Tactile Systems Technology, Inc. (NASDAQ:TCMD – Get Free Report) shares were up 12.9% during trading on Wednesday. The stock traded as high as $27.25 and last traded at $27.9810. Approximately 68,452 shares changed hands during trading, a decline of 77% from the average daily volume of 300,885 shares. The stock had previously closed at $24.78.
Analysts Set New Price Targets
Several equities research analysts have weighed in on TCMD shares. Weiss Ratings cut Tactile Systems Technology from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday. BTIG Research decreased their price target on Tactile Systems Technology from $35.00 to $31.00 and set a “buy” rating on the stock in a research note on Tuesday. Finally, Wall Street Zen upgraded Tactile Systems Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 31st. Four equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Tactile Systems Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $36.80.
Check Out Our Latest Stock Report on Tactile Systems Technology
Tactile Systems Technology Trading Down 2.4%
The stock’s 50-day moving average is $22.87 and its 200-day moving average is $25.84. The firm has a market capitalization of $575.14 million, a price-to-earnings ratio of 24.99 and a beta of 0.95.
Tactile Systems Technology (NASDAQ:TCMD – Get Free Report) last issued its quarterly earnings data on Monday, November 2nd. The company reported $0.31 EPS for the quarter, beating the consensus estimate of $0.28 by $0.03. Tactile Systems Technology had a net margin of 6.68% and a return on equity of 10.73%. The business had revenue of $91.86 million during the quarter, compared to the consensus estimate of $91.99 million. On average, equities research analysts anticipate that Tactile Systems Technology, Inc. will post 1.11 EPS for the current fiscal year.
Insider Transactions at Tactile Systems Technology
In other news, Director Laura G. King sold 4,800 shares of the business’s stock in a transaction dated Tuesday, November 3rd. The stock was sold at an average price of $25.00, for a total transaction of $120,000.00. Following the sale, the director directly owned 20,769 shares in the company, valued at approximately $519,225. The trade was a 18.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Sheri Dodd sold 10,978 shares of the business’s stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $29.44, for a total value of $323,192.32. Following the sale, the chief executive officer owned 232,907 shares in the company, valued at approximately $6,856,782.08. This trade represents a 4.50% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.10% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Tactile Systems Technology
Several hedge funds have recently added to or reduced their stakes in TCMD. BlackRock Inc. acquired a new position in Tactile Systems Technology in the second quarter valued at approximately $56,733,000. First Light Asset Management LLC acquired a new stake in shares of Tactile Systems Technology during the 2nd quarter worth approximately $13,775,000. Renaissance Technologies LLC grew its position in shares of Tactile Systems Technology by 32.3% during the 1st quarter. Renaissance Technologies LLC now owns 510,897 shares of the company’s stock worth $13,350,000 after buying an additional 124,597 shares during the period. Jupiter Topco LLC bought a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at $11,831,000. Finally, Punch & Associates Investment Management Inc. bought a new stake in shares of Tactile Systems Technology in the 2nd quarter valued at $9,381,000. 83.43% of the stock is currently owned by institutional investors and hedge funds.
About Tactile Systems Technology
Tactile Systems Technology, doing business as Tactile Medical, develops and provides medical devices and services for people with chronic swelling and related conditions. The company focuses primarily on lymphedema and chronic venous insufficiency, conditions that can cause persistent fluid buildup in the limbs and trunk.
Its principal products include advanced pneumatic compression devices, such as the Flexitouch Plus system for the treatment of lymphedema and the Entre Plus system for home treatment of lymphedema and chronic venous insufficiency.
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