Tandem Diabetes Care (NASDAQ:TNDM) Stock Jumps 4% – Here’s Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) rose 4% during mid-day trading on Friday. The company traded as high as $17.15 and last traded at $17.1790. Approximately 476,218 shares changed hands during trading, a decline of 77% from the average session volume of 2,111,447 shares. The stock had previously closed at $16.52.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. UBS Group initiated coverage on Tandem Diabetes Care in a report on Tuesday, July 28th. They issued a “neutral” rating and a $18.00 price objective for the company. Mizuho set a $18.00 price objective on shares of Tandem Diabetes Care in a research report on Tuesday. Oppenheimer reissued an “outperform” rating on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Canaccord Genuity Group set a $40.00 price target on Tandem Diabetes Care in a report on Friday, August 7th. Finally, Barclays upgraded Tandem Diabetes Care to a “hold” rating in a report on Wednesday, October 7th. One equities research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Tandem Diabetes Care presently has a consensus rating of “Hold” and an average target price of $27.08.

Tandem Diabetes Care Trading Up 1.8%

The business has a 50 day moving average of $19.08 and a two-hundred day moving average of $17.93. The company has a current ratio of 3.18, a quick ratio of 2.65 and a debt-to-equity ratio of 4.62. The firm has a market cap of $1.17 billion, a P/E ratio of -18.10 and a beta of 1.66.

Tandem Diabetes Care (NASDAQ:TNDM) last posted its earnings results on Thursday, August 6th. The medical device company reported ($0.31) EPS for the quarter, beating the consensus estimate of ($0.32) by $0.01. The company had revenue of $254.56 million for the quarter, compared to the consensus estimate of $254.99 million. Tandem Diabetes Care had a negative return on equity of 45.97% and a negative net margin of 6.08%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.78) earnings per share. Analysts predict that Tandem Diabetes Care, Inc. will post -0.66 earnings per share for the current year.

Institutional Investors Weigh In On Tandem Diabetes Care

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. First Light Asset Management LLC lifted its position in shares of Tandem Diabetes Care by 157.4% during the 2nd quarter. First Light Asset Management LLC now owns 3,383,553 shares of the medical device company’s stock valued at $51,058,000 after buying an additional 2,068,838 shares during the last quarter. Defilade Capital Management L.P. bought a new stake in Tandem Diabetes Care during the first quarter worth about $14,606,000. Quantinno Capital Management LP boosted its stake in Tandem Diabetes Care by 123.5% in the first quarter. Quantinno Capital Management LP now owns 653,870 shares of the medical device company’s stock worth $12,535,000 after buying an additional 361,361 shares in the last quarter. First Trust Advisors LP purchased a new stake in shares of Tandem Diabetes Care in the 1st quarter valued at $6,570,000. Finally, Principal Financial Group Inc. grew its position in Tandem Diabetes Care by 2.2% during the 1st quarter. Principal Financial Group Inc. now owns 331,541 shares of the medical device company’s stock worth $6,356,000 after acquiring an additional 7,279 shares during the last quarter.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc is a medical device company focused on developing and commercializing advanced insulin delivery systems for people with diabetes. The company’s products are designed to work with continuous glucose monitoring (CGM) systems and digital health tools to help automate and personalize insulin therapy.

Tandem’s product portfolio includes the t:slim X2 insulin pump, which features a rechargeable design and software that supports automated insulin delivery. The company also offers the t:slim X2 pump with Control-IQ technology, an algorithm designed to adjust insulin delivery based on CGM readings, and the compact Tandem Mobi pump.