Citigroup Lowers Tandem Diabetes Care (NASDAQ:TNDM) Price Target to $50.00

Tandem Diabetes Care (NASDAQ:TNDM) had its price objective reduced by investment analysts at Citigroup from $57.00 to $50.00 in a research report issued on Wednesday,Benzinga reports. The firm presently has a “buy” rating on the medical device company’s stock. Citigroup’s price objective points to a potential upside of 45.73% from the stock’s current price.

Several other analysts have also issued reports on the stock. The Goldman Sachs Group assumed coverage on shares of Tandem Diabetes Care in a research report on Friday, October 4th. They issued a “neutral” rating and a $46.00 target price on the stock. Morgan Stanley upgraded Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a report on Monday, December 2nd. Barclays raised their price objective on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird dropped their price target on shares of Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating on the stock in a research report on Thursday, November 7th. Finally, Canaccord Genuity Group cut their price target on shares of Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Four analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Tandem Diabetes Care presently has an average rating of “Moderate Buy” and an average price target of $53.81.

Tandem Diabetes Care Stock Performance

Shares of TNDM stock opened at $34.31 on Wednesday. The stock has a fifty day moving average of $33.00 and a 200 day moving average of $39.82. Tandem Diabetes Care has a 52 week low of $21.85 and a 52 week high of $53.69. The company has a quick ratio of 2.32, a current ratio of 2.90 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $2.25 billion, a price-to-earnings ratio of -17.78 and a beta of 1.33.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Wednesday, November 6th. The medical device company reported ($0.35) EPS for the quarter, beating the consensus estimate of ($0.43) by $0.08. Tandem Diabetes Care had a negative net margin of 14.84% and a negative return on equity of 44.19%. The firm had revenue of $243.97 million during the quarter, compared to analyst estimates of $224.14 million. During the same quarter in the prior year, the firm earned ($0.38) EPS. The business’s revenue for the quarter was up 31.4% compared to the same quarter last year. As a group, research analysts expect that Tandem Diabetes Care will post -1.68 earnings per share for the current year.

Insider Activity at Tandem Diabetes Care

In related news, Director Kim D. Blickenstaff sold 10,000 shares of the business’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the director now owns 195,190 shares in the company, valued at $5,855,700. The trade was a 4.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of TNDM. MN Wealth Advisors LLC grew its stake in shares of Tandem Diabetes Care by 3.1% during the 2nd quarter. MN Wealth Advisors LLC now owns 14,723 shares of the medical device company’s stock worth $593,000 after purchasing an additional 440 shares during the period. Signaturefd LLC increased its holdings in shares of Tandem Diabetes Care by 29.2% in the 2nd quarter. Signaturefd LLC now owns 2,307 shares of the medical device company’s stock valued at $93,000 after acquiring an additional 522 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Tandem Diabetes Care by 4.1% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,960 shares of the medical device company’s stock valued at $603,000 after purchasing an additional 592 shares during the period. Brooklyn Investment Group acquired a new stake in Tandem Diabetes Care during the 3rd quarter worth approximately $28,000. Finally, Assetmark Inc. purchased a new position in shares of Tandem Diabetes Care in the 3rd quarter valued at about $29,000.

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.