Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up on Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price gapped up before the market opened on Tuesday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $21.91, but opened at $23.16. Piper Sandler now has a $33.00 price target on the stock, up from their previous price target of $21.00. Tandem Diabetes Care shares last traded at $24.6850, with a volume of 628,621 shares traded.

A number of other equities research analysts also recently commented on the stock. Truist Financial restated a “hold” rating and issued a $27.00 price objective (up from $24.00) on shares of Tandem Diabetes Care in a research report on Monday, February 23rd. 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. Weiss Ratings reissued a “sell (e+)” rating on shares of Tandem Diabetes Care in a report on Wednesday, January 21st. TD Cowen initiated coverage on Tandem Diabetes Care in a report on Tuesday, January 27th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Canaccord Genuity Group set a $35.00 target price on Tandem Diabetes Care and gave the company a “buy” rating in a report on Wednesday, December 17th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, ten have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tandem Diabetes Care has an average rating of “Hold” and a consensus target price of $28.78.

Institutional Trading of Tandem Diabetes Care

Large investors have recently bought and sold shares of the company. Sector Gamma AS raised its position in Tandem Diabetes Care by 28.0% during the third quarter. Sector Gamma AS now owns 269,542 shares of the medical device company’s stock worth $3,272,000 after acquiring an additional 59,019 shares during the last quarter. Aberdeen Group plc grew its position in shares of Tandem Diabetes Care by 67.9% in the third quarter. Aberdeen Group plc now owns 598,096 shares of the medical device company’s stock valued at $7,261,000 after purchasing an additional 241,878 shares during the last quarter. Champlain Investment Partners LLC increased its stake in shares of Tandem Diabetes Care by 6.3% during the 2nd quarter. Champlain Investment Partners LLC now owns 1,455,123 shares of the medical device company’s stock worth $27,123,000 after purchasing an additional 86,235 shares in the last quarter. Counterpoint Mutual Funds LLC purchased a new position in shares of Tandem Diabetes Care during the 3rd quarter worth approximately $513,000. Finally, Dynamic Technology Lab Private Ltd raised its position in shares of Tandem Diabetes Care by 122.2% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 26,143 shares of the medical device company’s stock worth $488,000 after purchasing an additional 14,377 shares during the last quarter.

Tandem Diabetes Care Trading Up 12.9%

The company has a current ratio of 2.55, a quick ratio of 2.02 and a debt-to-equity ratio of 2.00. The business has a 50 day moving average of $21.31 and a 200-day moving average of $18.43. The stock has a market cap of $1.69 billion, a PE ratio of -8.04 and a beta of 1.62.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The company had revenue of $290.38 million during the quarter, compared to the consensus estimate of $277.14 million. During the same quarter last year, the business posted $0.01 earnings per share. Tandem Diabetes Care’s revenue was up 15.1% compared to the same quarter last year. On average, analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

About Tandem Diabetes Care

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.