Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 5.9% - Time to Sell?

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report) shares were down 5.9% on Wednesday . The stock traded as low as $19.11 and last traded at $18.99. 343,487 shares were traded during mid-day trading, a decline of 77% from the average session volume of 1,488,542 shares. The stock had previously closed at $20.18.

Wall Street Analysts Forecast Growth

TNDM has been the topic of several analyst reports. The Goldman Sachs Group lowered their price target on Tandem Diabetes Care from $42.00 to $24.00 and set a "neutral" rating on the stock in a report on Monday, March 3rd. Truist Financial began coverage on shares of Tandem Diabetes Care in a research note on Monday, June 16th. They issued a "hold" rating and a $24.00 target price on the stock. Canaccord Genuity Group boosted their target price on shares of Tandem Diabetes Care from $58.00 to $59.00 and gave the stock a "buy" rating in a research report on Thursday, May 1st. Sanford C. Bernstein downgraded Tandem Diabetes Care from an "outperform" rating to a "market perform" rating and lowered their price target for the company from $35.00 to $25.00 in a research report on Friday, February 28th. Finally, Piper Sandler dropped their price objective on Tandem Diabetes Care from $36.00 to $30.00 and set an "overweight" rating on the stock in a research note on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, Tandem Diabetes Care presently has a consensus rating of "Hold" and an average price target of $33.43.

Tandem Diabetes Care Stock Performance

The firm has a fifty day simple moving average of $20.36 and a 200 day simple moving average of $25.95. The company has a current ratio of 2.30, a quick ratio of 1.81 and a debt-to-equity ratio of 1.99. The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -6.89 and a beta of 1.52.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last issued its earnings results on Wednesday, April 30th. The medical device company reported ($0.67) earnings per share for the quarter, missing the consensus estimate of ($0.60) by ($0.07). The business had revenue of $234.42 million for the quarter, compared to analyst estimates of $220.19 million. Tandem Diabetes Care had a negative net margin of 18.71% and a negative return on equity of 57.33%. Tandem Diabetes Care's revenue was up 22.3% on a year-over-year basis. During the same quarter last year, the firm posted ($0.65) earnings per share. As a group, sell-side analysts expect that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TNDM. Voya Investment Management LLC increased its holdings in Tandem Diabetes Care by 39.2% during the 1st quarter. Voya Investment Management LLC now owns 136,698 shares of the medical device company's stock valued at $2,619,000 after purchasing an additional 38,519 shares in the last quarter. Inspire Investing LLC acquired a new stake in shares of Tandem Diabetes Care in the 1st quarter valued at $343,000. Acadian Asset Management LLC bought a new stake in Tandem Diabetes Care during the 1st quarter worth about $4,457,000. Bayforest Capital Ltd boosted its stake in shares of Tandem Diabetes Care by 197.0% in the 1st quarter. Bayforest Capital Ltd now owns 26,288 shares of the medical device company's stock valued at $504,000 after purchasing an additional 17,436 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Tandem Diabetes Care by 9.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 193,993 shares of the medical device company's stock worth $3,717,000 after buying an additional 16,254 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.

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