Millrace Asset Group Inc. Invests $1.96 Million in Tandem Diabetes Care, Inc. (NASDAQ:TNDM)

Millrace Asset Group Inc. bought a new stake in Tandem Diabetes Care, Inc. (NASDAQ:TNDM) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 46,304 shares of the medical device company’s stock, valued at approximately $1,964,000. Tandem Diabetes Care comprises 2.0% of Millrace Asset Group Inc.’s portfolio, making the stock its 18th largest position. Millrace Asset Group Inc. owned 0.07% of Tandem Diabetes Care at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in TNDM. Assetmark Inc. bought a new position in shares of Tandem Diabetes Care in the 3rd quarter worth about $29,000. ORG Wealth Partners LLC acquired a new stake in Tandem Diabetes Care during the third quarter worth approximately $30,000. ORG Partners LLC bought a new stake in Tandem Diabetes Care in the second quarter worth approximately $31,000. Waldron Private Wealth LLC acquired a new position in Tandem Diabetes Care in the third quarter valued at approximately $50,000. Finally, Headlands Technologies LLC boosted its holdings in shares of Tandem Diabetes Care by 110.0% during the 2nd quarter. Headlands Technologies LLC now owns 2,060 shares of the medical device company’s stock worth $83,000 after buying an additional 1,079 shares in the last quarter.

Insiders Place Their Bets

In related news, Director Kim D. Blickenstaff sold 10,000 shares of Tandem Diabetes Care stock in a transaction on Wednesday, November 20th. The shares were sold at an average price of $30.00, for a total value of $300,000.00. Following the sale, the director now owns 195,190 shares in the company, valued at $5,855,700. The trade was a 4.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.20% of the stock is owned by insiders.

Analyst Ratings Changes

Several brokerages recently issued reports on TNDM. Barclays increased their target price on shares of Tandem Diabetes Care from $58.00 to $60.00 and gave the stock an “overweight” rating in a research note on Friday, November 8th. Piper Sandler reiterated an “overweight” rating and issued a $55.00 price target (up previously from $50.00) on shares of Tandem Diabetes Care in a report on Friday, August 2nd. Royal Bank of Canada initiated coverage on Tandem Diabetes Care in a report on Wednesday, October 2nd. They set an “outperform” rating and a $65.00 price objective for the company. Sanford C. Bernstein assumed coverage on Tandem Diabetes Care in a report on Wednesday, November 6th. They issued an “outperform” rating and a $42.00 target price on the stock. Finally, The Goldman Sachs Group started coverage on shares of Tandem Diabetes Care in a research note on Friday, October 4th. They set a “neutral” rating and a $46.00 price target for the company. Five research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.25.

Tandem Diabetes Care Trading Down 1.3 %

Shares of TNDM stock opened at $30.42 on Tuesday. The company’s fifty day simple moving average is $35.91 and its two-hundred day simple moving average is $41.14. The stock has a market capitalization of $2.00 billion, a price-to-earnings ratio of -15.76 and a beta of 1.36. 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 $18.45 and a 1 year high of $53.69.

Tandem Diabetes Care (NASDAQ:TNDM) last released its quarterly earnings results on Wednesday, November 6th. The medical device company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates of ($0.43) by $0.08. The firm had revenue of $243.97 million during the quarter, compared to analyst estimates of $224.14 million. Tandem Diabetes Care had a negative net margin of 14.84% and a negative return on equity of 44.19%. The business’s revenue for the quarter was up 31.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.38) EPS. As a group, analysts anticipate that Tandem Diabetes Care, Inc. will post -1.73 earnings per share for the current year.

Tandem Diabetes Care 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.