Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up After Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s share price gapped up before the market opened on Tuesday after Piper Sandler upgraded the stock from a neutral rating to an overweight rating. The stock had previously closed at $21.91, but opened at $23.16. Piper Sandler now has a $33.00 price target on the stock, up from their previous price target of $21.00. Tandem Diabetes Care shares last traded at $24.6850, with a volume of 628,621 shares.

Several other equities analysts also recently issued reports on TNDM. Lake Street Capital raised 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. Stifel Nicolaus lifted their target price on shares of Tandem Diabetes Care from $20.00 to $22.00 and gave the stock a “hold” rating in a research note on Friday, February 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $30.00 price target on shares of Tandem Diabetes Care in a report on Wednesday, December 17th. The Goldman Sachs Group restated a “neutral” rating and set a $28.00 price objective on shares of Tandem Diabetes Care in a report on Monday, February 23rd. Finally, UBS Group reaffirmed a “neutral” rating and issued a $22.00 price objective (up from $17.00) on shares of Tandem Diabetes Care in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, ten have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $28.78.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of large investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in shares of Tandem Diabetes Care by 3.9% during the 4th quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock valued at $161,363,000 after buying an additional 278,042 shares during the period. ArrowMark Colorado Holdings LLC increased its holdings in shares of Tandem Diabetes Care by 36.7% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after buying an additional 991,649 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Tandem Diabetes Care by 10.9% in the 2nd quarter. Hood River Capital Management LLC now owns 2,564,978 shares of the medical device company’s stock worth $47,811,000 after buying an additional 252,934 shares during the period. Paradice Investment Management LLC boosted its holdings in Tandem Diabetes Care by 24.3% in the third quarter. Paradice Investment Management LLC now owns 2,196,468 shares of the medical device company’s stock valued at $26,665,000 after acquiring an additional 429,289 shares during the last quarter. Finally, Jennison Associates LLC boosted its holdings in Tandem Diabetes Care by 42.3% in 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 acquiring an additional 601,260 shares during the last quarter.

Tandem Diabetes Care Stock Performance

The stock has a market cap of $1.69 billion, a PE ratio of -8.04 and a beta of 1.62. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.55 and a quick ratio of 2.02. The stock has a 50-day simple moving average of $21.31 and a 200-day simple moving average of $18.43.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings data on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The business had revenue of $290.38 million for the quarter, compared to analyst estimates of $277.14 million. During the same period in the previous year, the company posted $0.01 EPS. The company’s revenue was up 15.1% compared to the same quarter last year. Equities analysts predict that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current fiscal year.

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.