Treace Medical Concepts (NASDAQ:TMCI) Trading Up 10.3% – Here’s Why

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) were up 10.3% on Monday . The stock traded as high as $8.33 and last traded at $8.05. Approximately 125,303 shares changed hands during mid-day trading, a decline of 48% from the average daily volume of 239,803 shares. The stock had previously closed at $7.30.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Stifel Nicolaus lifted 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. Truist Financial lifted their price objective on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Lake Street Capital began coverage on shares of Treace Medical Concepts in a research note on Tuesday, December 31st. They set a “buy” rating and a $14.50 target price for the company. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $8.98.

Treace Medical Concepts Trading Down 4.2 %

The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The company’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 cap of $499.00 million, a PE ratio of -8.09 and a beta of 0.69.

Treace Medical Concepts (NASDAQ:TMCI) last released its earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.02. The company had revenue of $45.09 million for the quarter, compared to analysts’ expectations of $43.48 million. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.28) EPS. As a group, sell-side analysts forecast that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently bought and sold shares of the business. Armistice Capital LLC increased 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 purchasing an additional 2,960,000 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Treace Medical Concepts by 215.1% in the third quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock valued at $7,321,000 after buying an additional 861,689 shares in the last quarter. State Street Corp lifted 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 valued at $5,785,000 after acquiring an additional 39,907 shares during the period. Marshall Wace LLP boosted its stake 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 acquiring an additional 183,921 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Treace Medical Concepts by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock worth $2,268,000 after acquiring an additional 17,783 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.

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.