Canaccord Genuity Group Initiates Coverage on Tandem Diabetes Care (NASDAQ:TNDM)

Analysts at Canaccord Genuity Group assumed coverage on shares of Tandem Diabetes Care (NASDAQ:TNDM) in a report issued on Thursday, Marketbeat reports. The brokerage set a “buy” rating and a $57.00 price target on the medical device company’s stock. Canaccord Genuity Group’s price objective indicates a potential upside of 52.00% from the company’s previous close.

A number of other equities analysts have also recently issued reports on the stock. Redburn Atlantic started coverage on shares of Tandem Diabetes Care in a research report on Thursday, May 30th. They issued a “buy” rating and a $60.00 price objective on the stock. Piper Sandler reaffirmed an “overweight” rating and set a $55.00 price target (up previously from $50.00) on shares of Tandem Diabetes Care in a research report on Friday, August 2nd. Citigroup upgraded Tandem Diabetes Care from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $40.00 to $57.00 in a research report on Wednesday, May 22nd. Wells Fargo & Company upped their target price on Tandem Diabetes Care from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Finally, UBS Group upgraded shares of Tandem Diabetes Care to a “hold” rating in a report on Friday, August 2nd. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Tandem Diabetes Care currently has a consensus rating of “Moderate Buy” and an average target price of $55.08.

Tandem Diabetes Care Trading Up 1.7 %

Shares of NASDAQ TNDM traded up $0.62 during midday trading on Thursday, reaching $37.50. The company had a trading volume of 1,752,433 shares, compared to its average volume of 1,747,583. The stock has a market cap of $2.42 billion, a PE ratio of -17.28 and a beta of 1.28. Tandem Diabetes Care has a one year low of $13.82 and a one year high of $53.69. The firm’s fifty day moving average price is $42.87 and its 200-day moving average price is $36.71. The company has a quick ratio of 2.38, a current ratio of 3.05 and a debt-to-equity ratio of 1.31.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings data on Thursday, August 1st. The medical device company reported ($0.47) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.07. Tandem Diabetes Care had a negative return on equity of 41.54% and a negative net margin of 17.15%. The firm had revenue of $221.90 million during the quarter, compared to the consensus estimate of $205.63 million. During the same quarter in the previous year, the company posted ($0.30) earnings per share. The business’s revenue was up 13.3% on a year-over-year basis. On average, equities research analysts anticipate that Tandem Diabetes Care will post -1.76 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Dick Allen sold 5,000 shares of Tandem Diabetes Care stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $51.68, for a total value of $258,400.00. Following the completion of the transaction, 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 SEC, which is available through the SEC website. 2.20% of the stock is currently owned by insiders.

Institutional Trading of Tandem Diabetes Care

Several institutional investors have recently added to or reduced their stakes in TNDM. ORG Partners LLC purchased a new stake in shares of Tandem Diabetes Care during the 2nd quarter valued at about $31,000. Headlands Technologies LLC purchased a new position in shares of Tandem Diabetes Care in the first quarter worth approximately $35,000. MCF Advisors LLC grew its position in shares of Tandem Diabetes Care by 79.3% during the 1st quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company’s stock valued at $36,000 after acquiring an additional 445 shares during the period. Signaturefd LLC grew its holdings in Tandem Diabetes Care by 871.8% during the fourth quarter. Signaturefd LLC now owns 1,691 shares of the medical device company’s stock valued at $50,000 after purchasing an additional 1,517 shares during the period. Finally, Arcadia Investment Management Corp MI raised its stake in shares of Tandem Diabetes Care by 141.6% in the first quarter. Arcadia Investment Management Corp MI now owns 1,851 shares of the medical device company’s stock worth $66,000 after buying an additional 1,085 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.