Tactile Systems Technology (NASDAQ:TCMD) Trading Down 6.9% – What’s Next?

Tactile Systems Technology, Inc. (NASDAQ:TCMD) shares traded down 6.9% on Monday . The stock traded as low as $23.99 and last traded at $23.89. 111,658 shares changed hands during trading, a decline of 67% from the average session volume of 337,659 shares. The stock had previously closed at $25.65.

Wall Street Analysts Forecast Growth

TCMD has been the subject of a number of recent analyst reports. BTIG Research boosted their price objective on shares of Tactile Systems Technology from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, May 5th. Lake Street Capital set a $40.00 target price on Tactile Systems Technology and gave the stock a “buy” rating in a report on Wednesday, February 18th. Piper Sandler boosted their price target 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. Weiss Ratings cut Tactile Systems Technology from a “hold (c+)” rating to a “hold (c-)” rating in a research report on Wednesday. Finally, B. Riley Financial upgraded Tactile Systems Technology from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $32.00 to $36.00 in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.60.

Tactile Systems Technology Price Performance

The firm has a market capitalization of $539.09 million, a PE ratio of 27.16 and a beta of 0.82. The firm has a 50-day simple moving average of $26.21 and a 200-day simple moving average of $26.26.

Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings results on Monday, May 4th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). Tactile Systems Technology had a net margin of 5.91% and a return on equity of 9.70%. The business had revenue of $75.27 million for the quarter, compared to analysts’ expectations of $70.57 million. Equities analysts expect that Tactile Systems Technology, Inc. will post 1.11 earnings per share for the current year.

Insider Activity at Tactile Systems Technology

In other news, CFO Elaine M. Birkemeyer sold 7,701 shares of Tactile Systems Technology stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.94, for a total transaction of $222,866.94. Following the transaction, the chief financial officer owned 134,819 shares in the company, valued at $3,901,661.86. This trade represents a 5.40% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Sheri Louise Dodd sold 10,993 shares of the business’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.94, for a total transaction of $318,137.42. Following the sale, the chief executive officer directly owned 243,885 shares of the company’s stock, valued at approximately $7,058,031.90. The trade was a 4.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 50,137 shares of company stock worth $1,434,839. 2.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Tactile Systems Technology

Institutional investors have recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC bought a new stake in Tactile Systems Technology during the first quarter valued at about $464,000. Summit Securities Group LLC bought a new position in shares of Tactile Systems Technology in the first quarter worth about $75,000. Range Financial Group LLC raised its stake in shares of Tactile Systems Technology by 4.5% in the first quarter. Range Financial Group LLC now owns 46,560 shares of the company’s stock worth $1,217,000 after buying an additional 2,026 shares during the period. Burney Co. purchased a new position in shares of Tactile Systems Technology during the 1st quarter valued at about $2,063,000. Finally, Moran Wealth Management LLC bought a new position in shares of Tactile Systems Technology during the 1st quarter valued at approximately $276,000. 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.