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

Truist Financial upgraded shares of Tandem Diabetes Care (NASDAQ:TNDM) from a hold rating to a buy rating in a research report released on Thursday morning, MarketBeat Ratings reports. Truist Financial currently has $35.00 target price on the medical device company’s stock, up from their previous target price of $27.00.

A number of other equities research analysts also recently issued reports on TNDM. Piper Sandler upgraded shares of Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $21.00 to $33.00 in a research note on Tuesday, March 17th. Canaccord Genuity Group set a $35.00 target price on shares of Tandem Diabetes Care and gave the company a “buy” rating in a research report on Wednesday, December 17th. Morgan Stanley upped 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. Mizuho set a $22.00 price objective on shares of Tandem Diabetes Care and gave the company a “neutral” rating in a research note on Friday, February 20th. Finally, UBS Group restated a “neutral” rating and set a $22.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a research report on Friday, February 20th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Hold” and a consensus price target of $29.22.

Tandem Diabetes Care Stock Performance

NASDAQ:TNDM opened at $24.82 on Thursday. The stock has a fifty day moving average price of $21.45 and a 200-day moving average price of $18.72. The company has a market cap of $1.70 billion, a price-to-earnings ratio of -8.08 and a beta of 1.63. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.02 and a current ratio of 2.55. Tandem Diabetes Care has a fifty-two week low of $9.98 and a fifty-two week high of $29.65.

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, topping the consensus estimate of ($0.05) by $0.04. The company had revenue of $290.38 million for the quarter, compared to analyst estimates of $277.14 million. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.Tandem Diabetes Care’s quarterly revenue was up 15.1% on a year-over-year basis. During the same period in the prior year, the firm posted $0.01 EPS. As a group, equities analysts anticipate that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of hedge funds have recently made changes to their positions in TNDM. Smartleaf Asset Management LLC grew its holdings 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 last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Tandem Diabetes Care by 200.0% in 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 last quarter. Van ECK Associates Corp boosted its position in 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 valued at $75,000 after buying an additional 1,381 shares in the last quarter. Creative Financial Designs Inc. ADV grew its stake 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 worth $75,000 after buying an additional 909 shares during the last quarter. Finally, Farther Finance Advisors LLC grew its stake 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 worth $79,000 after buying an additional 965 shares during the last quarter.

Tandem Diabetes Care Company 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.