Treace Medical Concepts, Inc. (NASDAQ:TMCI) Receives $7.00 Consensus PT from Brokerages

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) have been given a consensus recommendation of “Hold” by the six research firms that are currently covering the company, MarketBeat.com reports. Six analysts have rated the stock with a hold recommendation. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $7.00.

Several research analysts have recently commented on the company. 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 research note on Wednesday, August 7th. Truist Financial decreased their target price on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research note on Monday, October 14th. Finally, Morgan Stanley upped their price target 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.

Insider Buying and Selling

In related news, CEO John T. Treace bought 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was purchased at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the completion of the transaction, the chief executive officer now owns 6,523,095 shares in the company, valued at $34,637,634.45. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CEO John T. Treace acquired 85,000 shares of Treace Medical Concepts stock in a transaction on 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 purchase, the chief executive officer now directly owns 6,473,095 shares in the company, valued at $38,838,570. The trade was a 0.00 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO John T. Treace acquired 50,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were purchased at an average cost of $5.31 per share, for a total transaction of $265,500.00. Following the completion of the acquisition, the chief executive officer now directly owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 219,000 shares of company stock valued at $1,276,140. Corporate insiders own 24.43% of the company’s stock.

Institutional Trading of Treace Medical Concepts

Hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC raised its holdings in Treace Medical Concepts by 3,441.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock valued at $31,000 after buying an additional 4,508 shares during the period. Nisa Investment Advisors LLC increased its position in Treace Medical Concepts by 34,240.7% during the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock valued at $62,000 after acquiring an additional 9,245 shares during the last quarter. CWM LLC raised its stake in shares of Treace Medical Concepts by 208.7% in the second quarter. CWM LLC now owns 10,097 shares of the company’s stock valued at $67,000 after acquiring an additional 6,826 shares during the period. Palumbo Wealth Management LLC bought a new stake in shares of Treace Medical Concepts in the 3rd quarter worth about $75,000. Finally, Stoneridge Investment Partners LLC purchased a new position in shares of Treace Medical Concepts during the 3rd quarter worth about $98,000. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Treace Medical Concepts Price Performance

NASDAQ TMCI opened at $4.78 on Wednesday. The company has a 50-day moving average price of $5.37 and a 200-day moving average price of $6.53. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $15.98. The company has a quick ratio of 2.93, a current ratio of 3.86 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $297.27 million, a P/E ratio of -4.69 and a beta of 0.20.

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

Treace Medical Concepts Company 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.