Citigroup Forecasts Strong Price Appreciation for Tandem Diabetes Care (NASDAQ:TNDM) Stock

Tandem Diabetes Care (NASDAQ:TNDM) had its target price raised by Citigroup from $16.00 to $22.00 in a report released on Thursday,Benzinga reports. The brokerage currently has a “neutral” rating on the medical device company’s stock. Citigroup’s price objective would indicate a potential upside of 4.91% from the stock’s previous close.

A number of other equities analysts also recently commented on the stock. Wells Fargo & Company lifted their price objective on shares of Tandem Diabetes Care from $13.00 to $14.00 and gave the stock an “equal weight” rating in a report on Friday, November 7th. Stifel Nicolaus assumed coverage on Tandem Diabetes Care in a report on Tuesday, October 21st. They set a “hold” rating and a $15.00 price target on the stock. Morgan Stanley set a $23.00 target price on Tandem Diabetes Care and gave the stock an “equal weight” rating in a research report on Tuesday, December 2nd. Oppenheimer assumed coverage on shares of Tandem Diabetes Care in a research report on Monday, September 8th. They set an “outperform” rating and a $22.00 price objective for the company. Finally, Wall Street Zen upgraded Tandem Diabetes Care from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Four investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $22.06.

Tandem Diabetes Care Stock Down 2.2%

Shares of TNDM traded down $0.48 during mid-day trading on Thursday, reaching $20.97. 1,454,146 shares of the stock traded hands, compared to its average volume of 1,834,157. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of -6.88 and a beta of 1.68. The stock has a fifty day simple moving average of $17.05 and a 200 day simple moving average of $16.02. The company has a quick ratio of 1.90, a current ratio of 2.44 and a debt-to-equity ratio of 2.33. Tandem Diabetes Care has a 12-month low of $9.98 and a 12-month high of $38.28.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Thursday, November 6th. The medical device company reported ($0.31) earnings per share for the quarter, meeting the consensus estimate of ($0.31). Tandem Diabetes Care had a negative return on equity of 73.97% and a negative net margin of 20.19%.The company had revenue of $249.25 million during the quarter, compared to the consensus estimate of $235.80 million. During the same period last year, the firm earned ($0.35) earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. Sell-side analysts expect that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of hedge funds have recently modified their holdings of the stock. Caitong International Asset Management Co. Ltd grew its stake in Tandem Diabetes Care by 200.0% in the third quarter. Caitong International Asset Management Co. Ltd now owns 2,205 shares of the medical device company’s stock valued at $27,000 after purchasing an additional 1,470 shares in the last quarter. CWM LLC grew its stake in shares of Tandem Diabetes Care by 262.6% in the 2nd quarter. CWM LLC now owns 2,796 shares of the medical device company’s stock valued at $52,000 after buying an additional 2,025 shares in the last quarter. Brooklyn Investment Group grew its stake in shares of Tandem Diabetes Care by 417.8% in the 1st quarter. Brooklyn Investment Group now owns 3,397 shares of the medical device company’s stock valued at $65,000 after buying an additional 2,741 shares in the last quarter. Quarry LP increased its holdings in Tandem Diabetes Care by 2,597.1% in the third quarter. Quarry LP now owns 3,695 shares of the medical device company’s stock worth $45,000 after buying an additional 3,558 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its position in Tandem Diabetes Care by 186.9% during the second quarter. Nisa Investment Advisors LLC now owns 4,171 shares of the medical device company’s stock valued at $78,000 after acquiring an additional 2,717 shares in the last quarter.

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.