Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Update

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 2,240,000 shares, a decline of 17.9% from the February 28th total of 2,730,000 shares. Based on an average daily trading volume, of 392,100 shares, the days-to-cover ratio is currently 5.7 days. Currently, 5.0% of the company’s stock are sold short.

Analyst Ratings Changes

TMCI has been the topic of a number of recent research reports. Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 price target on the stock. Truist Financial dropped their price target on shares of Treace Medical Concepts from $10.00 to $9.50 and set a “hold” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $8.00 price objective on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Finally, BTIG Research upgraded shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Tuesday, February 4th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $10.14.

Treace Medical Concepts Stock Performance

TMCI traded down $0.11 on Wednesday, hitting $8.04. 125,112 shares of the stock traded hands, compared to its average volume of 740,099. The business has a fifty day moving average price of $9.21 and a two-hundred day moving average price of $7.64. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $503.39 million, a PE ratio of -8.10 and a beta of 0.77. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $12.74.

Insider Activity

In related news, insider Sean F. Scanlan sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $7.97, for a total transaction of $398,500.00. Following the transaction, the insider now owns 364,081 shares of the company’s stock, valued at approximately $2,901,725.57. This trade represents a 12.07 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 24.43% of the stock is owned by corporate insiders.

Institutional Trading of Treace Medical Concepts

A number of institutional investors and hedge funds have recently modified their holdings of TMCI. William Blair Investment Management LLC lifted its position in 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 during the period. JPMorgan Chase & Co. raised its stake in shares of Treace Medical Concepts by 56.6% in the 4th quarter. JPMorgan Chase & Co. now owns 1,977,219 shares of the company’s stock valued at $14,711,000 after buying an additional 714,984 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Treace Medical Concepts by 2.1% during the 4th quarter. Geode Capital Management LLC now owns 1,062,765 shares of the company’s stock worth $7,909,000 after acquiring an additional 22,159 shares during the period. State Street Corp boosted 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 in the last quarter. Finally, Nuveen Asset Management LLC increased its stake in Treace Medical Concepts by 11.4% in 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 during the period. 84.08% of the stock is currently owned by institutional investors.

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.