The Manufacturers Life Insurance Company Increases Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

The Manufacturers Life Insurance Company lifted its position in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 11.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 20,252 shares of the company’s stock after purchasing an additional 2,160 shares during the period. The Manufacturers Life Insurance Company’s holdings in Treace Medical Concepts were worth $135,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Oak Ridge Investments LLC raised its stake in Treace Medical Concepts by 11.4% in the first quarter. Oak Ridge Investments LLC now owns 126,221 shares of the company’s stock valued at $1,647,000 after buying an additional 12,914 shares in the last quarter. RiverPark Advisors LLC raised its position in shares of Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after acquiring an additional 7,952 shares in the last quarter. AWM Investment Company Inc. purchased a new stake in Treace Medical Concepts during the first quarter worth approximately $718,000. Grandeur Peak Global Advisors LLC boosted its holdings in Treace Medical Concepts by 160.7% in the first quarter. Grandeur Peak Global Advisors LLC now owns 55,279 shares of the company’s stock valued at $721,000 after purchasing an additional 34,075 shares in the last quarter. Finally, GAMMA Investing LLC increased its stake in Treace Medical Concepts by 3,441.2% in the second quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock valued at $31,000 after purchasing an additional 4,508 shares during the last quarter. 84.08% of the stock is owned by hedge funds and other institutional investors.

Treace Medical Concepts Stock Performance

Shares of TMCI opened at $5.34 on Friday. The company’s 50 day simple moving average is $5.61 and its 200-day simple moving average is $7.00. The firm has a market cap of $331.12 million, a PE ratio of -6.07 and a beta of 0.20. Treace Medical Concepts, Inc. has a 12-month low of $3.92 and a 12-month high of $15.98. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data on Tuesday, August 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.05). Treace Medical Concepts had a negative return on equity of 49.53% and a negative net margin of 32.08%. The business had revenue of $44.46 million for the quarter, compared to analysts’ expectations of $43.00 million. During the same period in the previous year, the business posted ($0.20) earnings per share. The company’s revenue for the quarter was up 6.0% on a year-over-year basis. As a group, equities analysts predict that Treace Medical Concepts, Inc. will post -0.93 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on TMCI. Morgan Stanley boosted their price objective on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Truist Financial reduced their price target on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Finally, UBS Group raised their price objective on Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Insiders Place Their Bets

In related news, CEO John T. Treace bought 85,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average price of $6.00 per share, with a total value of $510,000.00. Following the completion of the acquisition, the chief executive officer now owns 6,473,095 shares in the company, valued at approximately $38,838,570. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO John T. Treace bought 85,000 shares of Treace Medical Concepts stock in a transaction dated Wednesday, August 14th. The stock was bought at an average price of $6.00 per share, for a total transaction of $510,000.00. Following the purchase, the chief executive officer now owns 6,473,095 shares of the company’s stock, valued at approximately $38,838,570. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James T. Treace purchased 84,000 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were purchased at an average price of $5.96 per share, for a total transaction of $500,640.00. Following the completion of the purchase, the director now owns 1,223,441 shares of the company’s stock, valued at approximately $7,291,708.36. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 219,000 shares of company stock valued at $1,276,140. 24.43% of the stock is owned by company insiders.

Treace Medical Concepts Profile

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.