Why Tandem Diabetes Care, Inc. (TNDM) Stock is Uptrending Strong (3.17%) Today

What just happened? Tandem Diabetes Care, Inc. (NASDAQ:TNDM) stock value has climbed by nearly 3.17% or (2.16 points) to $70.34 from its previous close of $68.18. Does this growth mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 327038 contracts so far this session. TNDM shares had a relatively better volume day versus average trading capacity of 2.23 million shares, but with a 53.48 million float and a 4.92% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for TNDM stock indicates that the average analyst price target is $78.92 per share. This means the stock has a potential increase of 12.2% from where the TNDM share price has been trading recently which is between $65.0375 and $68.79. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $65.

The shorts are running away from Tandem Diabetes Care, Inc. (TNDM) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in TNDM shares. While short interest still represents only 9.36% of TNDM’s float, the number of shares shorted have fallen by -146810. The number of shares shorted fell to 4858438 shares, down from 5005248 shares during the preceding fortnight. With average daily trading volumes at 1989536 shares, days to cover decreased to about 2.999923 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “IBD Stock Of The Day Flirts With A Breakout As It Takes On Medtronic” and dated May 15, 2019.

During the recent trading session for Tandem Diabetes Care, Inc. (NASDAQ:TNDM), the company witnessed their stock rise $6.04 over a week and surge $15.15 from the price 20 days ago. When compared to their established 52-week high of $74.81, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 03/21/19. The recent low of $11.4 stood for a -5.97% since 05/17/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 0.62 is also allocated to the stock. Since the beta is less than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Tandem Diabetes Care, Inc., the two-week RSI stands at 61.14. This figure suggests that TNDM stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current TNDM readings is similarly very revealing as it has a stochastic reading of 88.55% at this stage. This figure means that TNDM share price today is being oversold.

Technical chart claims that Tandem Diabetes Care, Inc. (TNDM) would settle between $69.63/share to $71.09/share level. However, if the stock price goes below the $65.88 mark, then the market for Tandem Diabetes Care, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $63.58 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 2.26. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at SVB Leerink, assumed coverage of TNDM assigning Outperform rating, according to their opinion released on May 13. BMO Capital Markets, analysts launched coverage of Tandem Diabetes Care, Inc. (NASDAQ:TNDM) stock with a Outperform recommendation, according to their flash note issued to investors on March 08. Analysts at BofA/Merrill are sticking to their Neutral stance. However, on March 05, they lifted price target for these shares to $65 from $59.

TNDM equity has an average rating of 1.92, with the figure leaning towards a bullish end. 13 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 10 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 10 analysts rated Tandem Diabetes Care, Inc. (NASDAQ:TNDM) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, TNDM stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.51 while for the average stock in the same group, the multiple is 6.67.

Tandem Diabetes Care, Inc. (TNDM)’s current-quarter revenues are projected to climb by nearly 105.99% to hit $70.31 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 69.4% from $183870 to a noteworthy $311460. At the other end of the current quarter income statement, Tandem Diabetes Care, Inc. is expected to see its adjusted earnings surge by roughly 29.41% to hit $-0.24 per share. For the fiscal year, TNDM’s earnings are projected to climb by roughly 67.84% to hit $-0.82 per share.