Tandem Diabetes Care (NASDAQ:TNDM) Downgraded by Zacks Research to Hold

Tandem Diabetes Care (NASDAQ:TNDM) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Wednesday,Zacks.com reports.

A number of other brokerages have also issued reports on TNDM. UBS Group reissued a “neutral” rating and set a $22.00 target price (up from $17.00) on shares of Tandem Diabetes Care in a research note on Friday, February 20th. Truist Financial reissued a “buy” rating and set a $31.00 target price (down from $35.00) on shares of Tandem Diabetes Care in a research note on Monday, May 11th. Rothschild & Co Redburn set a $45.00 target price on shares of Tandem Diabetes Care in a research note on Friday, April 24th. Stifel Nicolaus lifted their target price on shares of Tandem Diabetes Care from $20.00 to $22.00 and gave the company a “hold” rating in a research note on Friday, February 20th. Finally, The Goldman Sachs Group set a $21.00 target price on shares of Tandem Diabetes Care in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, ten have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $29.84.

Tandem Diabetes Care Trading Down 2.6%

Tandem Diabetes Care stock opened at $15.80 on Wednesday. The company has a 50 day moving average price of $17.79 and a 200 day moving average price of $20.28. Tandem Diabetes Care has a 52 week low of $9.98 and a 52 week high of $29.65. The company has a debt-to-equity ratio of 4.54, a quick ratio of 3.07 and a current ratio of 3.58. The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -11.29 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Thursday, May 7th. The medical device company reported ($0.30) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.16. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The firm had revenue of $247.22 million during the quarter, compared to analyst estimates of $240.41 million. During the same quarter last year, the business posted ($0.66) EPS. The company’s revenue was up 5.5% on a year-over-year basis. Research analysts forecast that Tandem Diabetes Care will post -0.74 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of TNDM. Freestone Grove Partners LP bought a new position in shares of Tandem Diabetes Care during the 3rd quarter valued at $22,706,000. Assenagon Asset Management S.A. bought a new position in shares of Tandem Diabetes Care during the 4th quarter valued at $26,988,000. First Light Asset Management LLC bought a new position in shares of Tandem Diabetes Care during the 4th quarter valued at $23,947,000. BNP Paribas Financial Markets raised its holdings 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 valued at $27,442,000 after purchasing an additional 1,028,866 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC raised its holdings 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 valued at $44,811,000 after purchasing an additional 991,649 shares in the last quarter.

Tandem Diabetes Care Company Profile

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.