Treace Medical Concepts (NASDAQ:TMCI) Price Target Raised to $8.00

Treace Medical Concepts (NASDAQ:TMCI) had its price objective upped by stock analysts at Stifel Nicolaus from $7.00 to $8.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “hold” rating on the stock. Stifel Nicolaus’ price target would indicate a potential upside of 5.82% from the stock’s previous close.

TMCI has been the topic of a number of other research reports. UBS Group lifted their price objective 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. Morgan Stanley lifted their price objective on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Finally, Truist Financial cut their price objective on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $7.40.

Treace Medical Concepts Stock Up 31.3 %

Treace Medical Concepts stock traded up $1.80 during midday trading on Wednesday, hitting $7.56. 1,755,949 shares of the company’s stock were exchanged, compared to its average volume of 822,353. 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 has a 12 month low of $3.92 and a 12 month high of $15.98. The firm has a 50-day moving average of $5.35 and a two-hundred day moving average of $6.37. The company has a market cap of $470.16 million, a PE ratio of -7.41 and a beta of 0.24.

Treace Medical Concepts (NASDAQ:TMCI) last issued 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. Treace Medical Concepts had a negative net margin of 32.08% and a negative return on equity of 49.53%. The company had revenue of $45.09 million for the quarter, compared to analysts’ expectations of $43.48 million. During the same period in the prior year, the business earned ($0.28) EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts expect that Treace Medical Concepts will post -0.93 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO John T. Treace bought 50,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was bought at an average cost of $5.31 per share, for a total transaction of $265,500.00. Following the purchase, the chief executive officer now directly owns 6,523,095 shares of the company’s stock, valued at approximately $34,637,634.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Treace Medical Concepts news, CEO John T. Treace acquired 50,000 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was acquired at an average cost of $5.31 per share, for a total transaction of $265,500.00. Following the purchase, the chief executive officer now owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO John T. Treace acquired 85,000 shares of the firm’s stock in a transaction on 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 purchase, the chief executive officer now owns 6,473,095 shares in the company, valued at approximately $38,838,570. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 219,000 shares of company stock worth $1,276,140 in the last three months. Corporate insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

Large investors have recently made changes to their positions in the company. GAMMA Investing LLC lifted its stake in shares of Treace Medical Concepts by 3,441.2% in the 2nd 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. Nisa Investment Advisors LLC lifted its position in shares of Treace Medical Concepts by 34,240.7% during the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock worth $62,000 after purchasing an additional 9,245 shares in the last quarter. CWM LLC lifted 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 purchasing an additional 6,826 shares in the last quarter. Palumbo Wealth Management LLC acquired a new stake in shares of Treace Medical Concepts during the third quarter worth about $75,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Treace Medical Concepts by 59.5% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock worth $111,000 after purchasing an additional 6,227 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.