Tandem Diabetes Care (NASDAQ:TNDM) Stock Price Up 6.3% – What’s Next?

Tandem Diabetes Care, Inc. (NASDAQ:TNDM)’s stock price shot up 6.3% during trading on Wednesday . The company traded as high as $29.96 and last traded at $29.62. 354,601 shares changed hands during trading, a decline of 78% from the average session volume of 1,599,155 shares. The stock had previously closed at $27.87.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. The Goldman Sachs Group initiated coverage on Tandem Diabetes Care in a research report on Friday, October 4th. They set a “neutral” rating and a $46.00 price target for the company. UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a report on Friday, August 2nd. Wells Fargo & Company boosted their price target on shares of Tandem Diabetes Care from $50.00 to $55.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Canaccord Genuity Group started coverage on shares of Tandem Diabetes Care in a research note on Thursday, August 8th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Piper Sandler restated an “overweight” rating and issued a $55.00 price objective (up previously from $50.00) on shares of Tandem Diabetes Care in a report on Friday, August 2nd. Five equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, Tandem Diabetes Care presently has an average rating of “Moderate Buy” and an average target price of $54.25.

Tandem Diabetes Care Stock Up 2.0 %

The firm has a 50-day moving average price of $36.42 and a two-hundred day moving average price of $41.35. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of -15.93 and a beta of 1.36. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The firm had revenue of $243.97 million for the quarter, compared to the consensus estimate of $224.14 million. During the same quarter last year, the business posted ($0.38) EPS. The firm’s quarterly revenue was up 31.4% compared to the same quarter last year. On average, sell-side analysts forecast that Tandem Diabetes Care, Inc. will post -1.73 earnings per share for the current year.

Institutional Investors Weigh In On Tandem Diabetes Care

Several large investors have recently modified their holdings of the stock. Brooklyn Investment Group purchased a new position in Tandem Diabetes Care in the 3rd quarter valued at $28,000. Assetmark Inc. acquired a new stake in Tandem Diabetes Care in the third quarter valued at $29,000. ORG Wealth Partners LLC acquired a new stake in Tandem Diabetes Care in the third quarter valued at $30,000. ORG Partners LLC acquired a new stake in Tandem Diabetes Care in the second quarter valued at $31,000. Finally, Waldron Private Wealth LLC acquired a new stake in Tandem Diabetes Care in the third quarter valued at $50,000.

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.