Short Interest in Tactile Systems Technology, Inc. (NASDAQ:TCMD) Declines By 22.3%

Tactile Systems Technology, Inc. (NASDAQ:TCMD) was the target of a large drop in short interest in the month of November. As of November 15th, there was short interest totalling 978,400 shares, a drop of 22.3% from the October 31st total of 1,260,000 shares. Based on an average daily trading volume, of 214,500 shares, the days-to-cover ratio is currently 4.6 days.

Institutional Investors Weigh In On Tactile Systems Technology

A number of hedge funds have recently bought and sold shares of TCMD. Janus Henderson Group PLC purchased a new position in shares of Tactile Systems Technology during the 1st quarter valued at approximately $815,000. Paradigm Capital Management Inc. NY boosted its stake in Tactile Systems Technology by 90.1% during the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,183,800 shares of the company’s stock valued at $14,135,000 after acquiring an additional 561,073 shares during the last quarter. WINTON GROUP Ltd bought a new position in Tactile Systems Technology during the 2nd quarter valued at $706,000. Federated Hermes Inc. grew its holdings in Tactile Systems Technology by 26.5% during the 2nd quarter. Federated Hermes Inc. now owns 433,660 shares of the company’s stock worth $5,178,000 after acquiring an additional 90,960 shares in the last quarter. Finally, Acadian Asset Management LLC increased its position in shares of Tactile Systems Technology by 31.5% in the 2nd quarter. Acadian Asset Management LLC now owns 157,925 shares of the company’s stock worth $1,884,000 after purchasing an additional 37,813 shares during the last quarter. Institutional investors and hedge funds own 83.43% of the company’s stock.

Tactile Systems Technology Stock Up 3.3 %

Shares of NASDAQ TCMD opened at $18.93 on Friday. The company has a debt-to-equity ratio of 0.12, a quick ratio of 3.80 and a current ratio of 4.37. Tactile Systems Technology has a 1 year low of $11.12 and a 1 year high of $21.10. The stock’s 50-day simple moving average is $15.04 and its 200-day simple moving average is $13.47. The firm has a market cap of $454.32 million, a price-to-earnings ratio of 29.12 and a beta of 1.17.

Analysts Set New Price Targets

Several equities research analysts have commented on TCMD shares. B. Riley assumed coverage on Tactile Systems Technology in a research note on Thursday, September 26th. They set a “buy” rating and a $23.00 price target for the company. StockNews.com cut shares of Tactile Systems Technology from a “strong-buy” rating to a “buy” rating in a research report on Monday. BTIG Research lowered Tactile Systems Technology from a “buy” rating to a “neutral” rating in a research report on Tuesday, November 5th. Finally, Oppenheimer downgraded Tactile Systems Technology from an “outperform” rating to a “market perform” rating in a research report on Tuesday, November 5th.

About Tactile Systems Technology

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.