Tandem Diabetes Care (NASDAQ:TNDM) Trading Down 6.5% – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price fell 6.5% during trading on Wednesday . The company traded as low as $16.62 and last traded at $16.4620. 525,705 shares were traded during trading, a decline of 76% from the average session volume of 2,162,363 shares. The stock had previously closed at $17.61.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on TNDM. The Goldman Sachs Group set a $21.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, May 27th. Morgan Stanley lifted their price target on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the stock an “equal weight” rating in a report on Monday, March 2nd. 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 report on Monday, May 11th. Weiss Ratings upgraded shares of Tandem Diabetes Care from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, May 26th. Finally, Bank of America decreased their price objective on shares of Tandem Diabetes Care from $35.00 to $25.00 and set a “neutral” rating for the company in a research report on Monday, May 18th. Two research analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Moderate Buy” and a consensus price target of $29.84.

Tandem Diabetes Care Stock Performance

The company has a debt-to-equity ratio of 4.54, a current ratio of 3.58 and a quick ratio of 3.07. The company’s 50-day moving average price is $17.92 and its two-hundred day moving average price is $20.34. The company has a market capitalization of $1.13 billion, a price-to-earnings ratio of -11.75 and a beta of 1.58.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Thursday, May 7th. The medical device company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.46) by $0.16. The company had revenue of $247.22 million during the quarter, compared to analysts’ expectations of $240.41 million. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. Tandem Diabetes Care’s revenue for the quarter was up 5.5% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.66) earnings per share. On average, equities research analysts anticipate that Tandem Diabetes Care, Inc. will post -0.74 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 TNDM. Caitong International Asset Management Co. Ltd lifted 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 valued at $27,000 after buying an additional 1,470 shares in the last quarter. Smartleaf Asset Management LLC grew 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 worth $30,000 after purchasing an additional 593 shares in the last quarter. OP Asset Management Ltd bought a new stake in Tandem Diabetes Care in the first quarter worth about $35,000. Quarry LP raised its position in Tandem Diabetes Care by 2,597.1% in the third quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock worth $45,000 after acquiring an additional 3,558 shares during the period. Finally, Aster Capital Management DIFC Ltd lifted its stake in shares of Tandem Diabetes Care by 485.1% during the 3rd quarter. Aster Capital Management DIFC Ltd now owns 5,149 shares of the medical device company’s stock valued at $63,000 after buying an additional 4,269 shares in 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.