Ritholtz Wealth Management Makes New $1.24 Million Investment in Tactile Systems Technology, Inc. $TCMD

Ritholtz Wealth Management bought a new position in Tactile Systems Technology, Inc. (NASDAQ:TCMD) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 47,285 shares of the company’s stock, valued at approximately $1,236,000.

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

Tactile Systems Technology Stock Performance

Shares of TCMD stock opened at $30.28 on Monday. The company’s 50-day moving average is $25.18 and its 200 day moving average is $27.11. Tactile Systems Technology, Inc. has a one year low of $9.41 and a one year high of $37.77. The company has a market capitalization of $683.12 million, a price-to-earnings ratio of 34.41 and a beta of 0.83.

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

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the stock. Weiss Ratings downgraded shares of Tactile Systems Technology from a “hold (c+)” rating to a “hold (c-)” rating in a research note on Wednesday, May 6th. BTIG Research reiterated a “buy” rating and issued a $40.00 price target on shares of Tactile Systems Technology in a report on Thursday, May 21st. Finally, B. Riley Financial upgraded Tactile Systems Technology from a “neutral” rating to a “buy” rating and upped their target price for the stock from $32.00 to $36.00 in a report on Thursday, May 7th. One equities research 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. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $38.60.

Insider Activity at Tactile Systems Technology

In other news, CFO Elaine M. Birkemeyer sold 4,631 shares of Tactile Systems Technology stock in a transaction that occurred on Monday, May 11th. The shares were sold at an average price of $24.49, for a total value of $113,413.19. Following the completion of the sale, the chief financial officer directly owned 130,188 shares in the company, valued at $3,188,304.12. The trade was a 3.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 2.10% of the stock is owned by corporate insiders.

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.