Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 6.6% Following Analyst Downgrade

Tandem Diabetes Care, Inc. (NASDAQ:TNDM) shares traded down 6.6% on Monday after Lake Street Capital downgraded the stock from a buy rating to a hold rating. Lake Street Capital now has a $12.00 price target on the stock, down from their previous price target of $75.00. Tandem Diabetes Care traded as low as $10.60 and last traded at $10.49. 228,062 shares changed hands during mid-day trading, a decline of 86% from the average session volume of 1,671,161 shares. The stock had previously closed at $11.23.

A number of other analysts also recently commented on TNDM. Canaccord Genuity Group set a $24.00 price objective on Tandem Diabetes Care and gave the stock a “buy” rating in a research note on Thursday, August 7th. Wall Street Zen downgraded shares of Tandem Diabetes Care from a “hold” rating to a “sell” rating in a report on Saturday, June 21st. Royal Bank Of Canada lowered their price objective on shares of Tandem Diabetes Care from $45.00 to $25.00 and set an “outperform” rating on the stock in a research note on Thursday, August 7th. Barclays dropped their target price on shares of Tandem Diabetes Care from $53.00 to $51.00 and set an “overweight” rating on the stock in a report on Friday, August 8th. Finally, Citigroup restated a “sell” rating and set a $14.00 target price (down from $24.00) on shares of Tandem Diabetes Care in a report on Wednesday, July 9th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $22.67.

Insider Activity at Tandem Diabetes Care

In other Tandem Diabetes Care news, CEO John F. Sheridan bought 10,000 shares of the firm’s stock in a transaction dated Monday, August 11th. The stock was acquired at an average price of $10.23 per share, with a total value of $102,300.00. Following the completion of the transaction, the chief executive officer directly owned 106,327 shares in the company, valued at approximately $1,087,725.21. This represents a 10.38% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Leigh Vosseller purchased 13,720 shares of the stock in a transaction dated Friday, August 8th. The shares were acquired at an average price of $10.89 per share, for a total transaction of $149,410.80. Following the acquisition, the chief financial officer directly owned 25,580 shares of the company’s stock, valued at $278,566.20. This represents a 115.68% increase in their position. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Tandem Diabetes Care

A number of institutional investors have recently bought and sold shares of the business. Sessa Capital IM L.P. acquired a new position in shares of Tandem Diabetes Care in the 1st quarter valued at about $85,574,000. GW&K Investment Management LLC grew its position in Tandem Diabetes Care by 34.9% during the first quarter. GW&K Investment Management LLC now owns 2,863,987 shares of the medical device company’s stock valued at $54,874,000 after purchasing an additional 740,499 shares in the last quarter. ArrowMark Colorado Holdings LLC increased its stake in Tandem Diabetes Care by 14.1% in the 4th quarter. ArrowMark Colorado Holdings LLC now owns 2,723,715 shares of the medical device company’s stock valued at $98,108,000 after buying an additional 337,026 shares during the period. Stephens Investment Management Group LLC lifted its position in Tandem Diabetes Care by 1.8% in the 2nd quarter. Stephens Investment Management Group LLC now owns 1,737,769 shares of the medical device company’s stock worth $32,392,000 after buying an additional 30,854 shares in the last quarter. Finally, Jacobs Levy Equity Management Inc. lifted its position in Tandem Diabetes Care by 189.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company’s stock worth $59,830,000 after buying an additional 1,086,337 shares in the last quarter.

Tandem Diabetes Care Stock Up 9.8%

The business’s 50 day simple moving average is $17.17 and its 200-day simple moving average is $21.10. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.88 and a current ratio of 2.44. The company has a market cap of $750.03 million, a price-to-earnings ratio of -3.59 and a beta of 1.46.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its quarterly earnings data on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $240.68 million for the quarter, compared to analysts’ expectations of $238.39 million. During the same quarter 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. Sell-side analysts expect that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current year.

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.