Assetmark Inc. Takes Position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Assetmark Inc. acquired a new position in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 690 shares of the medical device company’s stock, valued at approximately $29,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in shares of Tandem Diabetes Care in the 1st quarter worth $540,000. Vanguard Group Inc. increased its holdings in Tandem Diabetes Care by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company’s stock worth $249,732,000 after buying an additional 30,664 shares in the last quarter. abrdn plc purchased a new position in Tandem Diabetes Care in the 3rd quarter worth about $6,126,000. The Manufacturers Life Insurance Company raised its position in Tandem Diabetes Care by 310.2% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,980 shares of the medical device company’s stock worth $1,450,000 after buying an additional 27,208 shares during the last quarter. Finally, Bellevue Group AG lifted its stake in Tandem Diabetes Care by 2.0% during the 1st quarter. Bellevue Group AG now owns 2,031,888 shares of the medical device company’s stock valued at $71,949,000 after acquiring an additional 39,571 shares during the period.

Tandem Diabetes Care Stock Performance

TNDM opened at $27.87 on Wednesday. The company has a debt-to-equity ratio of 1.29, a current ratio of 2.90 and a quick ratio of 2.32. Tandem Diabetes Care, Inc. has a 1-year low of $17.33 and a 1-year high of $53.69. The company has a 50 day simple moving average of $37.19 and a two-hundred day simple moving average of $41.62. The firm has a market cap of $1.83 billion, a P/E ratio of -14.44 and a beta of 1.36.

Tandem Diabetes Care (NASDAQ:TNDM) last issued its earnings results on Wednesday, November 6th. The medical device company reported ($0.35) earnings per share (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 company had revenue of $243.97 million for the quarter, compared to the consensus estimate of $224.14 million. During the same quarter last year, the company earned ($0.38) EPS. The firm’s quarterly revenue was up 31.4% on a year-over-year basis. Equities analysts forecast that Tandem Diabetes Care, Inc. will post -1.73 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently commented on TNDM. Royal Bank of Canada began coverage on shares of Tandem Diabetes Care in a research note on Wednesday, October 2nd. They issued an “outperform” rating and a $65.00 price target for the company. Piper Sandler reiterated an “overweight” rating and set a $55.00 target price (up from $50.00) on shares of Tandem Diabetes Care in a research note on Friday, August 2nd. Wells Fargo & Company increased their price target on Tandem Diabetes Care from $50.00 to $55.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. Canaccord Genuity Group cut their price objective on Tandem Diabetes Care from $57.00 to $56.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Finally, UBS Group raised Tandem Diabetes Care to a “hold” rating in a report on Friday, August 2nd. Five investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $54.25.

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.