Shares of Tactile Systems Technology, Inc. (NASDAQ:TCMD) saw strong trading volume on Tuesday after the company announced better than expected quarterly earnings. 768,250 shares changed hands during trading, an increase of 291% from the previous session’s volume of 196,328 shares.The stock last traded at $33.33 and had previously closed at $29.68.
The company reported $0.04 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.01 by $0.03. Tactile Systems Technology had a return on equity of 3.05% and a net margin of 4.97%. The business had revenue of $26.30 million for the quarter, compared to analyst estimates of $23.88 million. During the same quarter in the prior year, the firm posted $0.04 EPS. The business’s quarterly revenue was up 33.5% compared to the same quarter last year.
TCMD has been the topic of a number of research reports. Zacks Investment Research downgraded Tactile Systems Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, June 27th. ValuEngine raised Tactile Systems Technology from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Tactile Systems Technology presently has an average rating of “Buy” and a consensus price target of $34.00.
Several institutional investors have recently made changes to their positions in TCMD. Public Employees Retirement System of Ohio bought a new position in shares of Tactile Systems Technology during the second quarter valued at about $2,429,000. Koch Industries Inc. bought a new position in shares of Tactile Systems Technology during the second quarter valued at about $217,000. Asymmetry Capital Management L.P. bought a new position in shares of Tactile Systems Technology during the second quarter valued at about $1,741,000. California State Teachers Retirement System boosted its position in shares of Tactile Systems Technology by 92.9% in the second quarter. California State Teachers Retirement System now owns 16,200 shares of the company’s stock valued at $463,000 after buying an additional 7,800 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its position in shares of Tactile Systems Technology by 10,882.4% in the second quarter. The Manufacturers Life Insurance Company now owns 7,468 shares of the company’s stock valued at $213,000 after buying an additional 7,400 shares during the last quarter. Institutional investors and hedge funds own 35.05% of the company’s stock.
The company has a 50-day moving average of $30.35 and a 200-day moving average of $22.94. The stock has a market cap of $595.11 million and a P/E ratio of 128.18.
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About Tactile Systems Technology
Tactile Systems Technology, Inc is a medical technology company that develops and provides medical devices for the treatment of chronic diseases at home. The Company is a manufacturer and distributor of the Flexitouch and Entre Systems, medical devices that help control symptoms of lymphedema, a chronic and progressive medical condition that is often an unintended consequence of cancer treatment, and the ACTitouch System, a medical device used to treat venous leg ulcers and chronic venous insufficiency.
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