Bank of New York Mellon Corp Grows Stock Holdings in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Bank of New York Mellon Corp grew its position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 17.4% during the 2nd quarter, Holdings Channel.com reports. The firm owned 494,313 shares of the medical device company’s stock after purchasing an additional 73,397 shares during the period. Bank of New York Mellon Corp’s holdings in Tandem Diabetes Care were worth $19,916,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. ORG Partners LLC acquired a new stake in shares of Tandem Diabetes Care in the 2nd quarter worth $31,000. Headlands Technologies LLC purchased a new stake in shares of Tandem Diabetes Care during the first quarter worth about $35,000. MCF Advisors LLC increased its holdings in shares of Tandem Diabetes Care by 79.3% during the first quarter. MCF Advisors LLC now owns 1,006 shares of the medical device company’s stock valued at $36,000 after acquiring an additional 445 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of Tandem Diabetes Care by 387.9% in the 4th quarter. Quadrant Capital Group LLC now owns 3,976 shares of the medical device company’s stock valued at $118,000 after purchasing an additional 3,161 shares during the last quarter. Finally, GAMMA Investing LLC boosted its stake in Tandem Diabetes Care by 55.7% in the 1st quarter. GAMMA Investing LLC now owns 3,845 shares of the medical device company’s stock worth $136,000 after purchasing an additional 1,375 shares in the last quarter.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Canaccord Genuity Group started coverage on shares of Tandem Diabetes Care in a research note on Thursday, August 8th. They set a “buy” rating and a $57.00 price target on the stock. Piper Sandler restated an “overweight” rating and issued a $55.00 target price (up previously from $50.00) on shares of Tandem Diabetes Care in a research note on Friday, August 2nd. Citigroup raised Tandem Diabetes Care from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $40.00 to $57.00 in a research report on Wednesday, May 22nd. Lake Street Capital increased their price objective on Tandem Diabetes Care from $60.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, May 22nd. Finally, Barclays lifted their target price on Tandem Diabetes Care from $55.00 to $58.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $54.36.

Tandem Diabetes Care Price Performance

Shares of NASDAQ TNDM opened at $42.76 on Friday. The stock has a market capitalization of $2.80 billion, a price-to-earnings ratio of -19.70 and a beta of 1.32. Tandem Diabetes Care, Inc. has a 12 month low of $13.82 and a 12 month high of $53.69. The firm’s 50 day simple moving average is $41.94 and its 200-day simple moving average is $39.28. The company has a debt-to-equity ratio of 1.31, a current ratio of 3.05 and a quick ratio of 2.38.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its quarterly earnings data on Thursday, August 1st. The medical device company reported ($0.47) EPS for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.07. The business had revenue of $221.90 million for the quarter, compared to analysts’ expectations of $205.63 million. Tandem Diabetes Care had a negative net margin of 17.15% and a negative return on equity of 41.54%. The business’s revenue was up 13.3% on a year-over-year basis. During the same quarter last year, the company earned ($0.30) EPS. Analysts expect that Tandem Diabetes Care, Inc. will post -1.76 EPS for the current year.

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.