Tandem Diabetes Care (NASDAQ:TNDM) Trading Up 7.7% – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price was up 7.7% during mid-day trading on Friday . The company traded as high as $13.86 and last traded at $14.12. Approximately 121,287 shares were traded during trading, a decline of 93% from the average daily volume of 1,734,742 shares. The stock had previously closed at $13.11.

Analyst Ratings Changes

TNDM has been the subject of several research reports. Barclays reduced their price objective on Tandem Diabetes Care from $53.00 to $51.00 and set an “overweight” rating for the company in a research report on Friday, August 8th. Wall Street Zen cut Tandem Diabetes Care from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Truist Financial initiated coverage on Tandem Diabetes Care in a research report on Monday, June 16th. They issued a “hold” rating and a $24.00 price objective for the company. Piper Sandler cut Tandem Diabetes Care from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $30.00 to $14.00 in a research report on Thursday, August 7th. Finally, Canaccord Genuity Group reissued a “buy” rating and issued a $24.00 price objective on shares of Tandem Diabetes Care in a research report on Monday, September 29th. Five investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $22.44.

Tandem Diabetes Care Stock Up 12.2%

The company has a debt-to-equity ratio of 2.32, a current ratio of 2.44 and a quick ratio of 1.88. The firm has a 50 day simple moving average of $12.66 and a 200-day simple moving average of $16.78. The stock has a market capitalization of $993.95 million, a price-to-earnings ratio of -4.76 and a beta of 1.48.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings data on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.40) by ($0.08). Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%.The company had revenue of $240.68 million for the quarter, compared to analyst estimates of $238.39 million. During the same quarter in the prior year, the company earned ($0.47) earnings per share. The business’s revenue was up 8.5% compared to the same quarter last year. On average, sell-side analysts forecast that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Trading of Tandem Diabetes Care

A number of hedge funds and other institutional investors have recently made changes to their positions in TNDM. Sessa Capital IM L.P. acquired a new stake in Tandem Diabetes Care in the first quarter worth about $85,574,000. Ophir Asset Management Pty Ltd acquired a new stake in Tandem Diabetes Care in the second quarter worth about $27,307,000. GW&K Investment Management LLC increased its position in Tandem Diabetes Care by 34.9% in the first quarter. GW&K Investment Management LLC now owns 2,863,987 shares of the medical device company’s stock worth $54,874,000 after purchasing an additional 740,499 shares during the period. Nuveen LLC acquired a new stake in Tandem Diabetes Care in the first quarter worth about $5,907,000. Finally, Lisanti Capital Growth LLC acquired a new stake in Tandem Diabetes Care in the second quarter worth about $4,732,000.

Tandem Diabetes Care Company Profile

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.