Tandem Diabetes Care (NASDAQ:TNDM) Earns Buy Rating from Canaccord Genuity Group

Key Points

• Canaccord Genuity Group has reaffirmed a "buy" rating for Tandem Diabetes Care (NASDAQ:TNDM) with a target price of $24.00, suggesting a potential upside of 103.77% from its current trading price.
• The company's latest quarterly earnings reported a loss of $0.48 EPS, which was slightly below analysts' estimates, despite revenues increasing 8.5% year-over-year.
• Insider buying activity included CEO John F. Sheridan acquiring 10,000 shares, increasing his ownership by 10.38%, reflecting confidence in the company's future performance.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report)'s stock had its "buy" rating reaffirmed by Canaccord Genuity Group in a report released on Monday,Benzinga reports. They presently have a $24.00 target price on the medical device company's stock. Canaccord Genuity Group's price objective would indicate a potential upside of 103.77% from the stock's current price.

A number of other equities research analysts have also recently issued reports on TNDM. Truist Financial assumed coverage on shares of Tandem Diabetes Care in a research note on Monday, June 16th. They issued a "hold" rating and a $24.00 price target on the stock. Citigroup lifted their price target on shares of Tandem Diabetes Care from $10.35 to $11.00 and gave the company a "neutral" rating in a research note on Thursday, August 21st. Lake Street Capital cut 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 research note on Monday, August 11th. Barclays dropped their price target on shares of Tandem Diabetes Care from $53.00 to $51.00 and set an "overweight" rating on the stock in a research note on Friday, August 8th. Finally, Wells Fargo & Company dropped their price target on shares of Tandem Diabetes Care from $20.00 to $13.00 and set an "equal weight" rating on the stock in a research note on Thursday, August 7th. Five analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Tandem Diabetes Care currently has a consensus rating of "Hold" and a consensus target price of $22.44.

Tandem Diabetes Care Stock Performance

TNDM traded down $0.22 during trading on Monday, reaching $11.78. 113,266 shares of the company's stock were exchanged, compared to its average volume of 1,733,659. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $43.21. The company has a debt-to-equity ratio of 2.32, a current ratio of 2.44 and a quick ratio of 1.88. The stock has a market capitalization of $795.84 million, a P/E ratio of -3.83 and a beta of 1.45. The company's fifty day simple moving average is $12.93 and its 200-day simple moving average is $17.00.

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) EPS for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.08). The firm 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 revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.47) EPS. As a group, research analysts predict that Tandem Diabetes Care will post -1.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Tandem Diabetes Care

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

Institutional Trading of Tandem Diabetes Care

Institutional investors and hedge funds have recently bought and sold shares of the stock. Assetmark Inc. raised its holdings in Tandem Diabetes Care by 42.9% in the 1st quarter. Assetmark Inc. now owns 1,750 shares of the medical device company's stock valued at $34,000 after buying an additional 525 shares during the period. NBC Securities Inc. acquired a new position in Tandem Diabetes Care in the 1st quarter valued at about $37,000. CWM LLC grew its position in Tandem Diabetes Care by 262.6% in the 2nd quarter. CWM LLC now owns 2,796 shares of the medical device company's stock valued at $52,000 after acquiring an additional 2,025 shares in the last quarter. Brooklyn Investment Group grew its position in Tandem Diabetes Care by 417.8% in the 1st quarter. Brooklyn Investment Group now owns 3,397 shares of the medical device company's stock valued at $65,000 after acquiring an additional 2,741 shares in the last quarter. Finally, Nisa Investment Advisors LLC grew its position in Tandem Diabetes Care by 186.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 4,171 shares of the medical device company's stock valued at $78,000 after acquiring an additional 2,717 shares in the last quarter.

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.

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