Tandem Diabetes Care (NASDAQ:TNDM) Trading 4.8% Higher – Here’s What Happened

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares shot up 4.8% during mid-day trading on Tuesday . The stock traded as high as $23.24 and last traded at $23.3110. 78,664 shares traded hands during trading, a decline of 96% from the average daily volume of 2,139,668 shares. The stock had previously closed at $22.25.

Analysts Set New Price Targets

TNDM has been the subject of several recent research reports. Rothschild & Co Redburn set a $45.00 price objective on Tandem Diabetes Care in a research report on Friday, April 24th. Truist Financial restated a “buy” rating and issued a $31.00 target price (down from $35.00) on shares of Tandem Diabetes Care in a report on Monday, May 11th. TD Cowen reaffirmed a “buy” rating and issued a $28.00 target price (up from $25.00) on shares of Tandem Diabetes Care in a research note on Monday, April 20th. Canaccord Genuity Group set a $40.00 price target on shares of Tandem Diabetes Care in a report on Friday, August 7th. Finally, Barclays set a $55.00 price target on shares of Tandem Diabetes Care and gave the company an “overweight” rating in a research report on Monday, May 11th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Tandem Diabetes Care currently has a consensus rating of “Hold” and an average price target of $28.98.

Tandem Diabetes Care Price Performance

The company has a debt-to-equity ratio of 4.62, a quick ratio of 2.65 and a current ratio of 3.18. The business has a 50-day simple moving average of $17.47 and a 200 day simple moving average of $18.99. The firm has a market cap of $1.61 billion, a P/E ratio of -24.96 and a beta of 1.53.

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, topping analysts’ consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative return on equity of 45.97% and a negative net margin of 6.08%.The firm had revenue of $254.56 million for the quarter, compared to analyst estimates of $254.99 million. During the same period last year, the company earned ($0.78) EPS. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, analysts anticipate that Tandem Diabetes Care, Inc. will post -0.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Freestone Grove Partners LP purchased a new stake in shares of Tandem Diabetes Care in the 3rd quarter worth about $22,706,000. First Light Asset Management LLC purchased a new position in shares of Tandem Diabetes Care during the fourth quarter valued at about $23,947,000. BNP Paribas Financial Markets raised its stake in Tandem Diabetes Care by 468.5% in the fourth 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. Marshall Wace LLP bought a new position in Tandem Diabetes Care in the fourth quarter worth about $19,244,000. Finally, Defilade Capital Management L.P. purchased a new stake in Tandem Diabetes Care in the first quarter worth about $14,606,000.

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.