Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 17.9% in March

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large drop in short interest in March. As of March 15th, there was short interest totalling 2,240,000 shares, a drop of 17.9% from the February 28th total of 2,730,000 shares. Approximately 5.0% of the company’s stock are short sold. Based on an average trading volume of 392,100 shares, the short-interest ratio is currently 5.7 days.

Analyst Ratings Changes

Several research firms have recently commented on TMCI. JPMorgan Chase & Co. restated a “neutral” rating and issued a $8.00 target price on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Lake Street Capital initiated coverage on Treace Medical Concepts in a report on Tuesday, December 31st. They issued a “buy” rating and a $14.50 price objective on the stock. Truist Financial dropped their target price on Treace Medical Concepts from $10.00 to $9.50 and set a “hold” rating on the stock in a research report on Thursday, March 13th. Finally, BTIG Research upgraded Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $10.14.

Treace Medical Concepts Stock Up 2.1 %

Shares of Treace Medical Concepts stock opened at $8.32 on Thursday. The stock has a market capitalization of $520.99 million, a price-to-earnings ratio of -8.40 and a beta of 0.77. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $12.74. 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 business’s 50 day simple moving average is $9.18 and its 200-day simple moving average is $7.65.

Insider Transactions at Treace Medical Concepts

In other news, insider Sean F. Scanlan sold 50,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $7.97, for a total value of $398,500.00. Following the completion of the sale, the insider now directly owns 364,081 shares of the company’s stock, valued at approximately $2,901,725.57. The trade was a 12.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 24.43% of the company’s stock.

Institutional Investors Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new position in Treace Medical Concepts in the 3rd quarter worth about $38,000. HighTower Advisors LLC acquired a new position in shares of Treace Medical Concepts in the third quarter worth about $58,000. Point72 Asia Singapore Pte. Ltd. increased its position in shares of Treace Medical Concepts by 243.4% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock worth $62,000 after acquiring an additional 7,522 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Treace Medical Concepts during the fourth quarter valued at approximately $69,000. Finally, Wolverine Trading LLC lifted its position in shares of Treace Medical Concepts by 17.7% in the 3rd quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after acquiring an additional 1,946 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors.

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.