Tandem Diabetes Care (NASDAQ:TNDM) Share Price Passes Above 200 Day Moving Average - Here's What Happened

Key Points

• Tandem Diabetes Care shares moved above their 200-day moving average, reaching $21.74 before last trading at $20.56. The stock’s 200-day average was $19.21, though shares were reported down 3.4%.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $28.98. Recent targets range from $15.50 to $55.00.
• The company slightly beat quarterly EPS expectations, reporting a loss of $0.31 per share versus the anticipated $0.32 loss, while revenue reached $254.56 million and increased 5.8% year over year.

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report) shares crossed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $19.21 and traded as high as $21.74. Tandem Diabetes Care shares last traded at $20.56, with a volume of 1,134,321 shares.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Deutsche Bank Aktiengesellschaft started coverage on Tandem Diabetes Care in a research note on Tuesday, June 23rd. They issued a "hold" rating and a $15.50 price objective on the stock. Citigroup restated a "neutral" rating and set a $21.00 price target (up from $17.00) on shares of Tandem Diabetes Care in a report on Friday, August 7th. Barclays set a $55.00 price target on shares of Tandem Diabetes Care and gave the stock an "overweight" rating in a research report on Monday, May 11th. Canaccord Genuity Group set a $40.00 price objective on shares of Tandem Diabetes Care in a research note on Friday, August 7th. Finally, UBS Group assumed coverage on shares of Tandem Diabetes Care in a research report on Tuesday, July 28th. They set a "neutral" rating and a $18.00 price objective for the company. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $28.98.

Tandem Diabetes Care Stock Down 3.4%

The firm has a market cap of $1.43 billion, a price-to-earnings ratio of -22.11 and a beta of 1.55. The firm has a 50 day moving average of $18.96 and a 200 day moving average of $19.21. The company has a quick ratio of 2.65, a current ratio of 3.18 and a debt-to-equity ratio of 4.62.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings 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 valued at $4,054,000 after purchasing an additional 49,408 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of 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 buying an additional 2,096 shares during the period. Millennium Management LLC grew its stake in shares of 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 buying an additional 66,245 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in Tandem Diabetes Care in the 1st quarter valued at about $225,000. Finally, Goldman Sachs Group Inc. increased its position in Tandem Diabetes Care by 5.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 712,559 shares of the medical device company's stock valued at $13,653,000 after buying an additional 34,069 shares in the last quarter.

About Tandem Diabetes Care

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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