JPMorgan Chase & Co. Sells 203,183 Shares of Tandem Diabetes Care, Inc. $TNDM

Key Points

• JPMorgan Chase trimmed its position in Tandem by 36.1%, selling 203,183 shares in the quarter and now holds 359,071 shares (about 0.53% of the company, ~$4.36M).
• Tandem beat the quarter's estimates—reported ($0.01) EPS vs. ($0.05) expected and revenue of $290.38M (up 15.1% YoY) — but remains unprofitable with a negative net margin (~20.17%) and negative return on equity.
• Analyst sentiment is mixed: the consensus rating is "Hold" with an average target of ~$29.22, though some firms (notably Piper Sandler) have recently upgraded the stock and raised targets up to $33.

JPMorgan Chase & Co. lowered its position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 36.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 359,071 shares of the medical device company's stock after selling 203,183 shares during the period. JPMorgan Chase & Co. owned 0.53% of Tandem Diabetes Care worth $4,359,000 as of its most recent SEC filing.

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

Tandem Diabetes Care Stock Performance

NASDAQ TNDM opened at $18.61 on Friday. Tandem Diabetes Care, Inc. has a 1 year low of $9.98 and a 1 year high of $29.65. The company has a debt-to-equity ratio of 2.00, a current ratio of 2.55 and a quick ratio of 2.02. The firm has a market cap of $1.27 billion, a price-to-earnings ratio of -6.06 and a beta of 1.74. The company has a fifty day moving average price of $21.61 and a 200-day moving average price of $19.24.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last released its quarterly earnings results on Thursday, February 19th. The medical device company reported ($0.01) earnings per share for the quarter, beating analysts' consensus estimates of ($0.05) by $0.04. Tandem Diabetes Care had a negative net margin of 20.17% and a negative return on equity of 68.23%. The company had revenue of $290.38 million for the quarter, compared to analyst estimates of $277.14 million. During the same period last year, the firm earned $0.01 earnings per share. The firm's revenue was up 15.1% on a year-over-year basis. As a group, equities research analysts predict that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the stock. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $28.00 price objective on shares of Tandem Diabetes Care in a research note on Monday, February 23rd. Morgan Stanley boosted their target price on shares of Tandem Diabetes Care from $23.00 to $25.00 and gave the stock an "equal weight" rating in a research report on Monday, March 2nd. Mizuho set a $22.00 target price on shares of Tandem Diabetes Care and gave the stock a "neutral" rating in a report on Friday, February 20th. Robert W. Baird set a $30.00 price target on Tandem Diabetes Care and gave the company an "outperform" rating in a research note on Tuesday, December 16th. Finally, Piper Sandler raised Tandem Diabetes Care from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $21.00 to $33.00 in a research note on Tuesday, March 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Tandem Diabetes Care presently has an average rating of "Hold" and an average target price of $29.22.

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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