Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up After Insider Buying Activity

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $10.11, but opened at $11.07. Tandem Diabetes Care shares last traded at $10.91, with a volume of 461,367 shares.

Specifically, CFO Leigh Vosseller purchased 13,720 shares of the firm’s stock in a transaction dated Friday, August 8th. The stock was bought at an average price of $10.89 per share, with a total value of $149,410.80. Following the completion of the purchase, the chief financial officer owned 25,580 shares in the company, valued at $278,566.20. This trade represents a 115.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John F. Sheridan purchased 10,000 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was acquired at an average cost of $10.23 per share, with a total value of $102,300.00. Following the purchase, the chief executive officer owned 106,327 shares of the company’s stock, valued at approximately $1,087,725.21. This represents a 10.38% increase in their position. The disclosure for this purchase can be found here.

Analysts Set New Price Targets

Several research firms have recently issued reports on TNDM. Citigroup reissued a “sell” rating and issued a $14.00 price target (down previously from $24.00) on shares of Tandem Diabetes Care in a research note on Wednesday, July 9th. Royal Bank Of Canada cut their price objective on Tandem Diabetes Care from $45.00 to $25.00 and set an “outperform” rating for the company in a report on Thursday, August 7th. Wall Street Zen lowered Tandem Diabetes Care from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. Truist Financial initiated coverage on Tandem Diabetes Care in a report on Monday, June 16th. They issued a “hold” rating and a $24.00 price objective for the company. Finally, Wells Fargo & Company cut their price objective on Tandem Diabetes Care from $20.00 to $13.00 and set an “equal weight” rating for the company in a report on Thursday, August 7th. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $22.67.

Tandem Diabetes Care Stock Performance

The firm has a market capitalization of $750.03 million, a PE ratio of -3.59 and a beta of 1.46. The company has a debt-to-equity ratio of 2.32, a current ratio of 2.44 and a quick ratio of 1.88. The firm has a fifty day moving average price of $17.17 and a 200 day moving average price of $21.10.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) EPS for the quarter, missing the consensus estimate of ($0.40) by ($0.08). Tandem Diabetes Care had a negative net margin of 20.51% and a negative return on equity of 65.40%. The company had revenue of $240.68 million for the quarter, compared to analysts’ expectations of $238.39 million. During the same period in the prior year, the company earned ($0.47) earnings per share. The company’s revenue for the quarter was up 8.5% on a year-over-year basis. Research analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tandem Diabetes Care

Several hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its holdings in shares of Tandem Diabetes Care by 11.3% during the second quarter. Advisors Asset Management Inc. now owns 25,001 shares of the medical device company’s stock valued at $466,000 after purchasing an additional 2,541 shares during the last quarter. XTX Topco Ltd acquired a new position in Tandem Diabetes Care during the second quarter valued at $350,000. Edmond DE Rothschild Holding S.A. raised its position in Tandem Diabetes Care by 4.0% during the second quarter. Edmond DE Rothschild Holding S.A. now owns 262,600 shares of the medical device company’s stock valued at $4,895,000 after buying an additional 10,000 shares during the period. Champlain Investment Partners LLC raised its position in Tandem Diabetes Care by 6.3% during the second quarter. Champlain Investment Partners LLC now owns 1,455,123 shares of the medical device company’s stock valued at $27,123,000 after buying an additional 86,235 shares during the period. Finally, Prudential Financial Inc. raised its position in Tandem Diabetes Care by 122.5% during the second quarter. Prudential Financial Inc. now owns 382,804 shares of the medical device company’s stock valued at $7,703,000 after buying an additional 210,740 shares during the period.

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.