Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 6.1% – What’s Next?

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) traded down 6.1% during trading on Monday . The stock traded as low as $14.52 and last traded at $14.5280. 285,031 shares traded hands during trading, a decline of 85% from the average session volume of 1,960,326 shares. The stock had previously closed at $15.48.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Piper Sandler upgraded Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $21.00 to $33.00 in a research note on Tuesday, March 17th. Benchmark began coverage on Tandem Diabetes Care in a research note on Monday. They set a “hold” rating for the company. Lake Street Capital upgraded Tandem Diabetes Care from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Monday, February 23rd. Morgan Stanley boosted their price target on Tandem Diabetes Care from $23.00 to $25.00 and gave the company an “equal weight” rating in a research note on Monday, March 2nd. Finally, Barclays set a $55.00 price target on Tandem Diabetes Care and gave the company an “overweight” rating in a research note on Monday. Two analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $29.89.

Tandem Diabetes Care Price Performance

The company has a 50 day moving average of $20.68 and a 200-day moving average of $20.33. The firm has a market capitalization of $966.94 million, a P/E ratio of -10.08 and a beta of 1.64. The company has a current ratio of 3.58, a quick ratio of 3.07 and a debt-to-equity ratio of 4.54.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.16. The business had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. Tandem Diabetes Care had a negative return on equity of 53.88% and a negative net margin of 9.20%.The firm’s quarterly revenue was up 5.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.66) EPS. On average, sell-side analysts predict that Tandem Diabetes Care, Inc. will post -0.84 EPS for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TNDM. Royal Bank of Canada raised its holdings in Tandem Diabetes Care by 30.5% in the 1st quarter. Royal Bank of Canada now owns 211,666 shares of the medical device company’s stock valued at $4,054,000 after acquiring an additional 49,408 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Tandem Diabetes Care by 2.9% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,413 shares of the medical device company’s stock valued at $1,426,000 after acquiring an additional 2,096 shares in the last quarter. Millennium Management LLC raised its holdings in Tandem Diabetes Care by 41.1% in the 1st quarter. Millennium Management LLC now owns 227,585 shares of the medical device company’s stock valued at $4,361,000 after acquiring an additional 66,245 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Tandem Diabetes Care in the 1st quarter valued at $225,000. Finally, Goldman Sachs Group Inc. raised its holdings in Tandem Diabetes Care by 5.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 712,559 shares of the medical device company’s stock valued at $13,653,000 after acquiring an additional 34,069 shares in the last quarter.

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.