Tandem Diabetes Care (NASDAQ:TNDM) Shares Up 7.7% - Here's What Happened

Key Points

• Tandem Diabetes Care's shares rose by 7.7% on Friday, trading at prices between $13.86 and $14.12, however, trading volume was significantly down by 93% compared to the average.
• Several analysts have altered their target prices for Tandem Diabetes Care, with Canaccord Genuity maintaining a "buy" rating at $24.00 while Royal Bank of Canada cut their price target to $25.00.
• The company reported a loss of $0.48 earnings per share for the last quarter, which was below analyst expectations, but its revenue did increase by 8.5% year-over-year to $240.68 million.

Shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM - Get Free Report) traded up 7.7% on Friday . The company traded as high as $13.86 and last traded at $14.12. 121,287 shares traded hands during trading, a decline of 93% from the average session volume of 1,734,742 shares. The stock had previously closed at $13.11.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Canaccord Genuity Group restated a "buy" rating and issued a $24.00 target price on shares of Tandem Diabetes Care in a research note on Monday. Royal Bank Of Canada lowered their price objective on Tandem Diabetes Care from $45.00 to $25.00 and set an "outperform" rating for the company in a research report on Thursday, August 7th. Citigroup upped their target price on shares of Tandem Diabetes Care from $10.35 to $11.00 and gave the stock a "neutral" rating in a research report on Thursday, August 21st. Piper Sandler lowered shares of Tandem Diabetes Care from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $30.00 to $14.00 in a research note on Thursday, August 7th. Finally, UBS Group dropped 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 note on Thursday, August 7th. Five equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Tandem Diabetes Care currently has an average rating of "Hold" and an average price target of $22.44.

Tandem Diabetes Care Stock Up 12.2%

The company's 50-day moving average is $12.69 and its two-hundred day moving average is $16.84. 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 company has a market cap of $993.94 million, a P/E ratio of -4.76 and a beta of 1.48.

Tandem Diabetes Care (NASDAQ:TNDM - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The medical device company reported ($0.48) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.40) by ($0.08). Tandem Diabetes Care had a negative net margin of 20.51% and a negative return on equity of 65.40%. The business had revenue of $240.68 million for the quarter, compared to the consensus estimate of $238.39 million. During the same period in the previous year, the company earned ($0.47) earnings per share. The company's revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities analysts predict that Tandem Diabetes Care, Inc. will post -1.68 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of TNDM. GAMMA Investing LLC raised its stake in Tandem Diabetes Care by 763.3% during the 1st quarter. GAMMA Investing LLC now owns 42,190 shares of the medical device company's stock valued at $808,000 after purchasing an additional 37,303 shares during the period. NBC Securities Inc. bought a new stake in shares of Tandem Diabetes Care during the first quarter valued at approximately $37,000. Park Avenue Securities LLC raised its position in shares of Tandem Diabetes Care by 31.3% during the first quarter. Park Avenue Securities LLC now owns 11,708 shares of the medical device company's stock valued at $224,000 after buying an additional 2,794 shares during the last quarter. SG Americas Securities LLC lifted its holdings in shares of Tandem Diabetes Care by 366.4% in the first quarter. SG Americas Securities LLC now owns 16,353 shares of the medical device company's stock worth $313,000 after buying an additional 12,847 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Tandem Diabetes Care by 27.1% during the first quarter. Janney Montgomery Scott LLC now owns 38,450 shares of the medical device company's stock worth $737,000 after acquiring an additional 8,210 shares during 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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