Tandem Diabetes Care (NASDAQ:TNDM) Now Covered by Analysts at Canaccord Genuity Group

Canaccord Genuity Group assumed coverage on shares of Tandem Diabetes Care (NASDAQ:TNDM) in a report released on Thursday, Marketbeat Ratings reports. The brokerage issued a buy rating and a $57.00 price objective on the medical device company’s stock.

A number of other research firms also recently issued reports on TNDM. Stifel Nicolaus raised their price target on Tandem Diabetes Care from $45.00 to $55.00 and gave the stock a buy rating in a research note on Wednesday, May 22nd. Redburn Atlantic began coverage on Tandem Diabetes Care in a research note on Thursday, May 30th. They set a buy rating and a $60.00 price target for the company. Oppenheimer increased their price objective on shares of Tandem Diabetes Care from $47.00 to $58.00 and gave the stock an outperform rating in a research note on Monday, June 10th. Citigroup raised shares of Tandem Diabetes Care from a neutral rating to a buy rating and upped their target price for the company from $40.00 to $57.00 in a report on Wednesday, May 22nd. Finally, Lake Street Capital boosted their price objective on shares of Tandem Diabetes Care from $60.00 to $75.00 and gave the company a buy rating in a research report on Wednesday, May 22nd. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and a consensus target price of $55.08.

Tandem Diabetes Care Stock Performance

Shares of Tandem Diabetes Care stock traded up $0.62 during trading on Thursday, hitting $37.50. 1,489,688 shares of the company’s stock traded hands, compared to its average volume of 1,747,583. Tandem Diabetes Care has a 1 year low of $13.82 and a 1 year high of $53.69. The business has a 50-day simple moving average of $43.14 and a 200-day simple moving average of $36.62. The company has a debt-to-equity ratio of 1.31, a current ratio of 3.05 and a quick ratio of 2.38. The stock has a market capitalization of $2.45 billion, a P/E ratio of -17.23 and a beta of 1.28.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings results on Thursday, August 1st. The medical device company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.07. The firm had revenue of $221.90 million during the quarter, compared to analyst estimates of $205.63 million. Tandem Diabetes Care had a negative net margin of 17.15% and a negative return on equity of 41.54%. The business’s revenue for the quarter was up 13.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.30) earnings per share. As a group, analysts forecast that Tandem Diabetes Care will post -1.76 EPS for the current year.

Insider Transactions at Tandem Diabetes Care

In other Tandem Diabetes Care news, Director Dick Allen sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $51.68, for a total transaction of $258,400.00. Following the completion of the transaction, the director now owns 24,396 shares in the company, valued at approximately $1,260,785.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently modified their holdings of the stock. ORG Partners LLC bought a new position in Tandem Diabetes Care during the second quarter valued at $31,000. Headlands Technologies LLC purchased a new position in Tandem Diabetes Care during the 1st quarter worth $35,000. MCF Advisors LLC lifted its stake in Tandem Diabetes Care by 79.3% in the first quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company’s stock worth $36,000 after acquiring an additional 445 shares during the period. Signaturefd LLC grew its holdings in Tandem Diabetes Care by 871.8% during the 4th quarter. Signaturefd LLC now owns 1,691 shares of the medical device company’s stock worth $50,000 after acquiring an additional 1,517 shares in the last quarter. Finally, Arcadia Investment Management Corp MI raised its holdings in shares of Tandem Diabetes Care by 141.6% in the 1st quarter. Arcadia Investment Management Corp MI now owns 1,851 shares of the medical device company’s stock valued at $66,000 after purchasing an additional 1,085 shares in the last quarter.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes technology solutions for people living with diabetes in the United States and internationally. The company's flagship product is the t:slim X2 insulin delivery system, a pump platform for managing insulin delivery and display continuous glucose monitoring sensor information directly on the pump home screen; and Tandem Mobi insulin pump, an automated insulin delivery system.