the business’s stock in a transaction on Monday, August 11th. The stock was acquired at an average price of $10.23 per share, for a total transaction of $102,300.00. Following the acquisition, the chief executive officer directly owned 106,327 shares of the company’s stock, valued at $1,087,725.21. This represents a 10.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Leigh Vosseller purchased 13,720 shares of the business’s stock in a transaction on Friday, August 8th. The shares were purchased at an average price of $10.89 per share, with a total value of $149,410.80. Following the acquisition, the chief financial officer directly owned 25,580 shares in the company, valued at $278,566.20. This represents a 115.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Company insiders own 1.90% of the company’s stock.

Institutional Investors Weigh In On Tandem Diabetes Care

Several institutional investors have recently modified their holdings of the stock. SG Americas Securities LLC lifted its stake in shares of Tandem Diabetes Care by 69.8% in the 2nd quarter. SG Americas Securities LLC now owns 27,760 shares of the medical device company’s stock valued at $517,000 after purchasing an additional 11,407 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its stake in shares of Tandem Diabetes Care by 8.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,101 shares of the medical device company’s stock valued at $319,000 after purchasing an additional 1,384 shares during the last quarter. Police & Firemen s Retirement System of New Jersey lifted its stake in shares of Tandem Diabetes Care by 10.1% in the 2nd quarter. Police & Firemen s Retirement System of New Jersey now owns 15,299 shares of the medical device company’s stock valued at $285,000 after purchasing an additional 1,399 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Tandem Diabetes Care by 3.2% in the 2nd quarter. Geode Capital Management LLC now owns 1,606,336 shares of the medical device company’s stock valued at $29,946,000 after purchasing an additional 49,126 shares during the last quarter. Finally, PNC Financial Services Group Inc. lifted its stake in shares of Tandem Diabetes Care by 8.9% in the 2nd quarter. PNC Financial Services Group Inc. now owns 20,954 shares of the medical device company’s stock valued at $391,000 after purchasing an additional 1,719 shares during the last quarter.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.