Tactile Systems Technology (NASDAQ:TCMD) Shares Down 6.9% – Here’s What Happened

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

Analysts Set New Price Targets

A number of brokerages recently commented on TCMD. Weiss Ratings cut shares of Tactile Systems Technology from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. B. Riley Financial upgraded shares of Tactile Systems Technology from a “neutral” rating to a “buy” rating and upped their price target for the company from $32.00 to $36.00 in a research note on Thursday, May 7th. Piper Sandler upped their price target on shares of Tactile Systems Technology from $35.00 to $42.00 and gave the company an “overweight” rating in a research note on Wednesday, February 18th. Lake Street Capital set a $40.00 price target on shares of Tactile Systems Technology and gave the company a “buy” rating in a research note on Wednesday, February 18th. Finally, BTIG Research upped their price target on shares of Tactile Systems Technology from $38.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, May 5th. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Tactile Systems Technology has a consensus rating of “Moderate Buy” and a consensus target price of $38.60.

Tactile Systems Technology Stock Performance

The firm has a market capitalization of $525.42 million, a PE ratio of 26.47 and a beta of 0.82. The company’s 50 day simple moving average is $25.77 and its 200-day simple moving average is $26.52.

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

Insider Transactions at Tactile Systems Technology

In related news, CEO Sheri Louise Dodd sold 15,240 shares of the stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $28.30, for a total transaction of $431,292.00. Following the transaction, the chief executive officer owned 254,878 shares of the company’s stock, valued at approximately $7,213,047.40. This trade represents a 5.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Kristie Burns sold 6,246 shares of the stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $28.94, for a total transaction of $180,759.24. Following the transaction, the vice president directly owned 82,581 shares in the company, valued at approximately $2,389,894.14. This represents a 7.03% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 54,768 shares of company stock valued at $1,548,252 in the last quarter. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Tactile Systems Technology

A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in shares of Tactile Systems Technology by 4.8% in the 4th quarter. Vanguard Group Inc. now owns 1,651,170 shares of the company’s stock worth $47,884,000 after purchasing an additional 76,198 shares during the period. Paradigm Capital Management Inc. NY lifted its position in shares of Tactile Systems Technology by 5.9% in 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 lifted its position in shares of Tactile Systems Technology by 2.1% in 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. Federated Hermes Inc. lifted its position in shares of Tactile Systems Technology by 19.4% in the 4th quarter. Federated Hermes Inc. now owns 645,408 shares of the company’s stock worth $18,717,000 after purchasing an additional 104,648 shares during the period. Finally, Deutsche Bank AG lifted its position in shares of Tactile Systems Technology by 0.3% in the 4th quarter. Deutsche Bank AG now owns 578,669 shares of the company’s stock worth $16,781,000 after purchasing an additional 1,482 shares during the period. Institutional investors own 83.43% of the company’s stock.

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.