Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Up 6.3% – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares rose 6.3% during mid-day trading on Wednesday . The company traded as high as $29.96 and last traded at $29.62. Approximately 354,601 shares traded hands during mid-day trading, a decline of 78% from the average daily volume of 1,599,155 shares. The stock had previously closed at $27.87.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TNDM. Piper Sandler reissued an “overweight” rating and set a $55.00 price objective (up previously from $50.00) on shares of Tandem Diabetes Care in a report on Friday, August 2nd. Wells Fargo & Company lifted their price objective on Tandem Diabetes Care from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Royal Bank of Canada started coverage on Tandem Diabetes Care in a research note on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 target price for the company. UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a research note on Friday, August 2nd. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $45.00 target price on shares of Tandem Diabetes Care in a research report on Monday, September 23rd. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat.com, Tandem Diabetes Care currently has an average rating of “Moderate Buy” and a consensus price target of $54.25.

Tandem Diabetes Care Price Performance

The firm has a market capitalization of $1.98 billion, a PE ratio of -15.27 and a beta of 1.36. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32. The firm has a 50-day simple moving average of $36.93 and a 200-day simple moving average of $41.50.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.08. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The firm had revenue of $243.97 million for the quarter, compared to analysts’ expectations of $224.14 million. During the same period in the previous year, the firm earned ($0.38) EPS. The business’s quarterly revenue was up 31.4% on a year-over-year basis. As a group, equities analysts forecast that Tandem Diabetes Care, Inc. will post -1.73 earnings per share for the current year.

Hedge Funds Weigh In On Tandem Diabetes Care

Large investors have recently bought and sold shares of the business. Fred Alger Management LLC lifted its position in shares of Tandem Diabetes Care by 45.2% in the second quarter. Fred Alger Management LLC now owns 2,174,107 shares of the medical device company’s stock valued at $87,595,000 after acquiring an additional 677,036 shares in the last quarter. Victory Capital Management Inc. raised its stake in Tandem Diabetes Care by 2,836.2% during the 2nd quarter. Victory Capital Management Inc. now owns 403,370 shares of the medical device company’s stock valued at $16,252,000 after acquiring an additional 389,632 shares during the last quarter. Bellevue Group AG raised its stake in Tandem Diabetes Care by 19.9% during the 3rd quarter. Bellevue Group AG now owns 1,850,891 shares of the medical device company’s stock valued at $78,496,000 after acquiring an additional 307,624 shares during the last quarter. Kingdon Capital Management L.L.C. raised its stake in Tandem Diabetes Care by 153.9% during the 1st quarter. Kingdon Capital Management L.L.C. now owns 493,080 shares of the medical device company’s stock valued at $17,460,000 after acquiring an additional 298,880 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new stake in Tandem Diabetes Care during the 3rd quarter valued at approximately $10,208,000.

Tandem Diabetes Care Company Profile

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.