Tactile Systems Technology (NASDAQ:TCMD) Reaches New 12-Month High – Here’s Why

Tactile Systems Technology, Inc. (NASDAQ:TCMD) reached a new 52-week high during trading on Wednesday . The stock traded as high as $29.58 and last traded at $29.3650, with a volume of 63637 shares trading hands. The stock had previously closed at $28.95.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Tactile Systems Technology from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 1st. Weiss Ratings restated a “hold (c+)” rating on shares of Tactile Systems Technology in a research report on Monday. Lake Street Capital increased their price objective on shares of Tactile Systems Technology from $23.50 to $32.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Piper Sandler restated a “neutral” rating and set a $20.00 target price (up from $14.00) on shares of Tactile Systems Technology in a report on Tuesday, November 4th. Finally, Zacks Research upgraded Tactile Systems Technology from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, November 5th. Two equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $21.67.

Tactile Systems Technology Stock Performance

The firm’s 50 day moving average price is $22.49 and its two-hundred day moving average price is $15.54. The firm has a market cap of $646.07 million, a PE ratio of 37.56 and a beta of 0.93.

Tactile Systems Technology (NASDAQ:TCMD) last released its quarterly earnings data on Monday, November 3rd. The company reported $0.36 EPS for the quarter, beating analysts’ consensus estimates of $0.16 by $0.20. The firm had revenue of $85.76 million for the quarter, compared to analysts’ expectations of $79.31 million. Tactile Systems Technology had a return on equity of 8.84% and a net margin of 5.83%. On average, analysts forecast that Tactile Systems Technology, Inc. will post 0.7 earnings per share for the current year.

Institutional Trading of Tactile Systems Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Pinnacle Wealth Management Advisory Group LLC acquired a new position in shares of Tactile Systems Technology in the 2nd quarter worth approximately $134,000. Dynamic Technology Lab Private Ltd acquired a new stake in Tactile Systems Technology in the 1st quarter valued at approximately $534,000. Y Intercept Hong Kong Ltd purchased a new stake in Tactile Systems Technology in the second quarter valued at approximately $497,000. Pinnacle Associates Ltd. lifted its stake in Tactile Systems Technology by 5.5% during the second quarter. Pinnacle Associates Ltd. now owns 340,374 shares of the company’s stock worth $3,451,000 after purchasing an additional 17,850 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake 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 worth $6,930,000 after purchasing an additional 487,392 shares in the last quarter. 83.43% of the stock is owned by institutional investors and hedge funds.

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.