Victory Capital Management Inc. Buys New Shares in Tactile Systems Technology, Inc. (NASDAQ:TCMD)

Key Points

• Victory Capital Management Inc. has invested approximately $1.16 million in Tactile Systems Technology, buying 87,736 shares, which accounts for about 0.37% of the company's total shares.
• Tactile Systems Technology reported a loss of $0.13 EPS for the last quarter, missing analysts' expectations, alongside revenues of $61.27 million, which also fell short of projections.
• Analysts have recently downgraded Tactile Systems Technology's stock rating, with Piper Sandler reducing the price target from $25.00 to $14.00 and several firms now giving it a consensus rating of "Hold."

Victory Capital Management Inc. bought a new stake in Tactile Systems Technology, Inc. (NASDAQ:TCMD - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 87,736 shares of the company's stock, valued at approximately $1,160,000. Victory Capital Management Inc. owned 0.37% of Tactile Systems Technology at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in Tactile Systems Technology by 0.3% during the 4th quarter. Vanguard Group Inc. now owns 1,483,692 shares of the company's stock valued at $25,416,000 after purchasing an additional 4,509 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Tactile Systems Technology by 8.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 901,551 shares of the company's stock valued at $15,444,000 after buying an additional 67,934 shares during the period. Renaissance Technologies LLC boosted its stake in Tactile Systems Technology by 44.0% during the 4th quarter. Renaissance Technologies LLC now owns 451,100 shares of the company's stock valued at $7,727,000 after purchasing an additional 137,900 shares during the period. Northern Trust Corp boosted its stake in Tactile Systems Technology by 0.7% during the 4th quarter. Northern Trust Corp now owns 205,914 shares of the company's stock valued at $3,527,000 after purchasing an additional 1,371 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake in shares of Tactile Systems Technology by 3.4% in the 1st quarter. Bank of New York Mellon Corp now owns 163,283 shares of the company's stock worth $2,159,000 after acquiring an additional 5,303 shares during the period. Hedge funds and other institutional investors own 83.43% of the company's stock.

Tactile Systems Technology Stock Down 3.3%

TCMD stock traded down $0.33 during trading hours on Friday, hitting $9.65. The company's stock had a trading volume of 236,597 shares, compared to its average volume of 275,694. The company has a quick ratio of 3.99, a current ratio of 4.52 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $224.36 million, a PE ratio of 14.62 and a beta of 0.95. Tactile Systems Technology, Inc. has a 12 month low of $8.61 and a 12 month high of $21.10. The stock has a 50 day moving average price of $10.05 and a two-hundred day moving average price of $12.81.

Tactile Systems Technology (NASDAQ:TCMD - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate of ($0.07) by ($0.06). The business had revenue of $61.27 million during the quarter, compared to the consensus estimate of $63.48 million. Tactile Systems Technology had a return on equity of 8.41% and a net margin of 5.52%. During the same period in the prior year, the firm earned ($0.05) earnings per share. On average, equities research analysts expect that Tactile Systems Technology, Inc. will post 0.7 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director William W. Burke sold 3,300 shares of the business's stock in a transaction on Thursday, May 8th. The shares were sold at an average price of $9.67, for a total value of $31,911.00. Following the completion of the sale, the director directly owned 48,520 shares in the company, valued at approximately $469,188.40. The trade was a 6.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Elaine M. Birkemeyer sold 2,921 shares of the business's stock in a transaction on Monday, May 12th. The stock was sold at an average price of $9.94, for a total transaction of $29,034.74. Following the completion of the sale, the chief financial officer owned 99,111 shares of the company's stock, valued at $985,163.34. The trade was a 2.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.

Analyst Ratings Changes

TCMD has been the topic of a number of research reports. B. Riley upgraded shares of Tactile Systems Technology to a "hold" rating in a report on Wednesday, May 7th. Piper Sandler downgraded shares of Tactile Systems Technology from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $25.00 to $14.00 in a research report on Tuesday, May 6th. Finally, Wall Street Zen downgraded shares of Tactile Systems Technology from a "buy" rating to a "hold" rating in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $16.00.

Tactile Systems Technology Company Profile

Tactile Systems Technology, Inc, a medical technology company, develops and provides medical devices to treat underserved chronic diseases in the United States. It offers Flexitouch Plus system, a pneumatic compression device for the treatment of lymphedema in the home setting; and Entre Plus System, a portable pneumatic compression device for the at-home treatment of venous disorders, such as lymphedema and chronic venous insufficiency, including venous leg ulcers.