Tandem Diabetes Care (NASDAQ:TNDM) Trading 5.6% Higher – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price was up 5.6% on Wednesday . The stock traded as high as $17.04 and last traded at $17.19. 377,871 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 2,072,623 shares. The stock had previously closed at $16.28.

Analyst Upgrades and Downgrades

Several research analysts have commented on TNDM shares. The Goldman Sachs Group set a $21.00 price objective on shares of Tandem Diabetes Care in a report on Wednesday, May 27th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tandem Diabetes Care in a research note on Tuesday, June 23rd. They set a “hold” rating and a $15.50 target price on the stock. Mizuho reduced their price target on shares of 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. Citigroup restated a “neutral” rating and issued a $21.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. Finally, Oppenheimer reaffirmed an “outperform” rating on shares of Tandem Diabetes Care in a research report on Friday, August 7th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Tandem Diabetes Care presently has an average rating of “Hold” and a consensus target price of $29.34.

Tandem Diabetes Care Price Performance

The firm has a market cap of $1.20 billion, a P/E ratio of -18.56 and a beta of 1.55. The company has a debt-to-equity ratio of 4.62, a current ratio of 3.18 and a quick ratio of 2.65. The firm’s 50 day moving average is $19.51 and its 200 day moving average is $18.98.

Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $254.56 million during the quarter, compared to analyst estimates of $254.99 million. During the same period last year, the business earned ($0.78) earnings per share. The business’s revenue was up 5.8% on a year-over-year basis. As a group, analysts anticipate that Tandem Diabetes Care, Inc. will post -0.65 earnings per share for the current year.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently added to or reduced their stakes in TNDM. ProShare Advisors LLC grew its position in shares of 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 buying an additional 579 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its stake in Tandem Diabetes Care by 36.0% in the fourth quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company’s stock valued at $75,000 after acquiring an additional 909 shares in the last quarter. PNC Financial Services Group Inc. grew its holdings in Tandem Diabetes Care by 5.6% in the fourth quarter. PNC Financial Services Group Inc. now owns 22,347 shares of the medical device company’s stock worth $491,000 after purchasing an additional 1,192 shares during the last quarter. Leonteq Securities AG increased its position in shares of Tandem Diabetes Care by 21.7% during the first quarter. Leonteq Securities AG now owns 9,501 shares of the medical device company’s stock worth $182,000 after purchasing an additional 1,695 shares in the last quarter. Finally, Diversified Trust Co increased its position in shares of Tandem Diabetes Care by 9.1% during the first quarter. Diversified Trust Co now owns 21,332 shares of the medical device company’s stock worth $409,000 after purchasing an additional 1,774 shares in the last quarter.

About Tandem Diabetes Care

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.