Tandem Diabetes Care (NASDAQ:TNDM) Shares Up 5.3% on Analyst Upgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shot up 5.3% during mid-day trading on Thursday after Truist Financial upgraded the stock from a hold rating to a buy rating. Truist Financial now has a $35.00 price target on the stock, up from their previous price target of $27.00. Tandem Diabetes Care traded as high as $25.43 and last traded at $25.1210. 1,104,326 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 1,982,902 shares. The stock had previously closed at $23.85.

Several other equities research analysts have also recently weighed in on TNDM. Bank of America upgraded shares of Tandem Diabetes Care from an “underperform” rating to a “neutral” rating and increased their target price for the company from $15.00 to $30.00 in a research note on Friday, February 20th. Piper Sandler upgraded Tandem Diabetes Care from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $21.00 to $33.00 in a research note on Tuesday. Barclays reiterated an “overweight” rating and issued a $56.00 price objective on shares of Tandem Diabetes Care in a research report on Monday, February 23rd. Sanford C. Bernstein reissued a “market perform” rating and set a $25.00 price objective (up from $18.00) on shares of Tandem Diabetes Care in a report on Friday, January 9th. Finally, Citigroup boosted their price objective on Tandem Diabetes Care from $16.00 to $22.00 and gave the company a “neutral” rating in a research report on Thursday, December 11th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $29.22.

Institutional Investors Weigh In On Tandem Diabetes Care

Institutional investors have recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue raised its holdings in shares of Tandem Diabetes Care by 1.4% in the 4th quarter. State of Alaska Department of Revenue now owns 38,676 shares of the medical device company’s stock worth $849,000 after buying an additional 523 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Tandem Diabetes Care by 4.6% during the 4th quarter. ProShare Advisors LLC now owns 13,185 shares of the medical device company’s stock worth $290,000 after buying an additional 579 shares during the period. Smartleaf Asset Management LLC boosted its stake in Tandem Diabetes Care by 80.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 1,330 shares of the medical device company’s stock valued at $30,000 after buying an additional 593 shares in the last quarter. Natixis Advisors LLC boosted its stake in Tandem Diabetes Care by 1.1% in the 4th quarter. Natixis Advisors LLC now owns 57,021 shares of the medical device company’s stock valued at $1,253,000 after buying an additional 617 shares in the last quarter. Finally, Amalgamated Bank grew its position in Tandem Diabetes Care by 3.5% in the third quarter. Amalgamated Bank now owns 19,617 shares of the medical device company’s stock valued at $238,000 after acquiring an additional 657 shares during the period.

Tandem Diabetes Care Stock Up 3.3%

The company has a debt-to-equity ratio of 2.00, a current ratio of 2.55 and a quick ratio of 2.02. The firm has a 50 day simple moving average of $21.39 and a 200-day simple moving average of $18.59. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -8.02 and a beta of 1.63.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings data on Thursday, February 19th. The medical device company reported ($0.01) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 company had revenue of $290.38 million during the quarter, compared to analysts’ expectations of $277.14 million. During the same period last year, the business earned $0.01 earnings per share. The business’s revenue was up 15.1% on a year-over-year basis. On average, sell-side analysts forecast that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Tandem Diabetes Care Company Profile

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.