Bank of America Has Lowered Expectations for Tandem Diabetes Care (NASDAQ:TNDM) Stock Price

Tandem Diabetes Care (NASDAQ:TNDM) had its price target cut by research analysts at Bank of America from $35.00 to $25.00 in a report released on Monday,Benzinga reports. The brokerage presently has a “neutral” rating on the medical device company’s stock. Bank of America‘s price target would suggest a potential upside of 85.39% from the company’s current price.

Several other equities research analysts have also recently issued reports on the company. Barclays set a $55.00 price objective on Tandem Diabetes Care and gave the stock an “overweight” rating in a report on Monday, May 11th. Piper Sandler upgraded Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $21.00 to $33.00 in a report on Tuesday, March 17th. Stifel Nicolaus lifted their price target 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 cut Tandem Diabetes Care from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 11th. Finally, Truist Financial restated a “buy” rating and set a $31.00 price objective (down from $35.00) on shares of Tandem Diabetes Care in a research note on Monday, May 11th. Two research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.63.

Tandem Diabetes Care Stock Performance

TNDM stock traded up $0.67 on Monday, hitting $13.49. The company’s stock had a trading volume of 2,864,984 shares, compared to its average volume of 2,071,096. The firm has a 50 day moving average of $20.05 and a two-hundred day moving average of $20.30. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $29.65. The stock has a market cap of $924.13 million, a price-to-earnings ratio of -9.64 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 announced its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.16. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The business had revenue of $247.22 million during the quarter, compared to the consensus estimate of $240.41 million. During the same quarter last year, the firm posted ($0.66) EPS. The business’s revenue was up 5.5% compared to the same quarter last year. Equities analysts predict that Tandem Diabetes Care will post -0.79 EPS for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

Several large investors have recently added to or reduced their stakes in TNDM. Caitong International Asset Management Co. Ltd increased its position in shares of Tandem Diabetes Care by 200.0% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 1,470 shares during the period. Smartleaf Asset Management LLC increased its position in shares of Tandem Diabetes Care by 80.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after purchasing an additional 593 shares during the period. OP Asset Management Ltd acquired a new position in shares of Tandem Diabetes Care in the 1st quarter worth approximately $35,000. Quarry LP grew its stake in shares of Tandem Diabetes Care by 2,597.1% in the 3rd quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock worth $45,000 after purchasing an additional 3,558 shares during the last quarter. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Tandem Diabetes Care by 485.1% in the 3rd quarter. Aster Capital Management DIFC Ltd now owns 5,149 shares of the medical device company’s stock worth $63,000 after purchasing an additional 4,269 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.