Treace Medical Concepts (NASDAQ:TMCI) Stock Price Up 4.7% – Here’s What Happened

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s share price traded up 4.7% on Tuesday . The company traded as high as $8.21 and last traded at $8.35. 157,245 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 728,450 shares. The stock had previously closed at $7.97.

Analysts Set New Price Targets

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

Treace Medical Concepts Stock Performance

The firm’s 50 day moving average price is $9.16 and its two-hundred day moving average price is $7.42. The firm has a market cap of $531.32 million, a PE ratio of -8.58 and a beta of 0.77. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12.

Institutional Investors Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quarry LP purchased a new position in shares of Treace Medical Concepts during the 3rd quarter worth $38,000. Quantbot Technologies LP purchased a new position in Treace Medical Concepts during the fourth quarter worth about $69,000. HighTower Advisors LLC acquired a new stake in shares of Treace Medical Concepts during the third quarter valued at about $58,000. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Treace Medical Concepts in the 4th quarter valued at approximately $77,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Treace Medical Concepts in the 4th quarter worth approximately $77,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

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.