JPMorgan Chase & Co. Has $7.32 Million Stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

JPMorgan Chase & Co. raised its holdings in Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 215.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,262,235 shares of the company’s stock after buying an additional 861,689 shares during the period. JPMorgan Chase & Co. owned 2.03% of Treace Medical Concepts worth $7,321,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TMCI. Armistice Capital LLC grew its holdings in shares of Treace Medical Concepts by 123.3% in the 2nd quarter. Armistice Capital LLC now owns 5,360,000 shares of the company’s stock valued at $35,644,000 after acquiring an additional 2,960,000 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Treace Medical Concepts in the second quarter valued at approximately $2,412,000. Marshall Wace LLP increased its position in shares of Treace Medical Concepts by 65.9% during the 2nd quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock worth $3,079,000 after purchasing an additional 183,921 shares during the last quarter. Lighthouse Investment Partners LLC bought a new stake in shares of Treace Medical Concepts during the 2nd quarter worth approximately $1,114,000. Finally, Algert Global LLC boosted its holdings in shares of Treace Medical Concepts by 178.8% in the 2nd quarter. Algert Global LLC now owns 162,536 shares of the company’s stock valued at $1,081,000 after buying an additional 104,236 shares during the last quarter. 84.08% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently weighed in on TMCI. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 target price on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Stifel Nicolaus upped their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Lake Street Capital started coverage on Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 price target for the company. Finally, Truist Financial upped their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $8.98.

Treace Medical Concepts Stock Down 4.2 %

Treace Medical Concepts stock opened at $8.01 on Wednesday. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The firm’s fifty day moving average price is $7.73 and its two-hundred day moving average price is $6.66. The firm has a market capitalization of $499.00 million, a price-to-earnings ratio of -8.09 and a beta of 0.69. Treace Medical Concepts, Inc. has a 1-year low of $3.92 and a 1-year high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.02. The business had revenue of $45.09 million for the quarter, compared to analysts’ expectations of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.28) EPS. On average, equities research analysts predict that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

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.