Tandem Diabetes Care (NASDAQ:TNDM) Upgraded at Truist Financial

Tandem Diabetes Care (NASDAQ:TNDM) was upgraded by investment analysts at Truist Financial from a “hold” rating to a “buy” rating in a note issued to investors on Thursday,Benzinga reports. The firm currently has a $35.00 price target on the medical device company’s stock, up from their previous price target of $27.00. Truist Financial’s price target points to a potential upside of 46.75% from the stock’s current price.

Several other brokerages have also issued reports on TNDM. Morgan Stanley lifted their price target on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the company an “equal weight” rating in a report on Monday, March 2nd. Stifel Nicolaus raised their target price on shares of Tandem Diabetes Care from $20.00 to $22.00 and gave the company a “hold” rating in a research report on Friday, February 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tandem Diabetes Care in a report on Wednesday, January 21st. TD Cowen assumed coverage on Tandem Diabetes Care in a report on Tuesday, January 27th. They set a “buy” rating and a $25.00 price objective on the stock. Finally, Mizuho set a $22.00 price objective on shares of Tandem Diabetes Care and gave the company a “neutral” rating in a report on Friday, February 20th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $29.22.

Tandem Diabetes Care Price Performance

Shares of TNDM stock opened at $23.85 on Thursday. The company has a quick ratio of 2.02, a current ratio of 2.55 and a debt-to-equity ratio of 2.00. Tandem Diabetes Care has a twelve month low of $9.98 and a twelve month high of $29.65. The company has a market cap of $1.63 billion, a P/E ratio of -7.77 and a beta of 1.63. The business has a fifty day simple moving average of $21.34 and a 200 day simple moving average of $18.55.

Tandem Diabetes Care (NASDAQ:TNDM) last released its earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.04. The firm had revenue of $290.38 million for the quarter, compared to analysts’ expectations of $277.14 million. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The business’s revenue for the quarter was up 15.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.01 earnings per share. On average, sell-side analysts forecast that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC lifted its position in Tandem Diabetes Care by 80.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after acquiring an additional 593 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its stake in shares of Tandem Diabetes Care by 200.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock worth $27,000 after purchasing an additional 1,470 shares during the last quarter. Van ECK Associates Corp raised its stake in shares of Tandem Diabetes Care by 67.4% in the fourth quarter. Van ECK Associates Corp now owns 3,430 shares of the medical device company’s stock worth $75,000 after purchasing an additional 1,381 shares during the last quarter. Creative Financial Designs Inc. ADV boosted its position in shares of Tandem Diabetes Care by 36.0% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 3,431 shares of the medical device company’s stock valued at $75,000 after buying an additional 909 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in shares of Tandem Diabetes Care by 36.6% during the fourth quarter. Farther Finance Advisors LLC now owns 3,600 shares of the medical device company’s stock valued at $79,000 after buying an additional 965 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.