Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $28.00 at Truist Financial

Tandem Diabetes Care (NASDAQ:TNDM) had its price target reduced by analysts at Truist Financial from $31.00 to $28.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Truist Financial’s price objective points to a potential upside of 80.11% from the stock’s current price.

TNDM has been the topic of a number of other reports. Citigroup restated a “neutral” rating and issued a $21.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Royal Bank Of Canada reiterated an “outperform” rating and set a $26.00 price objective (down from $30.00) on shares of Tandem Diabetes Care in a research report on Friday, August 7th. Oppenheimer reissued an “outperform” rating on shares of Tandem Diabetes Care in a research report on Friday, August 7th. Mizuho cut their price target on Tandem Diabetes Care from $24.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, July 15th. Finally, UBS Group assumed coverage on shares of Tandem Diabetes Care in a research report on Tuesday, July 28th. They set a “neutral” rating and a $18.00 price target for the company. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $29.18.

Tandem Diabetes Care Stock Performance

Shares of TNDM stock traded down $0.83 during trading hours on Thursday, reaching $15.55. The company had a trading volume of 852,419 shares, compared to its average volume of 2,095,375. The company has a debt-to-equity ratio of 4.62, a quick ratio of 2.65 and a current ratio of 3.18. The business has a fifty day moving average price of $19.71 and a 200-day moving average price of $18.68. Tandem Diabetes Care has a one year low of $11.46 and a one year high of $29.65. The firm has a market cap of $1.08 billion, a PE ratio of -16.70 and a beta of 1.55.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings data on Thursday, August 6th. The medical device company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative net margin of 6.08% and a negative return on equity of 45.97%. The company had revenue of $254.56 million for the quarter, compared to the consensus estimate of $254.99 million. During the same quarter in the prior year, the firm earned ($0.78) earnings per share. The firm’s revenue for the quarter was up 5.8% compared to the same quarter last year. Sell-side analysts predict that Tandem Diabetes Care will post -0.65 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. First Light Asset Management LLC raised its stake in Tandem Diabetes Care by 20.7% during the 1st quarter. First Light Asset Management LLC now owns 1,314,715 shares of the medical device company’s stock worth $25,203,000 after acquiring an additional 225,222 shares during the period. Squarepoint Ops LLC bought a new position in shares of Tandem Diabetes Care in the second quarter worth approximately $3,280,000. Renaissance Technologies LLC purchased a new stake in shares of Tandem Diabetes Care in the first quarter worth $1,116,000. Arrowstreet Capital Limited Partnership raised its position in shares of Tandem Diabetes Care by 42.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 193,556 shares of the medical device company’s stock valued at $3,710,000 after purchasing an additional 57,803 shares during the period. Finally, First Trust Advisors LP bought a new stake in shares of Tandem Diabetes Care during the 1st quarter valued at $6,570,000.

Tandem Diabetes Care Company Profile

Tandem Diabetes Care, Inc is a medical technology company that develops and commercializes insulin-delivery systems for people with diabetes. Headquartered in San Diego, California, the company focuses on combining wearable insulin pumps, continuous glucose monitoring connectivity and automated insulin-delivery software to help users manage their blood glucose levels.

Its product portfolio includes the t:slim X2 insulin pump, a touchscreen pump designed for integration with compatible continuous glucose monitors, and the smaller, wearable t:slim Mobi pump.