Tandem Diabetes Care (NASDAQ:TNDM) Trading Down 6.5% After Analyst Downgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) dropped 6.5% during mid-day trading on Wednesday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $16.62 and last traded at $16.4620. Approximately 525,705 shares traded hands during trading, a decline of 76% from the average daily volume of 2,162,363 shares. The stock had previously closed at $17.61.

Other equities analysts have also issued research reports about the company. Truist Financial reissued a “buy” rating and set a $31.00 price target (down from $35.00) on shares of Tandem Diabetes Care in a report on Monday, May 11th. Bank of America lowered their price target on Tandem Diabetes Care from $35.00 to $25.00 and set a “neutral” rating on the stock in a report on Monday, May 18th. Mizuho set a $24.00 price target on Tandem Diabetes Care in a report on Friday, May 8th. UBS Group reissued a “neutral” rating and set a $22.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, February 20th. Finally, Morgan Stanley raised their price target on Tandem Diabetes Care from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $29.84.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of institutional investors have recently added to or reduced their stakes in TNDM. Caitong International Asset Management Co. Ltd boosted its holdings in Tandem Diabetes Care by 200.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 1,470 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Tandem Diabetes Care by 80.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 593 shares during the period. OP Asset Management Ltd acquired a new stake in shares of Tandem Diabetes Care during the 1st quarter valued at approximately $35,000. Quarry LP lifted its position in shares of Tandem Diabetes Care by 2,597.1% during the 3rd quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock valued at $45,000 after acquiring an additional 3,558 shares during the period. Finally, Aster Capital Management DIFC Ltd lifted its position in shares of Tandem Diabetes Care by 485.1% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 5,149 shares of the medical device company’s stock valued at $63,000 after acquiring an additional 4,269 shares during the period.

Tandem Diabetes Care Stock Performance

The stock’s 50-day moving average price is $17.79 and its 200-day moving average price is $20.28. 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 company 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 results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share (EPS) for the quarter, beating 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 company had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. During the same period last year, the firm earned ($0.66) EPS. The company’s revenue for the quarter was up 5.5% on a year-over-year basis. As a group, equities research analysts expect that Tandem Diabetes Care, Inc. will post -0.74 earnings per share for the current year.

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.