Tandem Diabetes Care (NASDAQ:TNDM) Given New $50.00 Price Target at Citigroup

Tandem Diabetes Care (NASDAQ:TNDM) had its price target cut by stock analysts at Citigroup from $57.00 to $50.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the medical device company’s stock. Citigroup’s price objective would suggest a potential upside of 45.48% from the company’s current price.

Other research analysts have also recently issued research reports about the stock. Sanford C. Bernstein began coverage on shares of Tandem Diabetes Care in a report on Wednesday, November 6th. They set an “outperform” rating and a $42.00 price target for the company. Barclays lifted their target price on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Robert W. Baird reduced their target price on Tandem Diabetes Care from $39.00 to $37.00 and set a “neutral” rating on the stock in a report on Thursday, November 7th. Morgan Stanley upgraded Tandem Diabetes Care from an “equal weight” rating to an “overweight” rating and set a $45.00 price target for the company in a research report on Monday, December 2nd. Finally, Canaccord Genuity Group lowered their target price on Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Four research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $53.81.

Tandem Diabetes Care Stock Performance

NASDAQ TNDM traded up $0.56 on Wednesday, reaching $34.37. 742,129 shares of the company’s stock traded hands, compared to its average volume of 1,582,520. The firm has a market cap of $2.26 billion, a price-to-earnings ratio of -17.81 and a beta of 1.33. The stock has a 50 day moving average price of $33.25 and a 200-day moving average price of $39.90. 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 has a fifty-two week low of $21.85 and a fifty-two week high of $53.69.

Tandem Diabetes Care (NASDAQ:TNDM) last announced its earnings results on Wednesday, November 6th. The medical device company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.08. The business had revenue of $243.97 million during the quarter, compared to analysts’ expectations of $224.14 million. Tandem Diabetes Care had a negative return on equity of 44.19% and a negative net margin of 14.84%. The business’s revenue was up 31.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.38) earnings per share. Equities research analysts predict that Tandem Diabetes Care will post -1.68 EPS for the current fiscal year.

Insider Activity at Tandem Diabetes Care

In other Tandem Diabetes Care news, Director Kim D. Blickenstaff sold 10,000 shares of Tandem Diabetes Care stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the director now directly owns 195,190 shares in the company, valued at approximately $5,855,700. The trade was a 4.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of large investors have recently made changes to their positions in TNDM. Diversified Trust Co boosted its stake in shares of Tandem Diabetes Care by 11.1% in the second quarter. Diversified Trust Co now owns 14,635 shares of the medical device company’s stock valued at $590,000 after buying an additional 1,462 shares during the period. ORG Partners LLC acquired a new stake in shares of Tandem Diabetes Care in the 2nd quarter valued at approximately $31,000. Assenagon Asset Management S.A. grew its holdings in shares of Tandem Diabetes Care by 37.5% during the 2nd quarter. Assenagon Asset Management S.A. now owns 311,427 shares of the medical device company’s stock valued at $12,547,000 after purchasing an additional 85,000 shares during the last quarter. Nisa Investment Advisors LLC increased its position in Tandem Diabetes Care by 33.4% during the 2nd quarter. Nisa Investment Advisors LLC now owns 5,936 shares of the medical device company’s stock worth $239,000 after purchasing an additional 1,486 shares in the last quarter. Finally, MN Wealth Advisors LLC lifted its stake in Tandem Diabetes Care by 3.1% in the 2nd quarter. MN Wealth Advisors LLC now owns 14,723 shares of the medical device company’s stock valued at $593,000 after purchasing an additional 440 shares during the last quarter.

Tandem Diabetes Care Company Profile

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.