Wedbush Securities Inc. trimmed its holdings in Tandem Diabetes Care Inc (NASDAQ:TNDM) by 28.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 23,327 shares of the medical device company’s stock after selling 9,097 shares during the period. Wedbush Securities Inc.’s holdings in Tandem Diabetes Care were worth $514,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Gabelli Funds LLC bought a new position in shares of Tandem Diabetes Care during the first quarter worth approximately $102,000. Cetera Advisor Networks LLC bought a new position in shares of Tandem Diabetes Care during the first quarter worth approximately $117,000. Element Capital Management LLC bought a new position in shares of Tandem Diabetes Care during the first quarter worth approximately $184,000. A.R.T. Advisors LLC increased its stake in shares of Tandem Diabetes Care by 284.4% during the first quarter. A.R.T. Advisors LLC now owns 38,518 shares of the medical device company’s stock worth $191,000 after purchasing an additional 28,499 shares during the period. Finally, First Mercantile Trust Co. increased its stake in shares of Tandem Diabetes Care by 1,051.3% during the first quarter. First Mercantile Trust Co. now owns 44,866 shares of the medical device company’s stock worth $223,000 after purchasing an additional 40,969 shares during the period. 50.63% of the stock is owned by institutional investors.
In related news, Director Richard P. Valencia acquired 1,754 shares of the stock in a transaction on Friday, August 3rd. The shares were purchased at an average price of $28.50 per share, for a total transaction of $49,989.00. Following the purchase, the director now directly owns 1,754 shares in the company, valued at $49,989. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. 9.30% of the stock is owned by company insiders.
Tandem Diabetes Care (NASDAQ:TNDM) last posted its quarterly earnings data on Monday, July 30th. The medical device company reported ($1.17) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.35) by ($0.82). The business had revenue of $34.10 million during the quarter, compared to analysts’ expectations of $29.68 million. During the same quarter in the previous year, the business posted ($0.44) EPS. Tandem Diabetes Care’s revenue for the quarter was up 60.1% on a year-over-year basis. equities analysts forecast that Tandem Diabetes Care Inc will post -1.48 earnings per share for the current year.
TNDM has been the topic of a number of recent research reports. Oppenheimer set a $15.00 target price on Tandem Diabetes Care and gave the stock a “buy” rating in a research note on Sunday, May 27th. Stifel Nicolaus reiterated a “hold” rating and set a $25.00 target price (up previously from $7.50) on shares of Tandem Diabetes Care in a research note on Tuesday, July 31st. Piper Jaffray Companies upgraded Tandem Diabetes Care from a “neutral” rating to an “overweight” rating in a research note on Monday, May 14th. ValuEngine upgraded Tandem Diabetes Care from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 26th. Finally, Lake Street Capital increased their target price on Tandem Diabetes Care to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, July 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. Tandem Diabetes Care currently has an average rating of “Buy” and an average target price of $24.13.
Tandem Diabetes Care 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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