Truist Financial Corp Has $2.30 Million Holdings in Tandem Diabetes Care, Inc. $TNDM

Truist Financial Corp reduced its holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 10.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 123,531 shares of the medical device company’s stock after selling 15,016 shares during the quarter. Truist Financial Corp owned approximately 0.19% of Tandem Diabetes Care worth $2,303,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. State of Alaska Department of Revenue boosted its holdings in shares of Tandem Diabetes Care by 9.0% in the 2nd quarter. State of Alaska Department of Revenue now owns 39,660 shares of the medical device company’s stock worth $739,000 after acquiring an additional 3,269 shares in the last quarter. Banque Pictet & Cie SA acquired a new position in shares of Tandem Diabetes Care in the 2nd quarter worth approximately $1,566,000. Diversified Trust Co lifted its holdings in Tandem Diabetes Care by 11.8% during the 2nd quarter. Diversified Trust Co now owns 16,348 shares of the medical device company’s stock worth $305,000 after buying an additional 1,725 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in Tandem Diabetes Care during the 2nd quarter worth $585,000. Finally, Voya Investment Management LLC lifted its holdings in Tandem Diabetes Care by 39.2% during the 1st quarter. Voya Investment Management LLC now owns 136,698 shares of the medical device company’s stock worth $2,619,000 after buying an additional 38,519 shares in the last quarter.

Wall Street Analysts Forecast Growth

TNDM has been the topic of several research reports. Truist Financial initiated coverage on Tandem Diabetes Care in a report on Monday, June 16th. They set a “hold” rating and a $24.00 price objective on the stock. Piper Sandler downgraded Tandem Diabetes Care from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $30.00 to $14.00 in a report on Thursday, August 7th. UBS Group reduced their price objective on Tandem Diabetes Care from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Thursday, August 7th. Lake Street Capital downgraded Tandem Diabetes Care from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $75.00 to $12.00 in a report on Monday, August 11th. Finally, Citigroup reaffirmed a “neutral” rating and set a $15.00 price objective (up previously from $11.00) on shares of Tandem Diabetes Care in a report on Tuesday. Five investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $22.69.

Tandem Diabetes Care Price Performance

TNDM opened at $14.00 on Friday. The company has a quick ratio of 1.88, a current ratio of 2.44 and a debt-to-equity ratio of 2.32. Tandem Diabetes Care, Inc. has a 12 month low of $9.98 and a 12 month high of $38.94. The company has a fifty day simple moving average of $12.51 and a 200 day simple moving average of $16.61. The stock has a market cap of $945.98 million, a P/E ratio of -4.53 and a beta of 1.48.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings data on Wednesday, August 6th. The medical device company reported ($0.48) EPS for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $238.39 million. During the same quarter in the prior year, the company earned ($0.47) EPS. Tandem Diabetes Care’s quarterly revenue was up 8.5% on a year-over-year basis. On average, research analysts expect that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current year.

Insiders Place Their Bets

In other news, CFO Leigh Vosseller acquired 13,720 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $10.89 per share, for a total transaction 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 ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, CEO John F. Sheridan acquired 10,000 shares of the stock in a transaction that occurred on Monday, August 11th. The stock was purchased at an average price of $10.23 per share, with a total value of $102,300.00. Following the transaction, the chief executive officer owned 106,327 shares in the company, valued at $1,087,725.21. This represents a 10.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.90% of the stock is owned by corporate insiders.

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.