Arrowstreet Capital Limited Partnership Raises Stake in Tandem Diabetes Care, Inc. $TNDM

Key Points

• Arrowstreet Capital increased its Tandem Diabetes Care stake by 42.6% in the first quarter, acquiring 57,803 shares to hold 193,556 shares valued at approximately $3.71 million.
• Institutional buying was broad, with Millennium Management, Royal Bank of Canada and Goldman Sachs also increasing their positions; Goldman Sachs held the largest disclosed stake at 712,559 shares.
• Analyst sentiment remains mixed: Tandem has a consensus rating of “Hold” and an average price target of $28.73. The company beat quarterly revenue and EPS expectations, reporting $247.22 million in revenue and a loss of $0.30 per share.

Arrowstreet Capital Limited Partnership increased its holdings in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 42.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 193,556 shares of the medical device company's stock after acquiring an additional 57,803 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 0.28% of Tandem Diabetes Care worth $3,710,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TNDM. Royal Bank of Canada grew its stake in shares of Tandem Diabetes Care by 30.5% in the 1st quarter. Royal Bank of Canada now owns 211,666 shares of the medical device company's stock worth $4,054,000 after buying an additional 49,408 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Tandem Diabetes Care by 2.9% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 74,413 shares of the medical device company's stock worth $1,426,000 after acquiring an additional 2,096 shares during the last quarter. Millennium Management LLC grew its stake in shares of Tandem Diabetes Care by 41.1% in the first quarter. Millennium Management LLC now owns 227,585 shares of the medical device company's stock worth $4,361,000 after acquiring an additional 66,245 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new position in shares of Tandem Diabetes Care during the first quarter valued at $225,000. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Tandem Diabetes Care by 5.0% during the first quarter. Goldman Sachs Group Inc. now owns 712,559 shares of the medical device company's stock valued at $13,653,000 after acquiring an additional 34,069 shares in the last quarter.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on TNDM. Truist Financial reiterated a "buy" rating and issued a $31.00 price target (down from $35.00) on shares of Tandem Diabetes Care in a research note on Monday, May 11th. Weiss Ratings lowered shares of Tandem Diabetes Care from a "sell (d-)" rating to a "sell (e+)" rating in a research note on Thursday, June 11th. UBS Group assumed coverage on shares of Tandem Diabetes Care in a report on Tuesday, July 28th. They issued a "neutral" rating and a $18.00 target price for the company. Zacks Research downgraded shares of Tandem Diabetes Care from a "strong-buy" rating to a "hold" rating in a research note on Wednesday, June 10th. Finally, Wells Fargo & Company upgraded shares of Tandem Diabetes Care from a "buy" rating to an "overweight" rating and upped their target price for the stock from $21.00 to $27.00 in a research note on Monday, June 1st. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $28.73.

Tandem Diabetes Care Price Performance

NASDAQ TNDM opened at $20.11 on Tuesday. Tandem Diabetes Care, Inc. has a one year low of $9.98 and a one year high of $29.65. The stock has a 50-day moving average of $16.62 and a 200 day moving average of $18.89. The company has a debt-to-equity ratio of 4.54, a quick ratio of 3.07 and a current ratio of 3.58. The company has a market capitalization of $1.38 billion, a price-to-earnings ratio of -14.36 and a beta of 1.53.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last posted its earnings results on Thursday, May 7th. The medical device company reported ($0.30) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.16. Tandem Diabetes Care had a negative net margin of 9.20% and a negative return on equity of 53.88%. The business had revenue of $247.22 million for the quarter, compared to analysts' expectations of $240.41 million. During the same quarter in the prior year, the business earned ($0.66) EPS. The business's revenue for the quarter was up 5.5% compared to the same quarter last year. On average, sell-side analysts forecast that Tandem Diabetes Care, Inc. will post -0.72 EPS for the current year.

Tandem Diabetes Care Profile

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.

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