Renaissance Technologies LLC Trims Stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Renaissance Technologies LLC cut its position in shares of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) by 50.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 295,823 shares of the medical device company’s stock after selling 298,504 shares during the period. Renaissance Technologies LLC owned approximately 0.45% of Tandem Diabetes Care worth $11,919,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Tandem Diabetes Care by 0.4% during the first quarter. Vanguard Group Inc. now owns 7,052,570 shares of the medical device company’s stock valued at $249,732,000 after buying an additional 30,664 shares during the period. Jennison Associates LLC grew its position in Tandem Diabetes Care by 98.1% in the 1st quarter. Jennison Associates LLC now owns 2,556,124 shares of the medical device company’s stock valued at $90,512,000 after acquiring an additional 1,265,534 shares during the last quarter. Bellevue Group AG grew its position in Tandem Diabetes Care by 2.0% in 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 last quarter. Brown Capital Management LLC increased its stake in Tandem Diabetes Care by 29.9% in the first quarter. Brown Capital Management LLC now owns 954,567 shares of the medical device company’s stock worth $33,801,000 after purchasing an additional 219,940 shares during the period. Finally, Chicago Capital LLC lifted its position in shares of Tandem Diabetes Care by 22.3% during the second quarter. Chicago Capital LLC now owns 821,062 shares of the medical device company’s stock worth $33,081,000 after purchasing an additional 149,757 shares during the last quarter.

Analyst Ratings Changes

Several research analysts recently commented on the stock. Barclays raised their price target on shares of Tandem Diabetes Care from $55.00 to $58.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Redburn Atlantic began coverage on shares of Tandem Diabetes Care in a research report on Thursday, May 30th. They set a “buy” rating and a $60.00 target price on the stock. UBS Group upgraded Tandem Diabetes Care to a “hold” rating in a report on Friday, August 2nd. Robert W. Baird upped their target price on Tandem Diabetes Care from $36.00 to $39.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Finally, Canaccord Genuity Group started coverage on 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. Four analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $54.36.

Tandem Diabetes Care Stock Performance

Shares of Tandem Diabetes Care stock opened at $44.63 on Monday. Tandem Diabetes Care, Inc. has a one year low of $13.82 and a one year high of $53.69. The company has a market capitalization of $2.88 billion, a PE ratio of -20.57 and a beta of 1.32. The company has a debt-to-equity ratio of 1.31, a quick ratio of 2.38 and a current ratio of 3.05. The company has a 50-day simple moving average of $42.26 and a two-hundred day simple moving average of $40.75.

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

Tandem Diabetes Care Company Profile

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.