Tandem Diabetes Care (NASDAQ:TNDM) Sets New 12-Month Low Following Weak Earnings

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) hit a new 52-week low during trading on Wednesday following a weaker than expected earnings announcement. The company traded as low as $16.34 and last traded at $16.85, with a volume of 1694083 shares trading hands. The stock had previously closed at $16.77.

The medical device company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.60) by ($0.07). The business had revenue of $234.42 million for the quarter, compared to the consensus estimate of $220.19 million. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The company’s quarterly revenue was up 22.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.65) earnings per share.

Analyst Ratings Changes

TNDM has been the subject of several analyst reports. Canaccord Genuity Group upped their target price on Tandem Diabetes Care from $58.00 to $59.00 and gave the company a “buy” rating in a report on Thursday. Robert W. Baird reduced their price objective on shares of Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating for the company in a research note on Thursday. Stifel Nicolaus dropped their target price on shares of Tandem Diabetes Care from $60.00 to $31.00 and set a “buy” rating on the stock in a research report on Thursday. Citigroup downgraded shares of Tandem Diabetes Care from a “buy” rating to a “neutral” rating and reduced their price target for the company from $35.00 to $24.00 in a research report on Tuesday, March 4th. Finally, Morgan Stanley cut shares of Tandem Diabetes Care from an “overweight” rating to an “equal weight” rating and lowered their price objective for the stock from $45.00 to $22.00 in a research report on Wednesday, March 5th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $39.81.

Insider Activity at Tandem Diabetes Care

In other Tandem Diabetes Care news, COO Jean-Claude Kyrillos bought 10,538 shares of Tandem Diabetes Care stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $18.12 per share, for a total transaction of $190,948.56. Following the completion of the purchase, the chief operating officer now directly owns 10,538 shares of the company’s stock, valued at $190,948.56. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.90% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Arizona State Retirement System increased its position in Tandem Diabetes Care by 1.9% during the fourth quarter. Arizona State Retirement System now owns 18,961 shares of the medical device company’s stock worth $683,000 after buying an additional 362 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Tandem Diabetes Care by 4.3% in the 4th quarter. Bank of Montreal Can now owns 10,004 shares of the medical device company’s stock valued at $360,000 after acquiring an additional 409 shares in the last quarter. Summit Investment Advisors Inc. lifted its holdings in Tandem Diabetes Care by 8.3% in the 4th quarter. Summit Investment Advisors Inc. now owns 6,870 shares of the medical device company’s stock worth $247,000 after purchasing an additional 525 shares during the last quarter. Assetmark Inc. boosted its position in Tandem Diabetes Care by 77.5% during the fourth quarter. Assetmark Inc. now owns 1,225 shares of the medical device company’s stock worth $44,000 after purchasing an additional 535 shares during the period. Finally, AlphaQuest LLC grew its holdings in Tandem Diabetes Care by 138.7% during the fourth quarter. AlphaQuest LLC now owns 931 shares of the medical device company’s stock valued at $34,000 after purchasing an additional 541 shares during the last quarter.

Tandem Diabetes Care Stock Performance

The stock’s 50-day moving average price is $19.04 and its 200 day moving average price is $28.75. 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 company has a market cap of $1.33 billion, a P/E ratio of -10.35 and a beta of 1.52.

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.