Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Decreases By 39.5%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the recipient of a large decrease in short interest in November. As of November 15th, there was short interest totalling 2,990,000 shares, a decrease of 39.5% from the October 31st total of 4,940,000 shares. Currently, 6.5% of the shares of the company are short sold. Based on an average daily volume of 593,300 shares, the short-interest ratio is presently 5.0 days.

Insiders Place Their Bets

In related news, CEO John T. Treace acquired 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was acquired at an average price of $5.31 per share, with a total value of $265,500.00. Following the purchase, the chief executive officer now directly owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. This trade represents a 0.77 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Franklin Resources Inc. acquired a new position in Treace Medical Concepts in the 3rd quarter valued at about $212,000. Virtu Financial LLC acquired a new position in shares of Treace Medical Concepts in the 3rd quarter valued at $148,000. Barclays PLC increased its position in shares of Treace Medical Concepts by 352.2% during the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock worth $460,000 after purchasing an additional 62,073 shares during the last quarter. Wolverine Trading LLC increased its position in shares of Treace Medical Concepts by 17.7% during the 3rd quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock worth $75,000 after purchasing an additional 1,946 shares during the last quarter. Finally, State Street Corp increased its position in shares of Treace Medical Concepts by 4.2% during the 3rd quarter. State Street Corp now owns 997,453 shares of the company’s stock worth $5,785,000 after purchasing an additional 39,907 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Stifel Nicolaus upped their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Truist Financial lowered their price objective on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Finally, UBS Group lifted their target price on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Treace Medical Concepts has an average rating of “Hold” and a consensus price target of $7.40.

Treace Medical Concepts Price Performance

TMCI stock traded up $0.28 during mid-day trading on Thursday, hitting $8.56. The company had a trading volume of 266,137 shares, compared to its average volume of 818,555. The company has a market capitalization of $533.29 million, a price-to-earnings ratio of -8.59 and a beta of 0.24. The company has a 50-day moving average price of $6.06 and a 200 day moving average price of $6.16. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. The firm 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 business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.28) earnings per share. On average, research analysts anticipate that Treace Medical Concepts will post -0.92 earnings per share for the current year.

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.