Treace Medical Concepts, Inc. (NASDAQ:TMCI) Given Consensus Rating of “Hold” by Brokerages

Treace Medical Concepts, Inc. (NASDAQ:TMCI) has earned a consensus rating of “Hold” from the seven brokerages that are currently covering the stock, Marketbeat reports. Seven investment analysts have rated the stock with a hold rating. The average 12-month price target among analysts that have covered the stock in the last year is $12.21.

TMCI has been the topic of a number of research analyst reports. Morgan Stanley downgraded shares of Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $15.00 to $5.50 in a research report on Wednesday, May 8th. Truist Financial downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their price objective for the company from $17.00 to $7.00 in a research report on Wednesday, May 8th. JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. BTIG Research downgraded shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their target price for the stock from $15.00 to $6.00 in a research report on Wednesday, May 8th.

Insider Buying and Selling at Treace Medical Concepts

In related news, Director Richard W. Mott acquired 12,100 shares of the business’s stock in a transaction on Wednesday, May 22nd. The stock was acquired at an average cost of $4.99 per share, with a total value of $60,379.00. Following the acquisition, the director now directly owns 1,054,944 shares in the company, valued at approximately $5,264,170.56. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, Director Richard W. Mott purchased 12,100 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was bought at an average cost of $4.99 per share, for a total transaction of $60,379.00. Following the completion of the transaction, the director now directly owns 1,054,944 shares in the company, valued at $5,264,170.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John T. Treace bought 45,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The shares were acquired at an average price of $5.88 per share, with a total value of $264,600.00. Following the completion of the transaction, the chief executive officer now owns 6,388,095 shares of the company’s stock, valued at approximately $37,561,998.60. The disclosure for this purchase can be found here. Insiders purchased a total of 593,902 shares of company stock valued at $2,930,422 in the last three months. 24.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank lifted its holdings in shares of Treace Medical Concepts by 16.5% during the third quarter. Swiss National Bank now owns 101,100 shares of the company’s stock worth $1,325,000 after purchasing an additional 14,300 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in Treace Medical Concepts by 18.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 336,249 shares of the company’s stock valued at $4,408,000 after acquiring an additional 51,892 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in Treace Medical Concepts by 78.6% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 90,968 shares of the company’s stock valued at $1,193,000 after acquiring an additional 40,048 shares during the period. Qube Research & Technologies Ltd lifted its holdings in Treace Medical Concepts by 146.2% in the third quarter. Qube Research & Technologies Ltd now owns 160,284 shares of the company’s stock valued at $2,101,000 after acquiring an additional 95,194 shares during the period. Finally, Spouting Rock Asset Management LLC acquired a new position in Treace Medical Concepts in the third quarter valued at approximately $148,000. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Trading Up 6.4 %

Shares of TMCI opened at $6.29 on Thursday. The firm’s 50 day simple moving average is $7.12 and its 200 day simple moving average is $10.83. The company has a market capitalization of $390.04 million, a P/E ratio of -7.15 and a beta of 0.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.22. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $25.76.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.30). Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The firm had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. During the same period in the previous year, the business posted ($0.23) EPS. The business’s quarterly revenue was up 21.1% on a year-over-year basis. Sell-side analysts forecast that Treace Medical Concepts will post -0.89 earnings per share for the current fiscal year.

About Treace Medical Concepts

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices in the United States. The company offers Lapiplasty 3D bunion correction system that combines instruments, implants, and surgical methods designed to surgically correct three planes of the bunion deformity.