Tandem Diabetes Care (NASDAQ:TNDM) Trading Down 6.5% – Here’s Why

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) traded down 6.5% during trading on Wednesday . The company traded as low as $16.62 and last traded at $16.4620. 525,705 shares were traded during mid-day trading, a decline of 76% from the average session volume of 2,162,363 shares. The stock had previously closed at $17.61.

Analyst Ratings Changes

TNDM has been the subject of a number of recent analyst reports. The Goldman Sachs Group set a $21.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, May 27th. Bank of America decreased their price objective on shares of Tandem Diabetes Care from $35.00 to $25.00 and set a “neutral” rating for the company in a report on Monday, May 18th. Piper Sandler raised shares of Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $21.00 to $33.00 in a research report on Tuesday, March 17th. Citigroup reissued a “neutral” rating and set a $17.00 price objective (down from $22.00) on shares of Tandem Diabetes Care in a research report on Thursday, May 28th. Finally, Wells Fargo & Company raised shares of Tandem Diabetes Care from a “buy” rating to an “overweight” rating and raised their price target for the company from $21.00 to $27.00 in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Tandem Diabetes Care presently has a consensus rating of “Moderate Buy” and a consensus target price of $29.84.

Tandem Diabetes Care Stock Performance

The business’s fifty day moving average is $17.92 and its two-hundred day moving average is $20.34. The company has a quick ratio of 3.07, a current ratio of 3.58 and a debt-to-equity ratio of 4.54. The stock has a market capitalization of $1.13 billion, a PE ratio of -11.75 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Thursday, May 7th. The medical device company reported ($0.30) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.16. The company had revenue of $247.22 million during the quarter, compared to analyst estimates of $240.41 million. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. Tandem Diabetes Care’s quarterly revenue was up 5.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.66) earnings per share. As a group, research analysts anticipate that Tandem Diabetes Care, Inc. will post -0.74 EPS for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

Several institutional investors and hedge funds have recently made changes to their positions in the business. State of Alaska Department of Revenue raised its holdings in shares of Tandem Diabetes Care by 1.4% in the fourth quarter. State of Alaska Department of Revenue now owns 38,676 shares of the medical device company’s stock valued at $849,000 after acquiring an additional 523 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Tandem Diabetes Care by 4.6% during the fourth quarter. ProShare Advisors LLC now owns 13,185 shares of the medical device company’s stock worth $290,000 after acquiring an additional 579 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Tandem Diabetes Care by 80.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock worth $30,000 after acquiring an additional 593 shares during the last quarter. Natixis Advisors LLC grew its stake in shares of Tandem Diabetes Care by 1.1% during the fourth quarter. Natixis Advisors LLC now owns 57,021 shares of the medical device company’s stock worth $1,253,000 after acquiring an additional 617 shares during the last quarter. Finally, LPL Financial LLC boosted its position in Tandem Diabetes Care by 1.8% in the fourth quarter. LPL Financial LLC now owns 39,590 shares of the medical device company’s stock valued at $870,000 after buying an additional 716 shares during the last quarter.

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.