Tandem Diabetes Care (NASDAQ:TNDM) Shares Down 5.9% - Here's Why

Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report)'s stock price traded down 5.9% on Wednesday . The company traded as low as $19.11 and last traded at $18.99. 343,487 shares changed hands 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.

Analyst Upgrades and Downgrades

TNDM has been the topic of several research analyst reports. The Goldman Sachs Group decreased their target price on shares of Tandem Diabetes Care from $42.00 to $24.00 and set a "neutral" rating on the stock in a research report on Monday, March 3rd. Robert W. Baird cut their target price on shares of Tandem Diabetes Care from $33.00 to $24.00 and set a "neutral" rating for the company in a research note on Thursday, May 1st. Citigroup boosted their target price on shares of Tandem Diabetes Care from $20.00 to $24.00 and gave the company a "neutral" rating in a research note on Thursday, May 22nd. Stifel Nicolaus dropped their price objective on shares of Tandem Diabetes Care from $60.00 to $31.00 and set a "buy" rating for the company in a research note on Thursday, May 1st. Finally, Truist Financial assumed coverage on shares of 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, Tandem Diabetes Care currently has an average rating of "Hold" and an average target price of $33.43.

Tandem Diabetes Care Stock Performance

The stock has a market cap of $1.26 billion, a PE ratio of -6.81 and a beta of 1.52. The company has a debt-to-equity ratio of 1.99, a quick ratio of 1.81 and a current ratio of 2.30. The stock has a fifty day simple moving average of $20.49 and a two-hundred day simple moving average of $25.65.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last released its earnings results on Wednesday, April 30th. The medical device company reported ($0.67) EPS 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 analysts' expectations of $220.19 million. Tandem Diabetes Care had a negative net margin of 18.71% and a negative return on equity of 57.33%. The business's quarterly revenue was up 22.3% compared to the same quarter last year. During the same quarter last year, the company posted ($0.65) earnings per share. Equities analysts anticipate that Tandem Diabetes Care, Inc. will post -1.68 EPS for the current fiscal year.

Hedge Funds Weigh In On Tandem Diabetes Care

Several large investors have recently added to or reduced their stakes in TNDM. AlphaQuest LLC raised its stake in shares of Tandem Diabetes Care by 138.7% during the fourth quarter. AlphaQuest LLC now owns 931 shares of the medical device company's stock valued at $34,000 after purchasing an additional 541 shares in the last quarter. Assetmark Inc. increased its stake 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 worth $34,000 after purchasing an additional 525 shares in the last quarter. NBC Securities Inc. purchased a new position in Tandem Diabetes Care in the 1st quarter worth about $37,000. Jones Financial Companies Lllp increased its stake in Tandem Diabetes Care by 195.8% in the 4th quarter. Jones Financial Companies Lllp now owns 1,130 shares of the medical device company's stock worth $41,000 after purchasing an additional 748 shares in the last quarter. Finally, Smartleaf Asset Management LLC boosted its position in Tandem Diabetes Care by 163.4% during the 4th quarter. Smartleaf Asset Management LLC now owns 1,775 shares of the medical device company's stock worth $65,000 after acquiring an additional 1,101 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.