Citigroup Cuts Tandem Diabetes Care (NASDAQ:TNDM) Price Target to $50.00

Tandem Diabetes Care (NASDAQ:TNDM) had its target price lowered by Citigroup from $57.00 to $50.00 in a report issued on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the medical device company’s stock.

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

Tandem Diabetes Care Stock Performance

Shares of NASDAQ TNDM opened at $32.66 on Wednesday. The stock has a 50 day moving average price of $32.82 and a 200 day moving average price of $39.69. Tandem Diabetes Care has a 52 week low of $21.85 and a 52 week high of $53.69. The company has a debt-to-equity ratio of 1.29, a quick ratio of 2.32 and a current ratio of 2.90. The stock has a market capitalization of $2.15 billion, a PE ratio of -16.92 and a beta of 1.32.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings results on Wednesday, November 6th. The medical device company reported ($0.35) EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts’ expectations of $224.14 million. During the same period in the prior year, the firm posted ($0.38) earnings per share. The business’s quarterly revenue was up 31.4% compared to the same quarter last year. Analysts predict that Tandem Diabetes Care will post -1.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Tandem Diabetes Care news, Director Kim D. Blickenstaff sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 20th. The stock was sold at an average price of $30.00, for a total transaction of $300,000.00. Following the transaction, the director now owns 195,190 shares in the company, valued at $5,855,700. This trade represents a 4.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Tandem Diabetes Care

A number of hedge funds have recently added to or reduced their stakes in TNDM. Brooklyn Investment Group acquired a new stake in shares of Tandem Diabetes Care in the 3rd quarter valued at $28,000. Assetmark Inc. acquired a new stake in shares of Tandem Diabetes Care in the 3rd quarter valued at $29,000. ORG Wealth Partners LLC acquired a new stake in shares of Tandem Diabetes Care in the 3rd quarter valued at $30,000. ORG Partners LLC acquired a new stake in shares of Tandem Diabetes Care in the 2nd quarter valued at $31,000. Finally, Waldron Private Wealth LLC acquired a new stake in shares of Tandem Diabetes Care in the 3rd 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.