Park West Asset Management LLC Sells 476,948 Shares of 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 reduced its position in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) by 29.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 1,123,052 shares of the medical device company's stock after selling 476,948 shares during the quarter. Tandem Diabetes Care accounts for about 1.7% of Park West Asset Management LLC's investment portfolio, making the stock its 25th biggest holding. 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 have also bought and sold shares of the company. GW&K Investment Management LLC grew its holdings in shares of Tandem Diabetes Care by 34.9% during the first quarter. GW&K Investment Management LLC now owns 2,863,987 shares of the medical device company's stock valued at $54,874,000 after buying an additional 740,499 shares during the last quarter. Stephens Investment Management Group LLC raised its holdings in Tandem Diabetes Care by 9.7% in the 1st quarter. Stephens Investment Management Group LLC now owns 1,706,915 shares of the medical device company's stock worth $32,704,000 after acquiring an additional 151,106 shares during the last quarter. Jacobs Levy Equity Management Inc. lifted its position in Tandem Diabetes Care by 189.0% in the 4th quarter. Jacobs Levy Equity Management Inc. now owns 1,661,013 shares of the medical device company's stock valued at $59,830,000 after acquiring an additional 1,086,337 shares in the last quarter. Jennison Associates LLC boosted its stake in Tandem Diabetes Care by 0.7% during the 1st quarter. Jennison Associates LLC now owns 1,477,108 shares of the medical device company's stock valued at $28,301,000 after purchasing an additional 10,753 shares during the last quarter. Finally, Brown Advisory Inc. boosted its stake in Tandem Diabetes Care by 1.3% during the 1st quarter. Brown Advisory Inc. now owns 925,310 shares of the medical device company's stock valued at $17,729,000 after purchasing an additional 12,223 shares during the last quarter.

Tandem Diabetes Care Stock Performance

NASDAQ:TNDM traded up $0.42 on Thursday, hitting $12.79. The stock had a trading volume of 1,915,103 shares, compared to its average volume of 1,731,321. The business's 50-day simple moving average is $13.76 and its two-hundred day simple moving average is $17.89. The stock has a market cap of $864.22 million, a price-to-earnings ratio of -4.14 and a beta of 1.45. Tandem Diabetes Care, Inc. has a 52-week low of $9.98 and a 52-week high of $47.60. The company has a quick ratio of 1.88, a current ratio of 2.44 and a debt-to-equity ratio of 2.32.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its quarterly earnings data on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share for the quarter, missing the consensus estimate of ($0.40) by ($0.08). The business had revenue of $240.68 million during the quarter, compared to the consensus estimate of $238.39 million. Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%.Tandem Diabetes Care's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter last year, the company earned ($0.47) EPS. As a group, research analysts predict that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on TNDM shares. Wall Street Zen cut Tandem Diabetes Care from a "hold" rating to a "sell" rating in a research note on Saturday, June 21st. UBS Group decreased their target price on Tandem Diabetes Care from $20.00 to $17.00 and set a "neutral" rating for the company in a research report on Thursday, August 7th. Piper Sandler cut shares of Tandem Diabetes Care from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $30.00 to $14.00 in a research note on Thursday, August 7th. Lake Street Capital downgraded shares of Tandem Diabetes Care from a "buy" rating to a "hold" rating and dropped their price target for the company from $75.00 to $12.00 in a report on Monday, August 11th. Finally, Truist Financial assumed coverage on shares of Tandem Diabetes Care in a report on Monday, June 16th. They set a "hold" rating and a $24.00 price objective for the company. Five analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $22.44.

Insider Activity at Tandem Diabetes Care

In other Tandem Diabetes Care news, CEO John F. Sheridan purchased 10,000 shares of the company's stock in a transaction dated Monday, August 11th. The shares were acquired at an average price of $10.23 per share, for a total transaction of $102,300.00. Following the purchase, the chief executive officer directly owned 106,327 shares of the company's stock, valued at $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 is accessible through this hyperlink. Also, CFO Leigh Vosseller acquired 13,720 shares of the business's stock in a transaction dated Friday, August 8th. The shares were acquired at an average cost of $10.89 per share, with a total value of $149,410.80. Following the transaction, the chief financial officer owned 25,580 shares in the company, valued at approximately $278,566.20. This trade represents a 115.68% increase in their ownership of the stock. The disclosure for this purchase can be found here. 1.90% of the stock is currently owned by company insiders.

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.