Short Interest in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) Decreases By 34.1%

Key Points

• Short interest in Tandem Diabetes Care, Inc. decreased significantly by 34.1% in August, with a total of 5,770,000 shares shorted as of the 15th.
• Analysts have downgraded Tandem's rating, with the Royal Bank of Canada cutting its price target from $45.00 to $25.00, while Lake Street Capital moved from a "buy" to a "hold" and reduced its target from $75.00 to $12.00.
• Insiders are actively buying shares, with CFO Leigh Vosseller purchasing 13,720 shares and CEO John F. Sheridan acquiring 10,000 shares, indicating confidence in the company's future.

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report) saw a significant decrease in short interest in August. As of August 15th, there was short interest totaling 5,770,000 shares, adecreaseof34.1% from the July 31st total of 8,750,000 shares. Based on an average daily volume of 1,980,000 shares, the days-to-cover ratio is presently 2.9 days. Based on an average daily volume of 1,980,000 shares, the days-to-cover ratio is presently 2.9 days.

Analysts Set New Price Targets

TNDM has been the subject of several recent analyst reports. Royal Bank Of Canada cut their price target on Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating for the company in a research note on Thursday, August 7th. Lake Street Capital lowered Tandem Diabetes Care from a "buy" rating to a "hold" rating and cut their price objective for the stock from $75.00 to $12.00 in a research note on Monday, August 11th. UBS Group cut their price objective on Tandem Diabetes Care from $20.00 to $17.00 and set a "neutral" rating for the company in a research note on Thursday, August 7th. Canaccord Genuity Group set a $24.00 price objective on Tandem Diabetes Care and gave the stock a "buy" rating in a research note on Thursday, August 7th. Finally, Truist Financial began coverage on Tandem Diabetes Care in a research note on Monday, June 16th. They set a "hold" rating and a $24.00 price objective for the company. Four 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, the stock presently has a consensus rating of "Hold" and a consensus price target of $22.47.

Insider Activity at Tandem Diabetes Care

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Northern Trust Corp boosted its position in Tandem Diabetes Care by 9.7% during the fourth quarter. Northern Trust Corp now owns 697,456 shares of the medical device company's stock worth $25,122,000 after acquiring an additional 61,768 shares during the last quarter. Captrust Financial Advisors boosted its position in Tandem Diabetes Care by 82.0% during the fourth quarter. Captrust Financial Advisors now owns 18,513 shares of the medical device company's stock worth $667,000 after acquiring an additional 8,343 shares during the last quarter. Cetera Investment Advisers boosted its position in Tandem Diabetes Care by 7.4% during the fourth quarter. Cetera Investment Advisers now owns 14,185 shares of the medical device company's stock worth $511,000 after acquiring an additional 981 shares during the last quarter. Deutsche Bank AG boosted its position in Tandem Diabetes Care by 45.5% during the fourth quarter. Deutsche Bank AG now owns 61,771 shares of the medical device company's stock worth $2,225,000 after acquiring an additional 19,308 shares during the last quarter. Finally, Frontier Capital Management Co. LLC boosted its position in Tandem Diabetes Care by 50.4% during the fourth quarter. Frontier Capital Management Co. LLC now owns 272,088 shares of the medical device company's stock worth $9,801,000 after acquiring an additional 91,227 shares during the last quarter.

Tandem Diabetes Care Stock Up 1.5%

Shares of Tandem Diabetes Care stock traded up $0.19 during trading hours on Friday, reaching $12.58. 1,612,162 shares of the company were exchanged, compared to its average volume of 2,185,808. The firm has a market cap of $850.03 million, a PE ratio of -4.07 and a beta of 1.45. The stock's fifty day moving average is $14.07 and its 200 day moving average is $18.19. The company has a debt-to-equity ratio of 2.32, a quick ratio of 1.88 and a current ratio of 2.44. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $47.60.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its earnings results 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 for the quarter, compared to analyst estimates 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 quarterly revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the company posted ($0.47) EPS. As a group, equities research analysts forecast that Tandem Diabetes Care will post -1.68 earnings per share for the current year.

Tandem Diabetes Care Company Profile

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.

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