Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Down 8.9%

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price traded down 8.9% during mid-day trading on Monday . The company traded as low as $35.71 and last traded at $36.50. 355,868 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 1,676,530 shares. The stock had previously closed at $40.05.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Citigroup raised shares of Tandem Diabetes Care from a “neutral” rating to a “buy” rating and increased their target price for the company from $40.00 to $57.00 in a report on Wednesday, May 22nd. Redburn Atlantic assumed coverage on shares of Tandem Diabetes Care in a report on Thursday, May 30th. They issued a “buy” rating and a $60.00 target price for the company. Lake Street Capital increased their target price on shares of Tandem Diabetes Care from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Wells Fargo & Company raised shares of Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $21.00 to $45.00 in a report on Monday, April 29th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $50.00 target price (up from $35.00) on shares of Tandem Diabetes Care in a report on Friday, May 3rd. Two research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $51.25.

Tandem Diabetes Care Price Performance

The company has a debt-to-equity ratio of 1.43, a quick ratio of 3.01 and a current ratio of 3.81. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of -17.00 and a beta of 1.28. The company’s fifty day moving average is $45.41 and its two-hundred day moving average is $35.95.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, May 2nd. The medical device company reported ($0.63) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.80) by $0.17. Tandem Diabetes Care had a negative net margin of 18.37% and a negative return on equity of 34.38%. The firm had revenue of $191.67 million for the quarter, compared to the consensus estimate of $173.06 million. Equities research analysts forecast that Tandem Diabetes Care, Inc. will post -1.71 EPS for the current year.

Insider Transactions at Tandem Diabetes Care

In other news, Director Dick Allen sold 5,000 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $51.68, for a total value of $258,400.00. Following the completion of the sale, the director now owns 24,396 shares of the company’s stock, valued at approximately $1,260,785.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds and other institutional investors have recently modified their holdings of the stock. GAMMA Investing LLC increased its position in shares of Tandem Diabetes Care by 11.2% in the 2nd quarter. GAMMA Investing LLC now owns 4,276 shares of the medical device company’s stock worth $172,000 after purchasing an additional 431 shares during the last quarter. MN Wealth Advisors LLC boosted its holdings in shares of Tandem Diabetes Care by 3.1% in the 2nd quarter. MN Wealth Advisors LLC now owns 14,723 shares of the medical device company’s stock valued at $593,000 after buying an additional 440 shares during the period. MCF Advisors LLC boosted its holdings in shares of Tandem Diabetes Care by 79.3% in the 1st quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company’s stock valued at $36,000 after buying an additional 445 shares during the period. Van ECK Associates Corp boosted its holdings in shares of Tandem Diabetes Care by 8.6% in the 4th quarter. Van ECK Associates Corp now owns 5,900 shares of the medical device company’s stock valued at $175,000 after buying an additional 467 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Tandem Diabetes Care by 4.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,960 shares of the medical device company’s stock valued at $603,000 after buying an additional 592 shares during the period.

Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.