Tactile Systems Technology (NASDAQ:TCMD) Shares Down 5.6% – What’s Next?

Tactile Systems Technology, Inc. (NASDAQ:TCMD)’s share price was down 5.6% on Thursday . The company traded as low as $24.53 and last traded at $24.5160. Approximately 71,830 shares traded hands during mid-day trading, a decline of 79% from the average daily volume of 340,752 shares. The stock had previously closed at $25.97.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the stock. B. Riley Financial boosted their target price on shares of Tactile Systems Technology from $16.00 to $32.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 18th. BTIG Research raised their price target on shares of Tactile Systems Technology from $36.00 to $38.00 and gave the company a “buy” rating in a research report on Wednesday, February 18th. Zacks Research lowered Tactile Systems Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Piper Sandler increased their price objective on Tactile Systems Technology from $35.00 to $42.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 18th. Finally, Raymond James Financial set a $35.00 target price on Tactile Systems Technology in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $37.40.

Tactile Systems Technology Price Performance

The company’s fifty day moving average price is $28.05 and its 200 day moving average price is $24.45. The company has a market cap of $560.79 million, a PE ratio of 29.70 and a beta of 0.99.

Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings results on Tuesday, February 17th. The company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.44 by $0.02. Tactile Systems Technology had a net margin of 5.79% and a return on equity of 9.26%. The business had revenue of $103.59 million for the quarter, compared to analysts’ expectations of $93.80 million. On average, analysts forecast that Tactile Systems Technology, Inc. will post 0.7 EPS for the current year.

Insider Transactions at Tactile Systems Technology

In related news, VP Kristie Burns sold 6,246 shares of Tactile Systems Technology stock in a transaction on Tuesday, February 24th. The stock was sold at an average price of $28.94, for a total transaction of $180,759.24. Following the sale, the vice president directly owned 82,581 shares in the company, valued at approximately $2,389,894.14. This trade represents a 7.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Sheri Louise Dodd sold 15,240 shares of the business’s stock in a transaction on Monday, February 23rd. The stock was sold at an average price of $28.30, for a total value of $431,292.00. Following the completion of the transaction, the chief executive officer directly owned 254,878 shares in the company, valued at approximately $7,213,047.40. This represents a 5.64% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 55,276 shares of company stock worth $1,583,099 in the last 90 days. Insiders own 2.50% of the company’s stock.

Institutional Investors Weigh In On Tactile Systems Technology

A number of hedge funds have recently made changes to their positions in the business. Prudential Financial Inc. grew its position in Tactile Systems Technology by 3.5% during the second quarter. Prudential Financial Inc. now owns 24,360 shares of the company’s stock valued at $247,000 after buying an additional 835 shares during the period. Caitong International Asset Management Co. Ltd bought a new stake in Tactile Systems Technology in the fourth quarter worth about $32,000. Price T Rowe Associates Inc. MD boosted its stake in Tactile Systems Technology by 5.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 23,957 shares of the company’s stock valued at $695,000 after acquiring an additional 1,215 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new position in Tactile Systems Technology in the fourth quarter valued at about $36,000. Finally, Global Retirement Partners LLC bought a new position in shares of Tactile Systems Technology during the 4th quarter valued at approximately $37,000. 83.43% of the stock is currently owned by institutional investors.

About Tactile Systems Technology

Tactile Systems Technology, Inc, headquartered in Plymouth, Minnesota, is a medical device company specializing in the design, manufacture and marketing of home-use pneumatic compression therapy systems for the treatment of lymphedema and other chronic edema-related conditions. Using proprietary software and patented pump technologies, the company’s platforms are designed to improve patient outcomes through sequential pressure treatment that promotes fluid mobilization and enhanced lymphatic function.

At the core of Tactile Systems’ product portfolio is the Flexitouch® system, a programmable pneumatic pump and garment system approved for home use, and the Aria® device, which features an intuitive touchscreen interface and advanced garment design.