Tandem Diabetes Care (NASDAQ:TNDM) Shares Gap Up on Analyst Upgrade

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report) gapped up before the market opened on Wednesday after Lake Street Capital raised their price target on the stock from $60.00 to $75.00. The stock had previously closed at $49.32, but opened at $52.15. Lake Street Capital currently has a buy rating on the stock. Tandem Diabetes Care shares last traded at $51.40, with a volume of 168,192 shares trading hands.

A number of other analysts have also weighed in on the stock. Citigroup raised shares of Tandem Diabetes Care from a "neutral" rating to a "buy" rating and upped their price objective for the stock from $40.00 to $57.00 in a research note on Wednesday. Robert W. Baird upped their price objective on shares of Tandem Diabetes Care from $28.00 to $36.00 and gave the stock a "neutral" rating in a research note on Friday, May 3rd. Stifel Nicolaus upped their price objective on shares of Tandem Diabetes Care from $45.00 to $55.00 and gave the stock a "buy" rating in a research note on Wednesday. Piper Sandler reissued an "overweight" rating and set a $50.00 price target (up from $35.00) on shares of Tandem Diabetes Care in a research report on Friday, May 3rd. Finally, Barclays increased their price target on shares of Tandem Diabetes Care from $39.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, May 6th. Two equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $49.73.

Hedge Funds Weigh In On Tandem Diabetes Care

Several hedge funds have recently modified their holdings of TNDM. RiverPark Advisors LLC purchased a new stake in Tandem Diabetes Care in the fourth quarter valued at $27,000. Headlands Technologies LLC purchased a new stake in Tandem Diabetes Care in the first quarter valued at $35,000. MCF Advisors LLC boosted its holdings in Tandem Diabetes Care by 79.3% in the first quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company's stock valued at $36,000 after purchasing an additional 445 shares during the last quarter. Signaturefd LLC boosted its holdings in Tandem Diabetes Care by 871.8% in the fourth quarter. Signaturefd LLC now owns 1,691 shares of the medical device company's stock valued at $50,000 after purchasing an additional 1,517 shares during the last quarter. Finally, Arcadia Investment Management Corp MI raised its position in shares of Tandem Diabetes Care by 141.6% in the first quarter. Arcadia Investment Management Corp MI now owns 1,851 shares of the medical device company's stock worth $66,000 after acquiring an additional 1,085 shares during the period.

Tandem Diabetes Care Stock Performance

The business's 50-day simple moving average is $36.78 and its two-hundred day simple moving average is $28.66. The firm has a market cap of $3.32 billion, a price-to-earnings ratio of -23.68 and a beta of 1.10. The company has a quick ratio of 3.01, a current ratio of 3.81 and a debt-to-equity ratio of 1.43.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its quarterly earnings data on Wednesday, February 21st. The medical device company reported ($0.27) earnings per share for the quarter, missing analysts' consensus estimates of ($0.23) by ($0.04). Tandem Diabetes Care had a negative return on equity of 34.38% and a negative net margin of 18.37%. The firm had revenue of $196.80 million during the quarter, compared to analyst estimates of $204.86 million. As a group, sell-side analysts expect that Tandem Diabetes Care, Inc. will post -1.7 earnings per share 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.