Haptic Systems Technologies Inc. (NASDAQ: TCMD – Get Rated ) saw a notable reduction in short interest in September. As of September 30, short interest totaled 957,200 shares, a decrease of 24.0% from the 1,260,000 shares on September 15. Currently, 5.0% of the company’s stock is sold short. Based on an average volume of 239,100 shares, the current short interest rate is 4.0 days.
Analysts set new price targets
Several research firms have recently commented on TCMD. Oppenheimer cut its price target on Tactile Systems Technology stock to $18.00 from $35.00 and rated the stock an “outperform” in a report on Tuesday, Aug. 2. StockNews.com hypothetically reported on haptic systems technology in a research note Wednesday. They have a “hold” rating on the stock. Piper Sandler lowered his price target on Tactile Systems Technology to $25.00 from $28.00 in a report on Tuesday, Aug. 2, and set an “overweight” rating on the company. Finally, BTIG Research lowered its price target on Tactile Systems Technology stock to $27.00 from $29.00 and gave the stock a “buy” rating in a research note on Monday, July 18. One investment analyst has a hold rating on the stock, and three analysts have a buy rating on the company’s stock. The stock has an average “Moderate Buy” rating and an average price target of $23.33, according to MarketBeat.com.
Inside Activities of Haptic Systems Technology
In other Tactile Systems Technology news, director William W. Burke purchased 4,900 shares of the company in trading on Thursday, Aug. 4. The shares were acquired at an average price of $9.15 per share for a total transaction value of $44,835.00. Following the acquisition, the directors now own 24,436 shares of the company’s stock, valued at $223,589.40. The acquisition was disclosed in a legal filing with the U.S. Securities and Exchange Commission, which can be accessed at this link. 3.33% of the stock is currently held by corporate insiders.
Institutional Investors Weigh Haptic Systems Technology
Large investors have recently bought and sold the company’s stock. Millennium Management LLC increased its stake in Tactile Systems Technology by 426.6% in the second quarter. Millennium Management LLC now owns 973,542 shares of the company’s stock valued at $7,107,000 after purchasing an additional 788,667 shares in the previous quarter. Renaissance Technologies LLC purchased a new position at Tactile Systems Technology for approximately $2,978,000 in the second quarter. Healthcare of the Ontario Pension Plan Trust received a new position in Haptic Systems Technology worth $6,447,000 in the first quarter. Jane Street Group LLC purchased new shares in Tactile Systems Technology for $1,221,000 in the second quarter. Finally, ExodusPoint Capital Management LP increased its stake in Tactile Systems Technology by 619.8% in the second quarter. ExodusPoint Capital Management LP now owns 174,850 shares of the company’s stock valued at $1,276,000 after acquiring an additional 150,560 shares during the period. 84.98% of the stock is currently held by hedge funds and other institutional investors.
Haptic Systems Technology Stock Performance
Shares of Tactile Systems Technology fell 56 cents to $6.71 on Friday. The company’s stock was traded at 103,209 shares, compared with its average volume of 288,216 shares. Tactile Systems Technology had a 52-week low of $6.28 and a 52-week high of $38.80. The company’s quick ratio is 1.88, its current ratio is 2.30, and its debt-to-equity ratio is 0.41. The stock has a 50-day moving average of $8.50 and a 200-day moving average of $10.45.
Tactile Systems Technology (NASDAQ: TCMD – Get Rating) last reported quarterly earnings on Monday, Aug. 1. The company reported earnings per share ($0.14) for the quarter, beating analysts’ consensus estimate ($0.16) by $0.02. The company’s revenue for the quarter was $59.65 million, compared with analysts’ expectations of $56.91 million. Tactile Systems Technology had a negative net profit margin of 14.00% and a return on equity of 15.08%. As a group, sell-side analysts predict that Haptic Systems Technologies will post -0.57 earnings per share for the current year.
Haptic Systems Technology Company Profile
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Tactile Systems Technology, Inc is a medical technology company engaged in the development and supply of chronic disease medical devices in the United States. The company offers the Flexitouch Plus System, a pneumatic compression device for the treatment of lymphedema; the Entre 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; and AffloVest, a portable high-frequency chest wall oscillation test, is used to treat retained pulmonary secretions such as bronchiectasis, cystic fibrosis, and various neuromuscular disorders.
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