PNC Financial Services Group Inc. Sells 3,004 Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

PNC Financial Services Group Inc. lessened its holdings in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 13.5% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,235 shares of the medical device company’s stock after selling 3,004 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Tandem Diabetes Care were worth $369,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in TNDM. Wells Fargo & Company MN raised its position in shares of Tandem Diabetes Care by 35.8% in the fourth quarter. Wells Fargo & Company MN now owns 61,255 shares of the medical device company’s stock valued at $2,206,000 after purchasing an additional 16,163 shares during the period. Bank of Montreal Can increased its position in Tandem Diabetes Care by 4.3% during the fourth quarter. Bank of Montreal Can now owns 10,004 shares of the medical device company’s stock worth $360,000 after acquiring an additional 409 shares during the period. Raymond James Financial Inc. bought a new position in Tandem Diabetes Care during the fourth quarter worth $5,893,000. Summit Investment Advisors Inc. increased its position in Tandem Diabetes Care by 8.3% during the fourth quarter. Summit Investment Advisors Inc. now owns 6,870 shares of the medical device company’s stock worth $247,000 after acquiring an additional 525 shares during the period. Finally, Barclays PLC increased its position in Tandem Diabetes Care by 106.4% during the fourth quarter. Barclays PLC now owns 476,974 shares of the medical device company’s stock worth $17,180,000 after acquiring an additional 245,909 shares during the period.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company dropped their target price on shares of Tandem Diabetes Care from $20.00 to $13.00 and set an “equal weight” rating on the stock in a research report on Thursday, August 7th. Citigroup reaffirmed a “sell” rating and set a $14.00 target price (down previously from $24.00) on shares of Tandem Diabetes Care in a research report on Wednesday, July 9th. Piper Sandler lowered shares of Tandem Diabetes Care from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $30.00 to $14.00 in a research report on Thursday, August 7th. Wall Street Zen lowered shares of Tandem Diabetes Care from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Finally, Robert W. Baird dropped their target price on shares of Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating on the stock in a research report on Thursday, May 1st. Two investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $22.67.

Insider Buying and Selling at Tandem Diabetes Care

In related news, CEO John F. Sheridan acquired 10,000 shares of the firm’s stock in a transaction on Monday, August 11th. The shares were purchased at an average price of $10.23 per share, with a total value of $102,300.00. Following the acquisition, the chief executive officer directly owned 106,327 shares in the company, valued at $1,087,725.21. The trade was a 10.38% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Leigh Vosseller acquired 13,720 shares of the stock in a transaction on 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 transaction, the chief financial officer directly owned 25,580 shares in the company, valued at approximately $278,566.20. This represents a 115.68% increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by insiders.

Tandem Diabetes Care Stock Up 1.5%

Shares of NASDAQ:TNDM opened at $10.82 on Friday. Tandem Diabetes Care, Inc. has a 52 week low of $9.98 and a 52 week high of $47.60. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.88 and a current ratio of 2.44. The company’s fifty day moving average is $16.59 and its 200-day moving average is $20.68. The company has a market capitalization of $731.11 million, a PE ratio of -3.50 and a beta of 1.46.

Tandem Diabetes Care (NASDAQ:TNDM) last issued 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 firm had revenue of $240.68 million during the quarter, compared to analyst estimates of $238.39 million. During the same quarter in the prior year, the firm posted ($0.47) EPS. The firm’s revenue for the quarter was up 8.5% on a year-over-year basis. Equities research analysts predict that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current fiscal year.

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.