Tandem Diabetes Care (NASDAQ:TNDM) Trading 5.6% Higher – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares traded up 5.6% during mid-day trading on Wednesday . The company traded as high as $17.04 and last traded at $17.19. 377,871 shares traded hands during trading, a decline of 82% from the average daily volume of 2,072,623 shares. The stock had previously closed at $16.28.

Analyst Upgrades and Downgrades

TNDM has been the topic of a number of recent analyst reports. UBS Group started coverage on Tandem Diabetes Care in a research note on Tuesday, July 28th. They issued a “neutral” rating and a $18.00 target price on the stock. Canaccord Genuity Group set a $40.00 target price on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft started coverage on shares of Tandem Diabetes Care in a research note on Tuesday, June 23rd. They set a “hold” rating and a $15.50 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tandem Diabetes Care in a research note on Tuesday, September 8th. Finally, Zacks Research downgraded shares of Tandem Diabetes Care from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 10th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $29.34.

Tandem Diabetes Care Stock Performance

The firm has a 50 day moving average of $19.60 and a 200-day moving average of $18.87. The company has a market cap of $1.20 billion, a P/E ratio of -18.53 and a beta of 1.55. The company has a quick ratio of 2.65, a current ratio of 3.18 and a debt-to-equity ratio of 4.62.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share 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. Tandem Diabetes Care’s revenue was up 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

A number of hedge funds have recently added to or reduced their stakes in TNDM. First Light Asset Management LLC grew its holdings in Tandem Diabetes Care by 157.4% during the 2nd quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock worth $51,058,000 after acquiring an additional 2,068,838 shares in the last quarter. BNP Paribas Financial Markets lifted its position in shares of Tandem Diabetes Care by 468.5% in the 4th quarter. BNP Paribas Financial Markets now owns 1,248,481 shares of the medical device company’s stock worth $27,442,000 after purchasing an additional 1,028,866 shares during the period. Defilade Capital Management L.P. bought a new position in shares of Tandem Diabetes Care during the first quarter valued at approximately $14,606,000. Royce & Associates LP boosted its stake in shares of Tandem Diabetes Care by 27.5% during the fourth quarter. Royce & Associates LP now owns 650,250 shares of the medical device company’s stock valued at $14,292,000 after purchasing an additional 140,250 shares in the last quarter. Finally, Quantinno Capital Management LP boosted its stake in shares of Tandem Diabetes Care by 123.5% during the first quarter. Quantinno Capital Management LP now owns 653,870 shares of the medical device company’s stock valued at $12,535,000 after purchasing an additional 361,361 shares in 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.