Harbor Capital Advisors Inc., a reputable investment firm, recently made headlines as it acquired a new position in shares of Tandem Diabetes Care, Inc. in the second quarter of this year. According to the firm’s filing with the Securities & Exchange Commission, Harbor Capital Advisors purchased 32,921 shares of Tandem Diabetes Care’s stock, which was valued at approximately $808,000. This acquisition resulted in Harbor Capital Advisors owning around 0.05% of Tandem Diabetes Care.
Tandem Diabetes Care (NASDAQ:TNDM) is a prominent medical device company that specializes in designing, developing, and commercializing various products tailored for individuals with insulin-dependent diabetes. The company’s primary focus revolves around its flagship product called the t:slim X2 insulin delivery system. This innovative pump platform consists of the t:slim X2 pump itself, along with a 300-unit disposable insulin cartridge and an infusion set.
On Thursday, August 3rd of this year, Tandem Diabetes Care released its quarterly earnings data. The medical device company reported earnings per share (EPS) of ($0.30), surpassing analysts’ consensus estimates by $0.24 as they had predicted an EPS of ($0.54). Despite experiencing a negative return on equity of 20.29% and a negative net margin of 28.40%, Tandem Diabetes Care still managed to generate revenue amounting to $195.92 million for the quarter — slightly lower than the consensus estimate of $201.62 million.
Looking ahead to the future, industry analysts expect Tandem Diabetes Care, Inc. to post an EPS of -1.49 for the current fiscal year on average.
As Tandem Diabetes Care continues to provide innovative solutions for people with insulin-dependent diabetes both domestically and internationally, its recent acquisition by Harbor Capital Advisors Inc. highlights growing interest from investors in the potential of the medical device company. The t:slim X2 insulin delivery system, with its unique components and advanced features, exemplifies Tandem Diabetes Care’s commitment to improving the lives of individuals managing diabetes.
Updated on: 19/09/2023
Debt to equity ratio: Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Buy
DCF: Strong Buy
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Ownership of Tandem Diabetes Care Modifies as Hedge Funds Increase Stakes
Tandem Diabetes Care, a medical device company specializing in diabetes management technology, has seen some significant changes in its ownership as various hedge funds modify their holdings. One such modification comes from JPMorgan Chase & Co., which increased its stake in the company by 40.5% during the first quarter. This move now gives JPMorgan Chase & Co. ownership of 133,397 shares, valued at $15,512,000. In addition to this increase, other hedge funds like PNC Financial Services Group Inc., Great West Life Assurance Co. Can, Dimensional Fund Advisors LP, and Canada Pension Plan Investment Board have also raised their stakes in Tandem Diabetes Care.
PNC Financial Services Group Inc., for instance, boosted its stake by 2.7% during the first quarter and now possesses 6,246 shares worth approximately $726,000. Similarly, Great West Life Assurance Co. Can increased its holdings by 7.5%, with a total of 34,482 shares valued at $4,122,000 at present. Dimensional Fund Advisors LP took an even larger leap, raising its holdings by 68.5%. As a result of these transactions during the first quarter alone, Dimensional Fund Advisors LP now owns 185,408 shares worth $21,561,000.
Lastly, Canada Pension Plan Investment Board acquired an additional 184 shares during the first quarter and now holds a total of 5,616 shares with a value of $654,000.
As for Tandem Diabetes Care’s stock performance on the NASDAQ exchange (NASDAQ:TNDM), it opened at $22.14 on Tuesday. The company’s debt-to-equity ratio stands at 0.86 while maintaining current and quick ratios of 4.38 and 3.53 respectively.
Notably concerning Tandem Diabetes Care’s recent history is the issuance of several analyst reports. One such report came from Robert W. Baird, which lowered the company’s price target from $33.00 to $32.00 and designated a “neutral” rating for Tandem Diabetes Care. Similarly, Craig Hallum decreased its price target from $74.00 to $50.00 in a research note on June 13th, while Wells Fargo & Company dropped their price target from $40.00 to $30.00 and set an “equal weight” rating for the stock on August 4th.
TD Cowen echoed these movements by reducing its price target from $52.00 to $34.00, accompanied by an “outperform” rating for Tandem Diabetes Care in a research note on the same day as Wells Fargo & Company’s adjustment.
With these changes in mind, it is worth mentioning that StockNews.com began coverage of Tandem Diabetes Care on August 17th, assigning a “hold” rating for the stock.
Overall, Bloomberg reports that the average analyst rating for Tandem Diabetes Care stands at “Hold,” with an average target price of $46.80.
For those interested in further information about Tandem Diabetes Care (TNDM), the latest research report can be acquired through reputable sources.