Tactile Systems Technology (NASDAQ:TCMD) Posts Earnings Results, Beats Expectations By $0.20 EPS

Tactile Systems Technology (NASDAQ:TCMD) announced its quarterly earnings data on Monday. The company reported $0.34 EPS for the quarter, topping analysts’ consensus estimates of $0.14 by $0.20, FiscalAI reports. Tactile Systems Technology had a net margin of 5.91% and a return on equity of 9.70%. The business had revenue of $85.70 million for the quarter, compared to analyst estimates of $85.52 million.

Tactile Systems Technology Price Performance

TCMD stock traded down $0.36 during trading hours on Monday, reaching $29.14. The stock had a trading volume of 565,979 shares, compared to its average volume of 303,232. The stock has a market capitalization of $657.40 million, a PE ratio of 33.11 and a beta of 0.81. The stock has a 50-day simple moving average of $28.03 and a 200 day simple moving average of $27.07. Tactile Systems Technology has a fifty-two week low of $12.01 and a fifty-two week high of $37.77.

Institutional Investors Weigh In On Tactile Systems Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Marshall Wace LLP acquired a new stake in shares of Tactile Systems Technology during the 4th quarter worth about $7,700,000. Janus Henderson Group PLC acquired a new position in Tactile Systems Technology in the 4th quarter valued at about $5,503,000. Trexquant Investment LP acquired a new position in Tactile Systems Technology in the 4th quarter valued at about $4,895,000. Federated Hermes Inc. raised its holdings in Tactile Systems Technology by 42.7% in the 2nd quarter. Federated Hermes Inc. now owns 551,561 shares of the company’s stock valued at $5,593,000 after acquiring an additional 165,163 shares during the period. Finally, Norges Bank acquired a new stake in Tactile Systems Technology during the second quarter worth approximately $1,464,000. 83.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. BTIG Research reiterated a “buy” rating and issued a $40.00 price target on shares of Tactile Systems Technology in a research note on Thursday, May 21st. B. Riley Financial upgraded Tactile Systems Technology from a “neutral” rating to a “buy” rating and raised their price objective for the company from $32.00 to $36.00 in a report on Thursday, May 7th. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Tactile Systems Technology in a research report on Monday, August 3rd. Four research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, Tactile Systems Technology currently has a consensus rating of “Moderate Buy” and an average price target of $38.60.

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.