Renaissance Technologies LLC Purchases New Position in Tandem Diabetes Care, Inc. $TNDM

Key Points

• Renaissance Technologies acquired 58,227 shares of Tandem Diabetes Care worth approximately $1.12 million, representing a 0.08% stake. Other institutional investors, including Vanguard and Jennison Associates, also increased their holdings.
• Tandem Diabetes Care reported quarterly revenue of $254.56 million, up 5.8% year over year, and a loss of $0.31 per share that narrowly beat analyst expectations. The company continues to post negative profitability metrics.
• Analyst sentiment is mixed, with the stock receiving an overall “Hold” consensus rating and an average price target of $28.98, above its reported trading price of $22.72.

Renaissance Technologies LLC acquired a new stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 58,227 shares of the medical device company's stock, valued at approximately $1,116,000. Renaissance Technologies LLC owned 0.08% of Tandem Diabetes Care at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Tandem Diabetes Care by 3.9% in the fourth quarter. Vanguard Group Inc. now owns 7,341,356 shares of the medical device company's stock worth $161,363,000 after buying an additional 278,042 shares during the period. Jennison Associates LLC raised its holdings in shares of Tandem Diabetes Care by 42.3% during the 4th quarter. Jennison Associates LLC now owns 2,021,376 shares of the medical device company's stock valued at $44,430,000 after buying an additional 601,260 shares during the period. Arrowstreet Capital Limited Partnership raised its holdings in shares of Tandem Diabetes Care by 42.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 193,556 shares of the medical device company's stock valued at $3,710,000 after buying an additional 57,803 shares during the period. WINTON GROUP Ltd acquired a new position in Tandem Diabetes Care during the 4th quarter worth approximately $972,000. Finally, First Trust Advisors LP acquired a new position in Tandem Diabetes Care during the 1st quarter worth approximately $6,570,000.

Tandem Diabetes Care Trading Down 1.8%

Shares of TNDM opened at $22.72 on Friday. The company has a market capitalization of $1.58 billion, a P/E ratio of -24.43 and a beta of 1.54. Tandem Diabetes Care, Inc. has a one year low of $10.25 and a one year high of $29.65. The company has a debt-to-equity ratio of 4.62, a quick ratio of 2.65 and a current ratio of 3.18. The stock has a 50-day moving average price of $17.39 and a 200 day moving average price of $18.98.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The medical device company reported ($0.31) earnings per share for the quarter, beating analysts' consensus estimates of ($0.32) by $0.01. Tandem Diabetes Care had a negative return on equity of 45.97% and a negative net margin of 6.08%.The firm had revenue of $254.56 million during the quarter, compared to analyst estimates of $254.99 million. During the same quarter last year, the firm earned ($0.78) EPS. Tandem Diabetes Care's quarterly revenue was up 5.8% on a year-over-year basis. Sell-side analysts forecast that Tandem Diabetes Care, Inc. will post -0.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

TNDM has been the subject of a number of analyst reports. Barclays set a $55.00 price target on Tandem Diabetes Care and gave the stock an "overweight" rating in a report on Monday, May 11th. Mizuho reduced their target price on shares of Tandem Diabetes Care from $24.00 to $20.00 and set a "neutral" rating on the stock in a research report on Wednesday, July 15th. Truist Financial reissued a "buy" rating and set a $31.00 target price (down from $35.00) on shares of Tandem Diabetes Care in a research report on Monday, May 11th. TD Cowen restated a "buy" rating and issued a $28.00 target price (up from $25.00) on shares of Tandem Diabetes Care in a research note on Monday, April 20th. Finally, Canaccord Genuity Group set a $40.00 price target on shares of Tandem Diabetes Care in a report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, nine have given a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Tandem Diabetes Care presently has an average rating of "Hold" and a consensus target price of $28.98.

Tandem Diabetes Care Company 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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