Tandem Diabetes Care (NASDAQ:TNDM) Trading Down 6.6% – Time to Sell?

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price was down 6.6% on Friday . The company traded as low as $21.54 and last traded at $21.7750. Approximately 742,799 shares traded hands during trading, a decline of 63% from the average daily volume of 1,991,973 shares. The stock had previously closed at $23.32.

Analysts Set New Price Targets

TNDM has been the topic of a number of recent research reports. Truist Financial raised Tandem Diabetes Care from a “hold” rating to a “buy” rating and boosted their target price for the company from $27.00 to $35.00 in a report on Thursday, March 19th. Mizuho set a $22.00 price objective on shares of Tandem Diabetes Care and gave the company a “neutral” rating in a research report on Friday, February 20th. Lake Street Capital raised shares of Tandem Diabetes Care from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Monday, February 23rd. Canaccord Genuity Group set a $35.00 price objective on shares of Tandem Diabetes Care and gave the stock a “buy” rating in a research report on Wednesday, December 17th. Finally, Morgan Stanley raised their target price on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the stock an “equal weight” rating in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $29.22.

Tandem Diabetes Care Stock Performance

The company has a quick ratio of 2.02, a current ratio of 2.55 and a debt-to-equity ratio of 2.00. The company has a market capitalization of $1.45 billion, a price-to-earnings ratio of -6.95 and a beta of 1.63. The stock has a fifty day moving average price of $21.71 and a two-hundred day moving average price of $19.00.

Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Thursday, February 19th. The medical device company reported ($0.01) EPS for the quarter, beating 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 firm had revenue of $290.38 million during the quarter, compared to analyst estimates of $277.14 million. During the same period in the prior year, the firm posted $0.01 earnings per share. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts forecast that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Tandem Diabetes Care

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in Tandem Diabetes Care by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock valued at $161,363,000 after buying an additional 278,042 shares in the last quarter. ArrowMark Colorado Holdings LLC grew its position in shares of Tandem Diabetes Care by 36.7% in the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after acquiring an additional 991,649 shares in the last quarter. Hood River Capital Management LLC grew its position in shares of Tandem Diabetes Care by 10.9% in the 2nd quarter. Hood River Capital Management LLC now owns 2,564,978 shares of the medical device company’s stock worth $47,811,000 after acquiring an additional 252,934 shares in the last quarter. Paradice Investment Management LLC increased its holdings in shares of Tandem Diabetes Care by 24.3% in the 3rd quarter. Paradice Investment Management LLC now owns 2,196,468 shares of the medical device company’s stock valued at $26,665,000 after acquiring an additional 429,289 shares during the last quarter. Finally, Jennison Associates LLC increased its holdings in shares of Tandem Diabetes Care by 42.3% in the 4th quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock valued at $44,430,000 after acquiring an additional 601,260 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.