Tandem Diabetes Care (NASDAQ:TNDM) Price Target Lowered to $13.00 at Wells Fargo & Company

Tandem Diabetes Care (NASDAQ:TNDM) had its target price decreased by Wells Fargo & Company from $20.00 to $13.00 in a research note released on Thursday,Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the medical device company’s stock.

Other equities research analysts have also issued reports about the company. Piper Sandler lowered Tandem Diabetes Care from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $30.00 to $14.00 in a research report on Thursday. Citigroup reaffirmed a “sell” rating and set a $14.00 target price (down from $24.00) on shares of Tandem Diabetes Care in a research report on Wednesday, July 9th. Truist Financial began coverage on Tandem Diabetes Care in a research report on Monday, June 16th. They set a “hold” rating and a $24.00 target price for the company. Wall Street Zen lowered Tandem Diabetes Care from a “hold” rating to a “sell” rating in a research report on Saturday, June 21st. Finally, Robert W. Baird cut their price target on Tandem Diabetes Care from $33.00 to $24.00 and set a “neutral” rating on the stock in a report on Thursday, May 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Hold” and a consensus price target of $23.43.

Tandem Diabetes Care Price Performance

Shares of TNDM stock opened at $11.23 on Thursday. Tandem Diabetes Care has a 52-week low of $9.98 and a 52-week high of $47.60. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.81 and a current ratio of 2.44. The firm has a market capitalization of $758.81 million, a P/E ratio of -3.63 and a beta of 1.46. The stock has a 50 day moving average price of $17.56 and a 200 day moving average price of $21.46.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.08). Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%. The business had revenue of $240.68 million for the quarter, compared to the consensus estimate of $238.39 million. During the same period in the prior year, the business posted ($0.47) earnings per share. Tandem Diabetes Care’s revenue was up 8.5% on a year-over-year basis. As a group, sell-side analysts predict that Tandem Diabetes Care will post -1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Assetmark Inc. grew its stake in Tandem Diabetes Care by 42.9% during the 1st quarter. Assetmark Inc. now owns 1,750 shares of the medical device company’s stock worth $34,000 after buying an additional 525 shares during the last quarter. NBC Securities Inc. purchased a new stake in Tandem Diabetes Care during the 1st quarter valued at about $37,000. CWM LLC grew its stake in Tandem Diabetes Care by 262.6% during the 2nd quarter. CWM LLC now owns 2,796 shares of the medical device company’s stock valued at $52,000 after purchasing an additional 2,025 shares during the last quarter. State of Wyoming grew its stake in Tandem Diabetes Care by 95.9% during the 4th quarter. State of Wyoming now owns 2,996 shares of the medical device company’s stock valued at $108,000 after purchasing an additional 1,467 shares during the last quarter. Finally, Brooklyn Investment Group grew its stake in Tandem Diabetes Care by 417.8% during the 1st quarter. Brooklyn Investment Group now owns 3,397 shares of the medical device company’s stock valued at $65,000 after purchasing an additional 2,741 shares during 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.