Truist Financial Upgrades Tandem Diabetes Care (NASDAQ:TNDM) to “Buy”

Tandem Diabetes Care (NASDAQ:TNDM) was upgraded by equities researchers at Truist Financial from a “hold” rating to a “buy” rating in a report released on Thursday,Benzinga reports. The firm presently has a $35.00 price target on the medical device company’s stock, up from their previous price target of $27.00. Truist Financial’s price objective indicates a potential upside of 46.75% from the stock’s current price.

A number of other research analysts also recently weighed in on TNDM. The Goldman Sachs Group reaffirmed a “neutral” rating and issued a $28.00 target price on shares of Tandem Diabetes Care in a research report on Monday, February 23rd. Robert W. Baird set a $30.00 price objective on Tandem Diabetes Care and gave the company an “outperform” rating in a report on Tuesday, December 16th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $30.00 price objective on shares of Tandem Diabetes Care in a research report on Wednesday, December 17th. TD Cowen began coverage on shares of Tandem Diabetes Care in a research report on Tuesday, January 27th. They issued a “buy” rating and a $25.00 price objective on the stock. Finally, Barclays restated an “overweight” rating and set a $56.00 target price on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, nine have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $29.22.

Tandem Diabetes Care Stock Down 0.3%

Shares of Tandem Diabetes Care stock opened at $23.85 on Thursday. The firm has a market cap of $1.63 billion, a PE ratio of -7.77 and a beta of 1.63. The business’s 50 day simple moving average is $21.34 and its 200 day simple moving average is $18.55. The company has a debt-to-equity ratio of 2.00, a quick ratio of 2.02 and a current ratio of 2.55. Tandem Diabetes Care has a 52-week low of $9.98 and a 52-week high of $29.65.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, topping 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 firm had revenue of $290.38 million during the quarter, compared to the consensus estimate of $277.14 million. During the same quarter in the prior year, the firm posted $0.01 EPS. The business’s revenue was up 15.1% on a year-over-year basis. On average, analysts predict that Tandem Diabetes Care will post -1.68 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Tandem Diabetes Care

Institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in Tandem Diabetes Care by 3.9% during the fourth quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company’s stock worth $161,363,000 after buying an additional 278,042 shares in the last quarter. ArrowMark Colorado Holdings LLC lifted its holdings in shares of Tandem Diabetes Care by 36.7% during the 3rd quarter. ArrowMark Colorado Holdings LLC now owns 3,691,198 shares of the medical device company’s stock worth $44,811,000 after acquiring an additional 991,649 shares during the period. Hood River Capital Management LLC boosted its position in shares of Tandem Diabetes Care by 10.9% during the 2nd quarter. Hood River Capital Management LLC now owns 2,564,978 shares of the medical device company’s stock worth $47,811,000 after acquiring an additional 252,934 shares in the last quarter. Paradice Investment Management LLC boosted its position in shares of Tandem Diabetes Care by 24.3% during the 3rd quarter. Paradice Investment Management LLC now owns 2,196,468 shares of the medical device company’s stock worth $26,665,000 after acquiring an additional 429,289 shares in the last quarter. Finally, Jennison Associates LLC increased its stake in Tandem Diabetes Care by 42.3% in the fourth quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company’s stock valued at $44,430,000 after acquiring an additional 601,260 shares during 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.