Bank of New York Mellon Corp Grows Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Bank of New York Mellon Corp boosted its stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 13.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 161,413 shares of the company’s stock after buying an additional 18,721 shares during the period. Bank of New York Mellon Corp owned approximately 0.26% of Treace Medical Concepts worth $1,073,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Gabelli Funds LLC increased its position in shares of Treace Medical Concepts by 1.5% during the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after acquiring an additional 2,107 shares during the last quarter. Newbridge Financial Services Group Inc. increased its holdings in Treace Medical Concepts by 100.3% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after purchasing an additional 3,567 shares during the last quarter. GAMMA Investing LLC raised its position 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 period. Quest Partners LLC acquired a new position in Treace Medical Concepts during the fourth quarter worth $68,000. Finally, CWM LLC boosted its position in shares of Treace Medical Concepts by 208.7% during the second quarter. CWM LLC now owns 10,097 shares of the company’s stock worth $67,000 after buying an additional 6,826 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.

Insiders Place Their Bets

In other Treace Medical Concepts news, CEO John T. Treace bought 85,000 shares of Treace Medical Concepts stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost 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 of the company’s stock, valued at $38,838,570. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 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. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director James T. Treace purchased 84,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were bought at an average cost of $5.96 per share, with a total value of $500,640.00. Following the completion of the acquisition, the director now owns 1,223,441 shares of the company’s stock, valued at $7,291,708.36. 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. Insiders own 24.43% of the company’s stock.

Treace Medical Concepts Stock Down 2.9 %

Treace Medical Concepts stock opened at $5.44 on Friday. The stock has a 50-day simple moving average of $6.46 and a 200-day simple moving average of $8.05. The company has a market capitalization of $337.32 million, a P/E ratio of -6.17 and a beta of 0.21. The company has a debt-to-equity ratio of 0.47, a quick ratio of 2.93 and a current ratio of 3.86. Treace Medical Concepts, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, August 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 quarter last year, the business posted ($0.20) earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. Equities research analysts expect that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current year.

Analyst Ratings Changes

TMCI has been the topic of several research analyst reports. Morgan Stanley boosted their price objective on Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Truist Financial cut their price target on shares of Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating on the stock in a research note on Wednesday, August 7th. Finally, UBS Group increased their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $7.30.

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.