Zacks Investment Research upgraded shares of Tandem Diabetes Care Inc. (NASDAQ:TNDM) from a hold rating to a buy rating in a report issued on Thursday. The firm currently has $9.00 price objective on the medical device company’s stock.
According to Zacks, “Tandem Diabetes Care, Inc. is a medical device company. The Company designs, develops, and commercializes products for people with insulin-dependent diabetes. Its products include t:slim Insulin Delivery System. Tandem Diabetes Care, Inc. is headquartered in San Diego, California. “
Other analysts have also issued research reports about the stock. B. Riley initiated coverage on shares of Tandem Diabetes Care in a research report on Monday. They issued a buy rating and a $10.00 price objective on the stock. Wedbush reaffirmed an outperform rating and issued a $20.00 price objective on shares of Tandem Diabetes Care in a research report on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the stock. The stock presently has an average rating of Buy and an average price target of $13.71.
Shares of Tandem Diabetes Care (NASDAQ:TNDM) traded up 3.93% on Thursday, reaching $7.66. 40,863 shares of the company were exchanged. Tandem Diabetes Care has a 12-month low of $6.04 and a 12-month high of $12.48. The firm’s market capitalization is $234.50 million. The company’s 50 day moving average is $7.22 and its 200 day moving average is $7.82.
Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Thursday, July 28th. The medical device company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.65) by $0.05. The company had revenue of $23 million for the quarter, compared to analyst estimates of $23.08 million. Tandem Diabetes Care had a negative net margin of 80.21% and a negative return on equity of 132.55%. The firm’s revenue was up 46.5% on a year-over-year basis. During the same period last year, the firm earned ($0.65) earnings per share. Analysts forecast that Tandem Diabetes Care will post ($2.14) earnings per share for the current year.
In other Tandem Diabetes Care news, EVP John F. Sheridan sold 15,000 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $6.52, for a total transaction of $97,800.00. Following the sale, the executive vice president now owns 22,763 shares of the company’s stock, valued at approximately $148,414.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 37.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. Quantitative Systematic Strategies LLC boosted its stake in shares of Tandem Diabetes Care by 41.9% in the second quarter. Quantitative Systematic Strategies LLC now owns 14,691 shares of the medical device company’s stock worth $108,000 after buying an additional 4,335 shares during the last quarter. A.R.T. Advisors LLC purchased a new position in Tandem Diabetes Care during the second quarter worth approximately $108,000. Alliancebernstein L.P. purchased a new position in Tandem Diabetes Care during the second quarter worth approximately $112,000. Royal Bank of Canada raised its position in Tandem Diabetes Care by 48.3% in the first quarter. Royal Bank of Canada now owns 13,959 shares of the medical device company’s stock worth $122,000 after buying an additional 4,544 shares during the period. Finally, Rhumbline Advisers raised its position in Tandem Diabetes Care by 3.8% in the second quarter. Rhumbline Advisers now owns 16,317 shares of the medical device company’s stock worth $123,000 after buying an additional 600 shares during the period. 58.85% of the stock is currently owned by institutional investors and hedge funds.
Tandem Diabetes Care Company Profile
Tandem Diabetes Care, Inc is a medical device company. The Company is engaged in designing, developing and commercializing products for people with insulin-dependent diabetes. The Company manufactures and sells three insulin pump products, which include t:slim Insulin Delivery System (t:slim), t:flex Insulin Delivery System (t:flex) and t:slim G4 Insulin Delivery System (t:slim G4).
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