Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Update

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the recipient of a significant drop in short interest during the month of June. As of June 15th, there was short interest totalling 4,057,300 shares, a drop of 20.1% from the May 31st total of 5,080,000 shares. Approximately 9.3% of the company’s shares are short sold. Based on an average daily volume of 1,252,300 shares, the days-to-cover ratio is currently 3.2 days.

Treace Medical Concepts Trading Up 0.2 %

Shares of NASDAQ:TMCI opened at $6.65 on Monday. The firm’s 50 day moving average price is $6.94 and its 200-day moving average price is $10.79. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $25.76. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.42.

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

Analyst Ratings Changes

TMCI has been the subject of a number of research analyst reports. Stifel Nicolaus downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $15.00 to $6.00 in a report on Wednesday, May 8th. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. Morgan Stanley lowered Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and dropped their price target for the stock from $15.00 to $5.50 in a research note on Wednesday, May 8th. Truist Financial downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the stock from $17.00 to $7.00 in a research note on Wednesday, May 8th. Finally, BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.21.

Insider Buying and Selling at Treace Medical Concepts

In other Treace Medical Concepts news, Director James T. Treace acquired 25,000 shares of Treace Medical Concepts stock in a transaction that occurred on Friday, May 31st. The shares were bought at an average price of $6.05 per share, with a total value of $151,250.00. Following the completion of the purchase, the director now directly owns 1,139,441 shares in the company, valued at approximately $6,893,618.05. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Richard W. Mott bought 36,802 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were bought at an average price of $4.38 per share, for a total transaction of $161,192.76. Following the transaction, the director now directly owns 1,027,753 shares of the company’s stock, valued at $4,501,558.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James T. Treace acquired 25,000 shares of the business’s stock in a transaction dated Friday, May 31st. The shares were bought at an average cost of $6.05 per share, for a total transaction of $151,250.00. Following the transaction, the director now directly owns 1,139,441 shares in the company, valued at $6,893,618.05. The disclosure for this purchase can be found here. Over the last three months, insiders bought 593,902 shares of company stock worth $2,930,422. 24.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. boosted its position in shares of Treace Medical Concepts by 18.2% during the third quarter. Charles Schwab Investment Management Inc. now owns 336,249 shares of the company’s stock valued at $4,408,000 after buying an additional 51,892 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its holdings in shares of Treace Medical Concepts by 78.6% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 90,968 shares of the company’s stock worth $1,193,000 after buying an additional 40,048 shares during the period. Qube Research & Technologies Ltd increased its stake in shares of Treace Medical Concepts by 146.2% during the third quarter. Qube Research & Technologies Ltd now owns 160,284 shares of the company’s stock valued at $2,101,000 after buying an additional 95,194 shares during the period. Spouting Rock Asset Management LLC bought a new stake in shares of Treace Medical Concepts in the third quarter valued at about $148,000. Finally, TimesSquare Capital Management LLC lifted its stake in Treace Medical Concepts by 68.9% in the third quarter. TimesSquare Capital Management LLC now owns 1,433,429 shares of the company’s stock worth $18,792,000 after acquiring an additional 584,539 shares during the period. Institutional investors own 84.08% of the company’s stock.

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.