Tandem Diabetes Care (NASDAQ:TNDM) Downgraded by Lake Street Capital to "Hold"

Key Points

• Analysts at Lake Street Capital have reaffirmed a "hold" rating for Tandem Diabetes Care (NASDAQ:TNDM), with a new price target of $12.00, significantly lower than their previous target of $75.00.
• Tandem Diabetes Care's stock has dropped 8.8% recently, trading at $10.25, as part of a broader trend with analysts adjusting ratings and price targets downwards.
• The company reported negative earnings of ($0.48) per share in its latest quarter, missing expectations, but saw a year-over-year revenue increase of 8.5% to $240.68 million.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) was downgraded by investment analysts at Lake Street Capital from a "buy" rating to a "hold" rating in a research note issued to investors on Monday, Marketbeat reports. They currently have a $12.00 price target on the medical device company's stock, down from their previous price target of $75.00. Lake Street Capital's price objective would suggest a potential upside of 18.58% from the stock's previous close.

A number of other equities analysts have also weighed in on the stock. UBS Group lowered their price objective on shares of Tandem Diabetes Care from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Thursday. Stifel Nicolaus reduced their target price on Tandem Diabetes Care from $60.00 to $31.00 and set a "buy" rating for the company in a report on Thursday, May 1st. Wall Street Zen downgraded Tandem Diabetes Care from a "hold" rating to a "sell" rating in a report on Saturday, June 21st. Canaccord Genuity Group set a $24.00 target price on Tandem Diabetes Care and gave the company a "buy" rating in a report on Thursday. Finally, Citigroup reissued a "sell" rating and issued a $14.00 target price (down previously from $24.00) on shares of Tandem Diabetes Care in a report on Wednesday, July 9th. Two analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $22.67.

Tandem Diabetes Care Price Performance

Shares of Tandem Diabetes Care stock traded down $1.11 during trading hours on Monday, reaching $10.12. 3,122,005 shares of the company's stock were exchanged, compared to its average volume of 1,690,932. Tandem Diabetes Care has a 1 year low of $9.98 and a 1 year high of $47.60. The company has a market capitalization of $683.80 million, a P/E ratio of -3.28 and a beta of 1.46. The business has a fifty day moving average of $17.56 and a two-hundred day moving average of $21.36. The company has a quick ratio of 1.88, a current ratio of 2.44 and a debt-to-equity ratio of 2.32.

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 company had revenue of $240.68 million for the quarter, compared to analysts' expectations of $238.39 million. Tandem Diabetes Care had a negative return on equity of 65.40% and a negative net margin of 20.51%. The company's quarterly revenue was up 8.5% compared to the same quarter last year. During the same period last 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.

Institutional Inflows and Outflows

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

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.