Tactile Systems Technology (NASDAQ:TCMD) Share Price Crosses Below 50 Day Moving Average – Here’s What Happened

Shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) crossed below its 50 day moving average during trading on Thursday . The stock has a 50 day moving average of $28.91 and traded as low as $27.00. Tactile Systems Technology shares last traded at $27.21, with a volume of 264,357 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Piper Sandler set a $35.00 target price on shares of Tactile Systems Technology in a research report on Monday, January 5th. Lake Street Capital raised their price objective on Tactile Systems Technology from $23.50 to $32.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Raymond James Financial set a $35.00 target price on shares of Tactile Systems Technology in a research report on Monday, January 5th. Wall Street Zen raised Tactile Systems Technology from a “buy” rating to a “strong-buy” rating in a research note on Saturday, November 1st. Finally, Zacks Research lowered shares of Tactile Systems Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $28.75.

Tactile Systems Technology Price Performance

The stock has a fifty day simple moving average of $28.95 and a two-hundred day simple moving average of $20.31. The firm has a market capitalization of $623.51 million, a P/E ratio of 36.25 and a beta of 0.96.

Insiders Place Their Bets

In other Tactile Systems Technology news, VP Kristie Burns sold 5,139 shares of the company’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $28.85, for a total value of $148,260.15. Following the completion of the sale, the vice president directly owned 72,401 shares of the company’s stock, valued at approximately $2,088,768.85. This represents a 6.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 2.50% of the company’s stock.

Hedge Funds Weigh In On Tactile Systems Technology

Institutional investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in Tactile Systems Technology by 4.8% during the fourth quarter. Vanguard Group Inc. now owns 1,651,170 shares of the company’s stock worth $47,884,000 after acquiring an additional 76,198 shares during the period. Paradigm Capital Management Inc. NY raised its stake in shares of Tactile Systems Technology by 5.9% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,618,600 shares of the company’s stock worth $16,413,000 after purchasing an additional 89,600 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Tactile Systems Technology by 2.1% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,191,207 shares of the company’s stock worth $16,486,000 after purchasing an additional 24,001 shares during the period. Acadian Asset Management LLC grew its position in Tactile Systems Technology by 248.3% during the second quarter. Acadian Asset Management LLC now owns 683,662 shares of the company’s stock valued at $6,930,000 after buying an additional 487,392 shares during the period. Finally, Federated Hermes Inc. increased its holdings in Tactile Systems Technology by 42.7% during the second quarter. Federated Hermes Inc. now owns 551,561 shares of the company’s stock worth $5,593,000 after buying an additional 165,163 shares during the last quarter. 83.43% of the stock is 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.