Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Expands By 20.8%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) saw a large increase in short interest in February. As of February 28th, there was short interest totalling 2,730,000 shares, an increase of 20.8% from the February 13th total of 2,260,000 shares. Based on an average daily volume of 373,500 shares, the short-interest ratio is currently 7.3 days. Currently, 6.1% of the shares of the stock are sold short.

Insider Activity

In other news, insider Sean F. Scanlan sold 50,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $7.97, for a total transaction of $398,500.00. Following the completion of the transaction, the insider now owns 364,081 shares in the company, valued at approximately $2,901,725.57. This trade represents a 12.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 24.43% of the company’s stock.

Institutional Trading of Treace Medical Concepts

A number of hedge funds have recently made changes to their positions in the stock. William Blair Investment Management LLC lifted its position in shares of Treace Medical Concepts by 22.9% in the fourth quarter. William Blair Investment Management LLC now owns 2,938,848 shares of the company’s stock worth $21,865,000 after purchasing an additional 546,787 shares in the last quarter. JPMorgan Chase & Co. raised its position in Treace Medical Concepts by 56.6% during the fourth quarter. JPMorgan Chase & Co. now owns 1,977,219 shares of the company’s stock valued at $14,711,000 after acquiring an additional 714,984 shares in the last quarter. Geode Capital Management LLC raised its position in Treace Medical Concepts by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 1,062,765 shares of the company’s stock valued at $7,909,000 after acquiring an additional 22,159 shares in the last quarter. State Street Corp raised its position in Treace Medical Concepts by 4.2% during the third 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 in the last quarter. Finally, Nuveen Asset Management LLC raised its position in Treace Medical Concepts by 11.4% during the fourth quarter. Nuveen Asset Management LLC now owns 472,840 shares of the company’s stock valued at $3,518,000 after acquiring an additional 48,525 shares in the last quarter. 84.08% of the stock is owned by hedge funds and other institutional investors.

Treace Medical Concepts Price Performance

NASDAQ TMCI opened at $8.21 on Thursday. The company has a 50 day simple moving average of $9.19 and a 200-day simple moving average of $7.44. The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98. The firm has a market capitalization of $514.10 million, a price-to-earnings ratio of -8.29 and a beta of 0.77. Treace Medical Concepts has a 52-week low of $3.92 and a 52-week high of $13.24.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price objective on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. 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 price objective for the company. 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. Finally, Truist Financial reduced their price objective on shares of Treace Medical Concepts from $10.00 to $9.50 and set a “hold” rating for the company in a research note on Thursday, March 13th. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $10.14.

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.