Tandem Diabetes Care (NASDAQ:TNDM) Given New $28.00 Price Target at Truist Financial

Key Points

• Truist Financial lowered Tandem Diabetes Care’s price target to $28 from $31 but maintained a “buy” rating, implying approximately 80% upside from the stock’s $15.55 price.
• Analyst sentiment is mixed: the stock has a consensus “hold” rating and an average price target of $29.18, based on one strong buy, ten buys, eleven holds, and one sell.
• Tandem’s latest quarterly results slightly beat EPS expectations, with a loss of $0.31 per share versus the $0.32 estimate, while revenue rose 5.8% year over year to $254.56 million.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) had its price objective reduced by investment analysts at Truist Financial from $31.00 to $28.00 in a report released on Thursday, Benzinga reports. The firm currently has a "buy" rating on the medical device company's stock. Truist Financial's price target indicates a potential upside of 80.11% from the stock's current price.

Several other equities analysts have also commented on the company. Mizuho lowered their price objective on Tandem Diabetes Care from $24.00 to $20.00 and set a "neutral" rating for the company in a research report on Wednesday, July 15th. Canaccord Genuity Group set a $40.00 price target on shares of Tandem Diabetes Care in a research report on Friday, August 7th. Oppenheimer reissued an "outperform" rating on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Tandem Diabetes Care in a report on Tuesday, June 23rd. They issued a "hold" rating and a $15.50 price objective on the stock. Finally, William Blair began coverage on shares of Tandem Diabetes Care in a report on Friday, August 21st. They set an "outperform" rating for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $29.18.

Tandem Diabetes Care Stock Down 5.1%

Tandem Diabetes Care stock traded down $0.83 during trading hours on Thursday, hitting $15.55. 852,419 shares of the stock traded hands, compared to its average volume of 2,095,375. Tandem Diabetes Care has a one year low of $11.46 and a one year high of $29.65. The firm's 50-day moving average price is $19.71 and its two-hundred day moving average price is $18.68. 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 company has a market cap of $1.08 billion, a PE ratio of -16.70 and a beta of 1.55.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its earnings results on Thursday, August 6th. The medical device company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.32) by $0.01. Tandem Diabetes Care had a negative return on equity of 45.97% and a negative net margin of 6.08%.The firm had revenue of $254.56 million during the quarter, compared to analyst estimates of $254.99 million. During the same quarter in the prior year, the company earned ($0.78) EPS. The business's revenue was up 5.8% compared to the same quarter last year. On average, research analysts forecast that Tandem Diabetes Care will post -0.65 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. OP Asset Management Ltd bought a new stake in shares of Tandem Diabetes Care during the first quarter valued at approximately $35,000. Integrated Wealth Concepts LLC purchased a new stake in Tandem Diabetes Care during the 2nd quarter valued at $33,000. Leonteq Securities AG increased its holdings in shares of Tandem Diabetes Care by 21.7% in the 1st quarter. Leonteq Securities AG now owns 9,501 shares of the medical device company's stock worth $182,000 after purchasing an additional 1,695 shares in the last quarter. Prosperitas Financial LLC bought a new stake in shares of Tandem Diabetes Care in the 2nd quarter worth $151,000. Finally, Pictet Asset Management Holding SA purchased a new position in shares of Tandem Diabetes Care in the first quarter worth $206,000.

About Tandem Diabetes Care

Tandem Diabetes Care, Inc is a medical technology company that develops and commercializes insulin-delivery systems for people with diabetes. Headquartered in San Diego, California, the company focuses on combining wearable insulin pumps, continuous glucose monitoring connectivity and automated insulin-delivery software to help users manage their blood glucose levels.

Its product portfolio includes the t:slim X2 insulin pump, a touchscreen pump designed for integration with compatible continuous glucose monitors, and the smaller, wearable t:slim Mobi pump.

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