Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 6.7% After Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price traded down 6.7% during trading on Thursday after Truist Financial lowered their price target on the stock from $31.00 to $28.00. Truist Financial currently has a buy rating on the stock. Tandem Diabetes Care traded as low as $15.25 and last traded at $15.2880. 1,274,417 shares were traded during mid-day trading, a decline of 39% from the average daily volume of 2,098,053 shares. The stock had previously closed at $16.38.

A number of other analysts have also commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Tandem Diabetes Care in a research note on Tuesday, September 8th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tandem Diabetes Care in a report on Tuesday, June 23rd. They issued a “hold” rating and a $15.50 target price on the stock. Wells Fargo & Company upgraded Tandem Diabetes Care from a “buy” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $27.00 in a research note on Monday, June 1st. William Blair began coverage on Tandem Diabetes Care in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Finally, Mizuho cut their target price on Tandem Diabetes Care from $24.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Hold” and an average price target of $29.18.

Institutional Investors Weigh In On Tandem Diabetes Care

Institutional investors and hedge funds have recently modified their holdings of the stock. First Light Asset Management LLC lifted its position in Tandem Diabetes Care by 157.4% during the 2nd quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock worth $51,058,000 after acquiring an additional 2,068,838 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Tandem Diabetes Care by 468.5% during the fourth quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company’s stock valued at $27,442,000 after buying an additional 1,028,866 shares in the last quarter. Defilade Capital Management L.P. bought a new stake in shares of Tandem Diabetes Care during the 1st quarter valued at about $14,606,000. Quantinno Capital Management LP lifted its holdings in shares of Tandem Diabetes Care by 123.5% in the 1st quarter. Quantinno Capital Management LP now owns 653,870 shares of the medical device company’s stock worth $12,535,000 after purchasing an additional 361,361 shares during the last quarter. Finally, First Trust Advisors LP acquired a new stake in shares of Tandem Diabetes Care in the 1st quarter worth about $6,570,000.

Tandem Diabetes Care Trading Down 6.0%

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -16.46 and a beta of 1.55. The company has a current ratio of 3.18, a quick ratio of 2.65 and a debt-to-equity ratio of 4.62. The firm has a 50-day moving average of $19.71 and a 200 day moving average of $18.68.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings data on Thursday, August 6th. The medical device company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative net margin of 6.08% and a negative return on equity of 45.97%. The business had revenue of $254.56 million for the quarter, compared to analysts’ expectations of $254.99 million. During the same period in the previous year, the business earned ($0.78) earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. As a group, equities analysts predict that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current fiscal year.

Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc is a medical technology company that develops and commercializes insulin-delivery systems for people with diabetes. Headquartered in San Diego, California, the company focuses on combining wearable insulin pumps, continuous glucose monitoring connectivity and automated insulin-delivery software to help users manage their blood glucose levels.

Its product portfolio includes the t:slim X2 insulin pump, a touchscreen pump designed for integration with compatible continuous glucose monitors, and the smaller, wearable t:slim Mobi pump.