Connor Clark & Lunn Investment Management Ltd. Raises Stock Holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its position in Tandem Diabetes Care, Inc. by 25.2%, owning 644,988 shares valued at approximately $12.36 million as of their latest SEC filing.
• Tandem Diabetes Care reported a quarterly EPS of ($0.48), missing analyst estimates, despite a revenue increase of 8.5% year-over-year, totaling $240.68 million.
• Several analysts have downgraded Tandem Diabetes Care's stock, with a consensus rating of "Hold" and an average target price of $23.43, indicating challenges ahead.

Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 25.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 644,988 shares of the medical device company's stock after acquiring an additional 129,926 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.97% of Tandem Diabetes Care worth $12,358,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Assetmark Inc. grew its stake in shares of Tandem Diabetes Care by 42.9% during the first quarter. Assetmark Inc. now owns 1,750 shares of the medical device company's stock worth $34,000 after acquiring an additional 525 shares during the last quarter. NBC Securities Inc. purchased a new stake in Tandem Diabetes Care in the first quarter valued at approximately $37,000. State of Wyoming boosted its position in Tandem Diabetes Care by 95.9% in the 4th quarter. State of Wyoming now owns 2,996 shares of the medical device company's stock worth $108,000 after purchasing an additional 1,467 shares in the last quarter. Tower Research Capital LLC TRC boosted its position in Tandem Diabetes Care by 102.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 3,902 shares of the medical device company's stock worth $141,000 after purchasing an additional 1,977 shares in the last quarter. Finally, Allianz Asset Management GmbH purchased a new stake in Tandem Diabetes Care in the 1st quarter worth approximately $205,000.

Analyst Upgrades and Downgrades

TNDM has been the subject of several research analyst reports. Barclays reduced their target price on Tandem Diabetes Care from $53.00 to $51.00 and set an "overweight" rating for the company in a research note on Friday, August 8th. Wells Fargo & Company decreased their target price on Tandem Diabetes Care from $20.00 to $13.00 and set an "equal weight" rating on the stock in a research report on Thursday, August 7th. Royal Bank Of Canada decreased their target price on Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating on the stock in a research report on Thursday, August 7th. Citigroup reiterated a "sell" rating and set a $14.00 target price (down previously from $24.00) on shares of Tandem Diabetes Care in a research report on Wednesday, July 9th. Finally, Lake Street Capital lowered Tandem Diabetes Care from a "buy" rating to a "hold" rating and decreased their target price for the company from $75.00 to $12.00 in a research report on Monday. 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 company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $22.67.

Insider Transactions at Tandem Diabetes Care

In related news, CFO Leigh Vosseller acquired 13,720 shares of the stock in a transaction dated Friday, August 8th. The stock was acquired at an average cost of $10.89 per share, with a total value of $149,410.80. Following the completion of the transaction, the chief financial officer owned 25,580 shares in the company, valued at $278,566.20. This represents a 115.68% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO John F. Sheridan bought 10,000 shares of the firm's stock in a transaction that occurred on Monday, August 11th. The shares were acquired at an average price of $10.23 per share, with a total value of $102,300.00. Following the purchase, the chief executive officer owned 106,327 shares of the company's stock, valued at $1,087,725.21. The trade was a 10.38% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 1.90% of the company's stock.

Tandem Diabetes Care Trading Down 4.2%

Shares of NASDAQ TNDM traded down $0.47 during mid-day trading on Thursday, reaching $10.66. 2,058,672 shares of the company's stock were exchanged, compared to its average volume of 1,710,774. The company's 50-day moving average is $16.99 and its 200-day moving average is $21.04. Tandem Diabetes Care, Inc. has a 52-week low of $9.98 and a 52-week high of $47.60. The firm has a market capitalization of $720.29 million, a price-to-earnings ratio of -3.45 and a beta of 1.46. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.88 and a current ratio of 2.44.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The medical device company reported ($0.48) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $240.68 million for the quarter, compared to analyst estimates of $238.39 million. During the same period in the prior year, the firm posted ($0.47) earnings per share. The business's quarterly revenue was up 8.5% compared to the same quarter last year. Analysts expect that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal 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.