BTIG Research Reiterates Buy Rating for Tactile Systems Technology (NASDAQ:TCMD)

Key Points

• BTIG Research reiterated a Buy rating on Tactile Systems Technology and kept its $40 price target, implying about 61% upside from the prior close.
• Analyst sentiment remains constructive overall, with a Moderate Buy consensus and a $38.60 average target price across coverage. Other recent moves included B. Riley upgrading the stock to Buy and Piper Sandler raising its target to $42.
• The company recently reported mixed quarterly results: EPS of -$0.08 missed estimates by a penny, while revenue of $75.27 million beat expectations. Shares were trading around $24.84 after rising 2.4% on the day.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report)'s stock had its "buy" rating reissued by equities research analysts at BTIG Research in a research note issued to investors on Thursday,Benzinga reports. They currently have a $40.00 target price on the stock. BTIG Research's price objective would suggest a potential upside of 61.03% from the company's previous close.

TCMD has been the subject of a number of other reports. Weiss Ratings cut shares of Tactile Systems Technology from a "hold (c+)" rating to a "hold (c-)" rating in a research report on Wednesday, May 6th. Lake Street Capital set a $40.00 target price on shares of Tactile Systems Technology and gave the stock a "buy" rating in a research note on Wednesday, February 18th. Piper Sandler boosted their target price on shares of Tactile Systems Technology from $35.00 to $42.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 18th. Finally, B. Riley Financial raised shares of Tactile Systems Technology from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $32.00 to $36.00 in a research note on Thursday, May 7th. One investment analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $38.60.

Tactile Systems Technology Trading Up 2.4%

Shares of NASDAQ:TCMD opened at $24.84 on Thursday. The firm has a 50 day moving average of $25.20 and a 200-day moving average of $26.82. The stock has a market capitalization of $560.39 million, a PE ratio of 28.23 and a beta of 0.82. Tactile Systems Technology has a 12 month low of $9.34 and a 12 month high of $37.77.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last issued its earnings results on Monday, May 4th. The company reported ($0.08) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.01). The firm had revenue of $75.27 million during the quarter, compared to analyst estimates of $70.57 million. Tactile Systems Technology had a net margin of 5.91% and a return on equity of 9.70%. On average, research analysts predict that Tactile Systems Technology will post 1.11 EPS for the current fiscal year.

Insider Buying and Selling at Tactile Systems Technology

In other news, CEO Sheri Louise Dodd sold 15,240 shares of the company's stock in a transaction on Monday, February 23rd. The shares were sold at an average price of $28.30, for a total value of $431,292.00. Following the sale, the chief executive officer directly owned 254,878 shares of the company's stock, valued at approximately $7,213,047.40. This represents a 5.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Elaine M. Birkemeyer sold 7,701 shares of the firm'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 transaction of $222,866.94. Following the sale, the chief financial officer directly owned 134,819 shares of the company's stock, valued at approximately $3,901,661.86. This trade represents a 5.40% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 54,768 shares of company stock worth $1,548,252. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Tactile Systems Technology by 4.8% in the fourth quarter. Vanguard Group Inc. now owns 1,651,170 shares of the company's stock valued at $47,884,000 after purchasing an additional 76,198 shares during the last quarter. Paradigm Capital Management Inc. NY raised its holdings in shares of Tactile Systems Technology by 5.9% in the second quarter. Paradigm Capital Management Inc. NY now owns 1,618,600 shares of the company's stock valued at $16,413,000 after purchasing an additional 89,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Tactile Systems Technology by 2.1% in the third quarter. Dimensional Fund Advisors LP now owns 1,191,207 shares of the company's stock valued at $16,486,000 after purchasing an additional 24,001 shares during the last quarter. Federated Hermes Inc. raised its holdings in shares of Tactile Systems Technology by 19.4% in the fourth quarter. Federated Hermes Inc. now owns 645,408 shares of the company's stock valued at $18,717,000 after purchasing an additional 104,648 shares during the last quarter. Finally, Deutsche Bank AG raised its holdings in shares of Tactile Systems Technology by 0.3% in the fourth quarter. Deutsche Bank AG now owns 578,669 shares of the company's stock valued at $16,781,000 after purchasing an additional 1,482 shares during the last quarter. 83.43% of the stock is owned by institutional investors.

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.

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