Tandem Diabetes Care (NASDAQ:TNDM) Rating Increased to Buy at Truist Financial

Truist Financial upgraded shares of Tandem Diabetes Care (NASDAQ:TNDM) from a hold rating to a buy rating in a research note published on Thursday morning, Marketbeat Ratings reports. The firm currently has $35.00 target price on the medical device company’s stock, up from their previous target price of $27.00.

TNDM has been the subject of a number of other reports. Barclays reiterated an “overweight” rating and issued a $56.00 target price on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Tandem Diabetes Care in a report on Wednesday, January 21st. Bank of America upgraded shares of Tandem Diabetes Care from an “underperform” rating to a “neutral” rating and lifted their price objective for the stock from $15.00 to $30.00 in a research note on Friday, February 20th. Robert W. Baird set a $30.00 price objective on shares of Tandem Diabetes Care and gave the company an “outperform” rating in a report on Tuesday, December 16th. Finally, Mizuho set a $22.00 target price on Tandem Diabetes Care and gave the company a “neutral” rating in a research report on Friday, February 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $29.22.

Tandem Diabetes Care Stock Up 3.3%

Shares of TNDM stock opened at $24.63 on Thursday. The stock’s fifty day moving average price is $21.39 and its 200 day moving average price is $18.59. Tandem Diabetes Care has a 1-year low of $9.98 and a 1-year high of $29.65. The company has a market cap of $1.68 billion, a price-to-earnings ratio of -8.02 and a beta of 1.63. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.55 and a quick ratio of 2.02.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, topping the consensus estimate of ($0.05) by $0.04. Tandem Diabetes Care had a negative return on equity of 68.23% and a negative net margin of 20.17%.The business had revenue of $290.38 million during the quarter, compared to the consensus estimate of $277.14 million. During the same quarter last year, the company earned $0.01 earnings per share. The company’s quarterly revenue was up 15.1% on a year-over-year basis. On average, research analysts expect that Tandem Diabetes Care will post -1.68 earnings per share for the current fiscal year.

Institutional Trading of Tandem Diabetes Care

Several institutional investors and hedge funds have recently bought and sold shares of the business. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Tandem Diabetes Care by 200.0% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock valued at $27,000 after acquiring an additional 1,470 shares during the last quarter. Smartleaf Asset Management LLC raised its holdings in shares of Tandem Diabetes Care by 80.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock worth $30,000 after purchasing an additional 593 shares during the last quarter. Quarry LP increased its holdings in shares of Tandem Diabetes Care by 2,597.1% during the 3rd quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock valued at $45,000 after purchasing an additional 3,558 shares in the last quarter. CoreCap Advisors LLC grew its holdings in Tandem Diabetes Care by 270.3% in the third quarter. CoreCap Advisors LLC now owns 4,751 shares of the medical device company’s stock valued at $58,000 after purchasing an additional 3,468 shares during the period. Finally, Aster Capital Management DIFC Ltd increased its stake in shares of Tandem Diabetes Care by 485.1% during the third quarter. Aster Capital Management DIFC Ltd now owns 5,149 shares of the medical device company’s stock worth $63,000 after purchasing an additional 4,269 shares in the last quarter.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc (NASDAQ: TNDM), headquartered in San Diego, California, is a medical device company focused on the design, development and commercialization of innovative insulin delivery systems for people with insulin-dependent diabetes. Founded in 2006, the company introduced its first product, the t:slim® Insulin Pump, in 2011 and has since built a portfolio of next-generation pumps featuring touchscreen interfaces, remote software updates and integrated continuous glucose monitoring (CGM) capabilities.

The company’s flagship offering, the t:slim X2® Insulin Pump, is engineered to work with leading CGM sensors and features automated insulin delivery algorithms that adjust basal insulin rates based on real-time glucose trends.