Tandem Diabetes Care, Inc. $TNDM Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 75.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 28,171 shares of the medical device company’s stock after selling 87,405 shares during the period. Truist Financial Corp’s holdings in Tandem Diabetes Care were worth $619,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of TNDM. Freestone Grove Partners LP acquired a new stake in shares of Tandem Diabetes Care in the third quarter worth approximately $22,706,000. Assenagon Asset Management S.A. acquired a new position in Tandem Diabetes Care during the fourth quarter valued at approximately $26,988,000. ArrowMark Colorado Holdings LLC lifted its position in Tandem Diabetes Care by 36.7% during the third quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock valued at $44,811,000 after buying an additional 991,649 shares in the last quarter. Jennison Associates LLC lifted its position in Tandem Diabetes Care by 42.3% during the fourth quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock valued at $44,430,000 after buying an additional 601,260 shares in the last quarter. Finally, Royce & Associates LP acquired a new position in Tandem Diabetes Care during the third quarter valued at approximately $6,191,000.

Tandem Diabetes Care Stock Up 5.5%

Shares of NASDAQ:TNDM opened at $13.53 on Tuesday. The company has a current ratio of 3.58, a quick ratio of 3.07 and a debt-to-equity ratio of 4.54. The company has a fifty day simple moving average of $19.87 and a 200 day simple moving average of $20.29. The firm has a market cap of $927.20 million, a PE ratio of -9.66 and a beta of 1.64. Tandem Diabetes Care, Inc. has a 12-month low of $9.98 and a 12-month high of $29.65.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.16. The business 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%. The business’s revenue was up 5.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.66) earnings per share. On average, equities research analysts anticipate that Tandem Diabetes Care, Inc. will post -0.79 EPS for the current fiscal year.

Wall Street Analyst Weigh In

TNDM has been the topic of a number of analyst reports. Lake Street Capital upgraded 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. UBS Group reiterated a “neutral” rating and set a $22.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a research note on Friday, February 20th. Barclays set a $55.00 price objective on shares of Tandem Diabetes Care and gave the company an “overweight” rating in a research note on Monday, May 11th. Truist Financial reiterated 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. Finally, Rothschild & Co Redburn set a $45.00 price objective on shares of Tandem Diabetes Care in a research note on Friday, April 24th. Two research analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating, ten have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $29.63.

Tandem Diabetes Care 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.