Park West Asset Management LLC Cuts Holdings in Tandem Diabetes Care, Inc. $TNDM

Key Points

• Park West Asset Management LLC has reduced its stake in Tandem Diabetes Care, Inc. by 29.8%, now holding 1,123,052 shares valued at approximately $21.52 million.
• Multiple institutional investors have increased their holdings in Tandem, with GW&K Investment Management boosting their position by 34.9% to 2,863,987 shares.
• Analysts have mixed ratings on Tandem Diabetes Care, with Barclays lowering its target price to $51 while Wells Fargo dropped it to $13, reflecting a cautious outlook on the stock.

Park West Asset Management LLC cut its position in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 29.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,123,052 shares of the medical device company's stock after selling 476,948 shares during the quarter. Tandem Diabetes Care comprises about 1.7% of Park West Asset Management LLC's holdings, making the stock its 25th largest position. Park West Asset Management LLC owned 1.69% of Tandem Diabetes Care worth $21,518,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of TNDM. Assetmark Inc. increased its position 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 buying an additional 525 shares during the period. NBC Securities Inc. acquired a new stake in shares of Tandem Diabetes Care during the first quarter worth $37,000. Brooklyn Investment Group increased its position in shares of Tandem Diabetes Care by 417.8% during the first quarter. Brooklyn Investment Group now owns 3,397 shares of the medical device company's stock worth $65,000 after buying an additional 2,741 shares during the period. State of Wyoming increased its position in shares of Tandem Diabetes Care by 49.1% during the first quarter. State of Wyoming now owns 4,467 shares of the medical device company's stock worth $86,000 after buying an additional 1,471 shares during the period. Finally, AlphaQuest LLC increased its position in shares of Tandem Diabetes Care by 819.5% during the first quarter. AlphaQuest LLC now owns 8,561 shares of the medical device company's stock worth $164,000 after buying an additional 7,630 shares during the period.

Insider Transactions at Tandem Diabetes Care

In other Tandem Diabetes Care news, CEO John F. Sheridan bought 10,000 shares of the stock in a transaction that occurred on Monday, August 11th. The shares were bought at an average price of $10.23 per share, for a total transaction of $102,300.00. Following the acquisition, the chief executive officer directly owned 106,327 shares of the company's stock, valued at approximately $1,087,725.21. The trade was a 10.38% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Leigh Vosseller bought 13,720 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was acquired at an average price of $10.89 per share, for a total transaction of $149,410.80. Following the acquisition, the chief financial officer directly owned 25,580 shares in the company, valued at $278,566.20. The trade was a 115.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 1.90% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on TNDM shares. Royal Bank Of Canada decreased their price objective on shares of Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Wall Street Zen cut shares of Tandem Diabetes Care from a "hold" rating to a "sell" rating in a research report on Saturday, June 21st. Barclays cut their target price on shares of Tandem Diabetes Care from $53.00 to $51.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Canaccord Genuity Group set a $24.00 target price on shares of Tandem Diabetes Care and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Truist Financial assumed coverage on shares of Tandem Diabetes Care in a research note on Monday, June 16th. They set a "hold" rating and a $24.00 target price on the stock. Five investment analysts have rated the stock with a Buy rating and eleven have issued a Hold rating to the stock. According to data from MarketBeat.com, Tandem Diabetes Care has a consensus rating of "Hold" and an average target price of $22.44.

Tandem Diabetes Care Stock Up 0.2%

Shares of NASDAQ TNDM traded up $0.03 during mid-day trading on Tuesday, reaching $12.53. 57,668 shares of the company's stock traded hands, compared to its average volume of 1,722,197. The company has a debt-to-equity ratio of 2.32, a current ratio of 2.44 and a quick ratio of 1.88. Tandem Diabetes Care, Inc. has a 1-year low of $9.98 and a 1-year high of $47.60. The stock has a market cap of $846.65 million, a P/E ratio of -4.08 and a beta of 1.45. The business has a 50-day simple moving average of $13.95 and a 200 day simple moving average of $17.97.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last posted its earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share 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 business had revenue of $240.68 million during the quarter, compared to analyst estimates of $238.39 million. During the same quarter in the prior year, the company earned ($0.47) EPS. The company's revenue was up 8.5% on a year-over-year basis. On average, 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.