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

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price dropped 6.7% during mid-day 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 trading, a decline of 39% from the average daily volume of 2,098,053 shares. The stock had previously closed at $16.38.

TNDM has been the subject of a number of other research reports. Deutsche Bank Aktiengesellschaft assumed coverage on Tandem Diabetes Care in a research report on Tuesday, June 23rd. They set a “hold” rating and a $15.50 price objective for the company. William Blair initiated coverage on shares of Tandem Diabetes Care in a research report on Friday, August 21st. They issued an “outperform” rating for the company. Canaccord Genuity Group set a $40.00 target price on Tandem Diabetes Care in a research report on Friday, August 7th. Citigroup reaffirmed a “neutral” rating and set a $21.00 target price (up from $17.00) on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Finally, The Goldman Sachs Group set a $21.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, eleven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Tandem Diabetes Care presently has an average rating of “Hold” and a consensus target price of $29.18.

Institutional Trading of Tandem Diabetes Care

Institutional investors and hedge funds have recently modified their holdings of the company. First Light Asset Management LLC grew its stake in Tandem Diabetes Care by 157.4% in the 2nd quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock valued at $51,058,000 after buying an additional 2,068,838 shares during the last quarter. BNP Paribas Financial Markets boosted its holdings 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 acquiring an additional 1,028,866 shares during the period. Defilade Capital Management L.P. acquired a new stake in shares of Tandem Diabetes Care in the first quarter valued at about $14,606,000. Royce & Associates LP grew its position in shares of Tandem Diabetes Care by 27.5% in the fourth quarter. Royce & Associates LP now owns 650,250 shares of the medical device company’s stock valued at $14,292,000 after purchasing an additional 140,250 shares during the last quarter. Finally, Quantinno Capital Management LP increased its stake in shares of Tandem Diabetes Care by 123.5% in the first 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 period.

Tandem Diabetes Care Stock Down 6.0%

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 has a market capitalization of $1.07 billion, a P/E ratio of -16.46 and a beta of 1.55. The business has a 50 day moving average price of $19.71 and a 200 day moving average price of $18.68.

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 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 quarter last year, the firm posted ($0.78) EPS. The company’s revenue was up 5.8% on a year-over-year basis. On average, analysts predict that Tandem Diabetes Care, Inc. will post -0.65 earnings per share for the current 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.