Bank of America Corp DE Reduces Stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Bank of America Corp DE cut its holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 28.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 317,706 shares of the medical device company's stock after selling 127,904 shares during the quarter. Bank of America Corp DE owned about 0.48% of Tandem Diabetes Care worth $11,444,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. AlphaQuest LLC increased its holdings in shares of Tandem Diabetes Care by 138.7% during the fourth quarter. AlphaQuest LLC now owns 931 shares of the medical device company's stock valued at $34,000 after acquiring an additional 541 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of Tandem Diabetes Care by 195.8% during the fourth quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company's stock worth $41,000 after purchasing an additional 748 shares during the period. Assetmark Inc. lifted its holdings in shares of Tandem Diabetes Care by 77.5% during the fourth quarter. Assetmark Inc. now owns 1,225 shares of the medical device company's stock worth $44,000 after purchasing an additional 535 shares during the period. Smartleaf Asset Management LLC boosted its position in Tandem Diabetes Care by 163.4% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,775 shares of the medical device company's stock valued at $65,000 after buying an additional 1,101 shares during the last quarter. Finally, Venturi Wealth Management LLC increased its holdings in Tandem Diabetes Care by 5,955.9% in the 4th quarter. Venturi Wealth Management LLC now owns 2,059 shares of the medical device company's stock worth $74,000 after buying an additional 2,025 shares during the period.

Tandem Diabetes Care Price Performance

Shares of NASDAQ:TNDM traded up $0.08 during midday trading on Monday, reaching $20.72. 945,052 shares of the company's stock traded hands, compared to its average volume of 1,487,297. The company has a fifty day simple moving average of $19.40 and a two-hundred day simple moving average of $27.42. Tandem Diabetes Care, Inc. has a 1 year low of $15.75 and a 1 year high of $53.69. The company has a market cap of $1.38 billion, a P/E ratio of -10.74 and a beta of 1.47. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The medical device company reported ($0.67) earnings per share for the quarter, missing analysts' consensus estimates of ($0.60) by ($0.07). Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The company had revenue of $234.42 million for the quarter, compared to analyst estimates of $220.19 million. During the same quarter in the prior year, the company posted ($0.65) earnings per share. The business's revenue was up 22.3% on a year-over-year basis. Equities analysts predict that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Sanford C. Bernstein downgraded shares of Tandem Diabetes Care from an "outperform" rating to a "market perform" rating and dropped their price objective for the company from $35.00 to $25.00 in a report on Friday, February 28th. Canaccord Genuity Group upped their price target on shares of Tandem Diabetes Care from $58.00 to $59.00 and gave the company a "buy" rating in a report on Thursday, May 1st. Robert W. Baird reduced their price objective on Tandem Diabetes Care from $33.00 to $24.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Morgan Stanley cut Tandem Diabetes Care from an "overweight" rating to an "equal weight" rating and decreased their price objective for the company from $45.00 to $22.00 in a report on Wednesday, March 5th. Finally, Royal Bank of Canada dropped their target price on Tandem Diabetes Care from $65.00 to $55.00 and set an "outperform" rating on the stock in a report on Thursday, February 27th. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $37.47.

Insider Activity at Tandem Diabetes Care

In other news, COO Jean-Claude Kyrillos acquired 10,538 shares of the business's stock in a transaction on Friday, March 7th. The stock was bought at an average cost of $18.12 per share, for a total transaction of $190,948.56. Following the purchase, the chief operating officer now owns 10,538 shares in the company, valued at approximately $190,948.56. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by corporate insiders.

Tandem Diabetes Care Profile

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.