Tactile Systems Technology (NASDAQ:TCMD) Hits New 52-Week High Following Earnings Beat

Tactile Systems Technology, Inc. (NASDAQ:TCMDGet Free Report) reached a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The stock traded as high as $36.20 and last traded at $36.0070, with a volume of 30862 shares trading hands. The stock had previously closed at $28.05.

The company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.44 by $0.02. Tactile Systems Technology had a net margin of 5.79% and a return on equity of 9.26%. The business had revenue of $103.59 million during the quarter, compared to analysts’ expectations of $93.80 million.

Tactile Systems Technology News Roundup

Here are the key news stories impacting Tactile Systems Technology this week:

Analyst Upgrades and Downgrades

Several research firms have weighed in on TCMD. Lake Street Capital set a $40.00 price objective on Tactile Systems Technology and gave the stock a “buy” rating in a report on Wednesday. Piper Sandler raised 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. Zacks Research cut shares of Tactile Systems Technology from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Raymond James Financial set a $35.00 price objective on shares of Tactile Systems Technology in a report on Monday, January 5th. Finally, Wall Street Zen raised shares of Tactile Systems Technology from a “buy” rating to a “strong-buy” rating in a research report on Saturday, November 1st. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, Tactile Systems Technology has a consensus rating of “Moderate Buy” and an average price target of $37.40.

Get Our Latest Analysis on Tactile Systems Technology

Insider Transactions at Tactile Systems Technology

In related news, VP Kristie Burns sold 5,139 shares of the business’s stock in a transaction dated Friday, January 2nd. The shares were sold at an average price of $28.85, for a total transaction of $148,260.15. Following the sale, the vice president owned 72,401 shares of the company’s stock, valued at $2,088,768.85. The trade was a 6.63% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 2.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tactile Systems Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Russell Investments Group Ltd. boosted 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 in the last quarter. Caitong International Asset Management Co. Ltd purchased a new position in Tactile Systems Technology during the fourth quarter valued at $32,000. Quarry LP boosted its holdings in Tactile Systems Technology by 302.6% in the third quarter. Quarry LP now owns 2,319 shares of the company’s stock worth $32,000 after acquiring an additional 1,743 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC purchased a new stake in shares of Tactile Systems Technology in the fourth quarter worth $36,000. Finally, Global Retirement Partners LLC purchased a new stake in shares of Tactile Systems Technology in the fourth quarter worth $37,000. Institutional investors own 83.43% of the company’s stock.

Tactile Systems Technology Stock Down 14.5%

The firm has a fifty day moving average price of $29.07 and a two-hundred day moving average price of $21.35. The stock has a market capitalization of $633.93 million, a P/E ratio of 34.04 and a beta of 0.96.

Tactile Systems Technology Company Profile

(Get Free Report)

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.

Further Reading

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