Tactile Systems Technology (NASDAQ:TCMD) Trading Down 6.9% – Time to Sell?

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

Analysts Set New Price Targets

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

Tactile Systems Technology Trading Down 6.8%

The stock’s fifty day moving average price is $26.21 and its 200 day moving average price is $26.26. The stock has a market cap of $539.09 million, a P/E ratio of 27.16 and a beta of 0.82.

Tactile Systems Technology (NASDAQ:TCMD) last issued its quarterly earnings results on Monday, May 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. As a group, sell-side analysts forecast that Tactile Systems Technology, Inc. will post 1.11 earnings per share for the current year.

Insider Activity

In other news, VP Kristie Burns sold 6,246 shares of the business’s stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $28.94, for a total value of $180,759.24. Following the sale, the vice president directly owned 82,581 shares of the company’s stock, valued at $2,389,894.14. The trade was a 7.03% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Sheri Louise Dodd sold 15,240 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer owned 254,878 shares in the company, valued at $7,213,047.40. The trade was a 5.64% 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. Insiders own 2.10% of the company’s stock.

Institutional Investors Weigh In On Tactile Systems Technology

Institutional investors have recently modified their holdings of the stock. Russell Investments Group Ltd. raised its position in shares of Tactile Systems Technology by 1,594.4% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,118 shares of the company’s stock worth $29,000 after purchasing an additional 1,993 shares during the last quarter. Caitong International Asset Management Co. Ltd purchased a new stake in Tactile Systems Technology during the 4th quarter valued at about $32,000. Quarry LP increased its stake in Tactile Systems Technology by 302.6% during the 3rd quarter. Quarry LP now owns 2,319 shares of the company’s stock valued at $32,000 after purchasing an additional 1,743 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC bought a new stake in Tactile Systems Technology during the 4th quarter valued at about $36,000. Finally, Global Retirement Partners LLC purchased a new position in Tactile Systems Technology in the fourth quarter worth about $37,000. 83.43% of the stock is owned by hedge funds and other institutional investors.

Tactile Systems Technology Company Profile

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.