Tandem Diabetes Care (NASDAQ:TNDM) Price Target Cut to $20.00 by Analysts at Citigroup

Tandem Diabetes Care (NASDAQ:TNDM) had its target price dropped by research analysts at Citigroup from $24.00 to $20.00 in a report issued on Wednesday, Marketbeat reports. The firm currently has a “neutral” rating on the medical device company’s stock. Citigroup’s price target indicates a potential upside of 24.19% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. William Blair initiated coverage on Tandem Diabetes Care in a research note on Friday, August 21st. They issued an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft began coverage on Tandem Diabetes Care in a report on Tuesday, June 23rd. They issued a “hold” rating and a $15.50 target price on the stock. Canaccord Genuity Group set a $40.00 price target on shares of Tandem Diabetes Care in a research report on Friday, August 7th. Zacks Research lowered shares of Tandem Diabetes Care from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 10th. Finally, Truist Financial lowered their price objective on shares of Tandem Diabetes Care from $31.00 to $28.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $29.13.

Tandem Diabetes Care Stock Down 2.8%

Shares of TNDM stock traded down $0.47 on Wednesday, reaching $16.10. 98,901 shares of the company were exchanged, compared to its average volume of 2,101,625. The company has a market cap of $1.12 billion, a price-to-earnings ratio of -17.29 and a beta of 1.55. The company has a 50-day moving average of $19.61 and a 200-day moving average of $18.53. The company has a debt-to-equity ratio of 4.62, a current ratio of 3.18 and a quick ratio of 2.65. Tandem Diabetes Care has a one year low of $12.07 and a one year high of $29.65.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Thursday, August 6th. The medical device company reported ($0.31) 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 business had revenue of $254.56 million during the quarter, compared to analyst estimates of $254.99 million. During the same period in the previous year, the company posted ($0.78) EPS. The firm’s revenue was up 5.8% compared to the same quarter last year. Analysts anticipate that Tandem Diabetes Care will post -0.65 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Integrated Wealth Concepts LLC bought a new stake in Tandem Diabetes Care during the second quarter worth $33,000. OP Asset Management Ltd purchased a new stake in Tandem Diabetes Care in the 1st quarter valued at $35,000. Prosperitas Financial LLC bought a new position in Tandem Diabetes Care during the 2nd quarter valued at $151,000. Proficio Capital Partners LLC bought a new position in Tandem Diabetes Care during the 2nd quarter valued at $180,000. Finally, Leonteq Securities AG boosted its holdings in Tandem Diabetes Care by 21.7% during the 1st quarter. Leonteq Securities AG now owns 9,501 shares of the medical device company’s stock worth $182,000 after acquiring an additional 1,695 shares during the last quarter.

About Tandem Diabetes Care

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.