Chartwell Investment Partners LLC cut its stake in shares of Tandem Diabetes Care Inc (NASDAQ:TNDM) by 51.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 73,918 shares of the medical device company’s stock after selling 79,818 shares during the quarter. Chartwell Investment Partners LLC’s holdings in Tandem Diabetes Care were worth $3,167,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. ClariVest Asset Management LLC bought a new position in Tandem Diabetes Care during the third quarter worth $1,590,000. Rhumbline Advisers boosted its stake in Tandem Diabetes Care by 6.8% during the third quarter. Rhumbline Advisers now owns 45,756 shares of the medical device company’s stock worth $1,960,000 after acquiring an additional 2,910 shares in the last quarter. Prudential Financial Inc. bought a new position in Tandem Diabetes Care during the third quarter worth $235,000. SG Americas Securities LLC bought a new position in Tandem Diabetes Care during the third quarter worth $1,268,000. Finally, Commonwealth Equity Services LLC bought a new position in Tandem Diabetes Care during the third quarter worth $750,000. 60.72% of the stock is currently owned by institutional investors and hedge funds.
Tandem Diabetes Care stock opened at $30.04 on Tuesday. Tandem Diabetes Care Inc has a 1-year low of $2.14 and a 1-year high of $52.55. The firm has a market capitalization of $1.92 billion, a price-to-earnings ratio of -2.33 and a beta of 0.53.
Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings data on Thursday, November 1st. The medical device company reported ($0.62) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.34) by ($0.28). Tandem Diabetes Care had a negative net margin of 93.07% and a negative return on equity of 204.32%. The business had revenue of $46.30 million during the quarter, compared to the consensus estimate of $42.71 million. During the same period last year, the business posted ($3.09) earnings per share. The firm’s quarterly revenue was up 71.5% on a year-over-year basis. On average, equities research analysts anticipate that Tandem Diabetes Care Inc will post -1.35 EPS for the current fiscal year.
In related news, CEO Kim D. Blickenstaff sold 198,000 shares of the firm’s stock in a transaction dated Wednesday, November 7th. The shares were sold at an average price of $37.01, for a total transaction of $7,327,980.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard P. Valencia purchased 1,300 shares of the company’s stock in a transaction that occurred on Monday, November 5th. The shares were purchased at an average cost of $37.75 per share, for a total transaction of $49,075.00. The disclosure for this purchase can be found here. 9.30% of the stock is owned by company insiders.
TNDM has been the topic of a number of recent research reports. Oppenheimer set a $31.00 price objective on shares of Tandem Diabetes Care and gave the company a “buy” rating in a research note on Tuesday, July 31st. BidaskClub lowered shares of Tandem Diabetes Care from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, July 31st. Lake Street Capital raised their price objective on shares of Tandem Diabetes Care to $35.00 and gave the company a “buy” rating in a research note on Tuesday, July 31st. Cowen reaffirmed a “buy” rating and issued a $28.00 price objective on shares of Tandem Diabetes Care in a research note on Tuesday, July 31st. Finally, Robert W. Baird reaffirmed a “buy” rating and issued a $31.00 price objective on shares of Tandem Diabetes Care in a research note on Monday, July 23rd. Five analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and an average price target of $44.27.
Tandem Diabetes Care Company Profile
Tandem Diabetes Care, Inc, a medical device company, designs, develops, and commercializes various products for people with insulin-dependent diabetes in the United States. The company's flagship product is the t:slim X2 insulin delivery system that comprises t:slim X2 pump, its 300-unit disposable insulin cartridge, and an infusion set.
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