Tandem Diabetes Care (NASDAQ:TNDM) Receives “Buy” Rating from Truist Financial

Tandem Diabetes Care (NASDAQ:TNDM)‘s stock had its “buy” rating restated by equities researchers at Truist Financial in a note issued to investors on Monday,Benzinga reports. They currently have a $31.00 price target on the medical device company’s stock, down from their previous price target of $35.00. Truist Financial’s price target would indicate a potential upside of 111.46% from the company’s current price.

Several other research firms have also commented on TNDM. Barclays set a $55.00 price target on shares of Tandem Diabetes Care and gave the company an “overweight” rating in a report on Monday. Piper Sandler raised shares of Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $21.00 to $33.00 in a report on Tuesday, March 17th. UBS Group reaffirmed a “neutral” rating and issued a $22.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, February 20th. TD Cowen reaffirmed a “buy” rating and issued a $28.00 price target (up from $25.00) on shares of Tandem Diabetes Care in a report on Monday, April 20th. Finally, Mizuho set a $24.00 target price on shares of Tandem Diabetes Care in a research note on Friday. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $29.89.

Tandem Diabetes Care Stock Down 5.3%

Tandem Diabetes Care stock traded down $0.82 during midday trading on Monday, hitting $14.66. 956,151 shares of the stock were exchanged, compared to its average volume of 1,966,640. The firm has a market cap of $1.00 billion, a P/E ratio of -10.48 and a beta of 1.64. The company has a debt-to-equity ratio of 4.54, a current ratio of 3.58 and a quick ratio of 3.07. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $29.65. The company has a 50 day moving average price of $21.32 and a two-hundred day moving average price of $20.33.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings data on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.16. The company had revenue of $247.22 million during 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 for the quarter was up 5.5% compared to the same quarter last year. During the same period last year, the business earned ($0.66) EPS. On average, sell-side analysts predict that Tandem Diabetes Care will post -0.93 earnings per share for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

A number of hedge funds and other institutional investors have recently made changes to their positions in TNDM. Freestone Grove Partners LP bought a new stake in shares of Tandem Diabetes Care during the 3rd quarter worth about $22,706,000. Assenagon Asset Management S.A. bought a new stake in shares of Tandem Diabetes Care during the 4th quarter worth about $26,988,000. First Light Asset Management LLC bought a new stake in shares of Tandem Diabetes Care during the 4th quarter worth about $23,947,000. BNP Paribas Financial Markets raised its position in shares of Tandem Diabetes Care by 468.5% during the 4th quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company’s stock worth $27,442,000 after buying an additional 1,028,866 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its position in shares of Tandem Diabetes Care by 36.7% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after buying an additional 991,649 shares in the last quarter.

About Tandem Diabetes Care

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.