Truist Financial Cuts Tandem Diabetes Care (NASDAQ:TNDM) Price Target to $28.00

Tandem Diabetes Care (NASDAQ:TNDM) had its price target trimmed by Truist Financial from $31.00 to $28.00 in a report issued on Thursday,Benzinga reports. The firm currently has a buy rating on the medical device company’s stock.

TNDM has been the subject of several other reports. William Blair started coverage on shares of Tandem Diabetes Care in a research note on Friday, August 21st. They set an “outperform” rating for the company. Canaccord Genuity Group set a $40.00 target price on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Royal Bank Of Canada restated an “outperform” rating and set a $26.00 target price (down from $30.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. Deutsche Bank Aktiengesellschaft began coverage on shares of Tandem Diabetes Care in a research report on Tuesday, June 23rd. They set a “hold” rating and a $15.50 price target for the company. Finally, The Goldman Sachs Group set a $21.00 price objective on Tandem Diabetes Care in a research report on Wednesday, May 27th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $29.18.

Tandem Diabetes Care Stock Performance

NASDAQ TNDM opened at $15.72 on Thursday. The firm has a market capitalization of $1.09 billion, a P/E ratio of -16.90 and a beta of 1.55. Tandem Diabetes Care has a 1-year low of $11.46 and a 1-year high of $29.65. The company has a debt-to-equity ratio of 4.62, a current ratio of 3.18 and a quick ratio of 2.65. The business’s 50-day simple moving average is $19.67 and its 200-day simple moving average is $18.62.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $254.99 million. During the same quarter in the previous year, the business earned ($0.78) EPS. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities analysts predict that Tandem Diabetes Care will post -0.65 EPS for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of hedge funds have recently bought and sold shares of the company. First Light Asset Management LLC increased its holdings in Tandem Diabetes Care by 157.4% in the second quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock valued at $51,058,000 after buying an additional 2,068,838 shares during the last quarter. BNP Paribas Financial Markets lifted its holdings in 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 worth $27,442,000 after buying an additional 1,028,866 shares during the last quarter. Defilade Capital Management L.P. acquired a new position in shares of Tandem Diabetes Care in the 1st quarter worth approximately $14,606,000. Quantinno Capital Management LP grew its position in shares of Tandem Diabetes Care by 123.5% in the 1st quarter. Quantinno Capital Management LP now owns 653,870 shares of the medical device company’s stock worth $12,535,000 after acquiring an additional 361,361 shares in the last quarter. Finally, Royce & Associates LP increased its holdings in shares of Tandem Diabetes Care by 27.5% in the 4th quarter. Royce & Associates LP now owns 650,250 shares of the medical device company’s stock valued at $14,292,000 after acquiring an additional 140,250 shares during the last quarter.

Tandem Diabetes Care Company Profile

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.