Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 20.1% in June

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 4,057,300 shares, a decline of 20.1% from the May 31st total of 5,080,000 shares. Approximately 9.3% of the shares of the company are short sold. Based on an average daily trading volume, of 1,252,300 shares, the days-to-cover ratio is currently 3.2 days.

Treace Medical Concepts Price Performance

NASDAQ:TMCI traded up $0.01 during trading hours on Friday, hitting $6.65. 1,332,444 shares of the stock were exchanged, compared to its average volume of 1,192,436. Treace Medical Concepts has a 52-week low of $3.92 and a 52-week high of $25.76. The firm’s fifty day moving average price is $6.94 and its 200 day moving average price is $10.78. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.42. The company has a market cap of $412.37 million, a P/E ratio of -7.56 and a beta of 0.18.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. The company had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. During the same period in the previous year, the business earned ($0.23) EPS. Treace Medical Concepts’s quarterly revenue was up 21.1% on a year-over-year basis. As a group, equities research analysts anticipate that Treace Medical Concepts will post -0.89 EPS for the current fiscal year.

Insider Activity

In related news, CEO John T. Treace acquired 150,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was acquired at an average price of $4.58 per share, with a total value of $687,000.00. Following the acquisition, the chief executive officer now directly owns 5,943,095 shares in the company, valued at approximately $27,219,375.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In related news, CEO John T. Treace acquired 150,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was acquired at an average price of $4.58 per share, with a total value of $687,000.00. Following the acquisition, the chief executive officer now directly owns 5,943,095 shares in the company, valued at approximately $27,219,375.10. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Deepti Jain acquired 25,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was bought at an average cost of $4.50 per share, with a total value of $112,500.00. Following the acquisition, the director now owns 31,235 shares in the company, valued at $140,557.50. The disclosure for this purchase can be found here. Insiders purchased a total of 593,902 shares of company stock valued at $2,930,422 in the last quarter. 24.43% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Treace Medical Concepts

A number of large investors have recently made changes to their positions in the stock. Gabelli Funds LLC grew its position in shares of Treace Medical Concepts by 1.5% in the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after purchasing an additional 2,107 shares in the last quarter. Newbridge Financial Services Group Inc. grew its position in shares of Treace Medical Concepts by 100.3% in the fourth 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 in the last quarter. Quest Partners LLC purchased a new stake in shares of Treace Medical Concepts in the fourth quarter valued at approximately $68,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Treace Medical Concepts by 78.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,524 shares of the company’s stock valued at $185,000 after purchasing an additional 6,363 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in shares of Treace Medical Concepts by 763.9% in the first quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock valued at $117,000 after purchasing an additional 7,952 shares in the last quarter. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on TMCI shares. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday, May 8th. Morgan Stanley cut Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $15.00 to $5.50 in a report on Wednesday, May 8th. Stifel Nicolaus cut Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their price target for the stock from $15.00 to $6.00 in a report on Wednesday, May 8th. Truist Financial cut Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their price target for the stock from $17.00 to $7.00 in a report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. cut Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $8.00 in a report on Wednesday, May 8th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $12.21.

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.