Tandem Diabetes Care Inc (NASDAQ:TNDM) shares rose 7.4% during mid-day trading on Tuesday . The stock traded as high as $48.98 and last traded at $47.84. Approximately 6,803,400 shares changed hands during mid-day trading, an increase of 179% from the average daily volume of 2,439,111 shares. The stock had previously closed at $44.53.

TNDM has been the topic of several recent research reports. BidaskClub upgraded shares of Tandem Diabetes Care from a “buy” rating to a “strong-buy” rating in a research report on Thursday, August 23rd. MED lifted their price target on shares of Tandem Diabetes Care from $38.00 to $54.00 and gave the stock an “outperform” rating in a research report on Wednesday, September 5th. Lake Street Capital lifted their price target on shares of Tandem Diabetes Care from $35.00 to $65.00 and gave the stock a “buy” rating in a research report on Monday, August 20th. Bank of America upgraded shares of Tandem Diabetes Care from an “underperform” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Friday, August 24th. Finally, Berenberg Bank initiated coverage on shares of Tandem Diabetes Care in a research report on Thursday, August 30th. They issued a “buy” rating and a $50.00 price target on the stock. Four investment analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $39.73.

The company has a debt-to-equity ratio of 2.97, a quick ratio of 2.43 and a current ratio of 3.02. The stock has a market capitalization of $2.54 billion, a price-to-earnings ratio of -3.60 and a beta of 0.35.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Monday, July 30th. The medical device company reported ($1.17) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.82). The business had revenue of $34.10 million for the quarter, compared to analysts’ expectations of $29.68 million. During the same quarter last year, the firm posted ($0.44) EPS. The business’s quarterly revenue was up 60.1% on a year-over-year basis. sell-side analysts expect that Tandem Diabetes Care Inc will post -1.44 EPS for the current year.

In other news, Director Richard P. Valencia acquired 1,754 shares of the stock in a transaction on Friday, August 3rd. The shares were purchased at an average cost of $28.50 per share, for a total transaction of $49,989.00. Following the transaction, the director now owns 1,754 shares in the company, valued at approximately $49,989. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 9.30% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the business. First Light Asset Management LLC acquired a new stake in shares of Tandem Diabetes Care during the 1st quarter valued at $23,482,000. BlackRock Inc. boosted its stake in shares of Tandem Diabetes Care by 6,936.3% during the 2nd quarter. BlackRock Inc. now owns 2,935,537 shares of the medical device company’s stock valued at $64,641,000 after buying an additional 2,893,817 shares during the period. Federated Investors Inc. PA boosted its stake in shares of Tandem Diabetes Care by 18.1% during the 2nd quarter. Federated Investors Inc. PA now owns 2,656,500 shares of the medical device company’s stock valued at $58,496,000 after buying an additional 406,224 shares during the period. Fred Alger Management Inc. boosted its stake in shares of Tandem Diabetes Care by 9,750.9% during the 2nd quarter. Fred Alger Management Inc. now owns 1,970,184 shares of the medical device company’s stock valued at $43,383,000 after buying an additional 1,950,184 shares during the period. Finally, Orbimed Advisors LLC acquired a new stake in shares of Tandem Diabetes Care during the 2nd quarter valued at $37,192,000. Hedge funds and other institutional investors own 62.74% of the company’s stock.

Tandem Diabetes Care Company Profile (NASDAQ:TNDM)

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.

Further Reading: Outstanding Shares and The Effect on Share Price

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