Treace Medical Concepts (NASDAQ:TMCI) Lowered to “Neutral” at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from an overweight rating to a neutral rating in a research report released on Wednesday morning, Marketbeat.com reports. JPMorgan Chase & Co. currently has $8.00 price target on the stock, down from their prior price target of $15.00.

Separately, BTIG Research downgraded shares of Treace Medical Concepts from a buy rating to a neutral rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Treace Medical Concepts has an average rating of Hold and an average target price of $13.57.

Treace Medical Concepts Stock Down 62.5 %

TMCI opened at $4.17 on Wednesday. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $27.70. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. The stock’s fifty day simple moving average is $11.82 and its 200 day simple moving average is $11.67. The stock has a market cap of $257.54 million, a PE ratio of -5.15 and a beta of 0.37.

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 analysts’ consensus estimates of ($0.30). The firm had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The company’s revenue was up 21.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.23) EPS. As a group, research analysts expect that Treace Medical Concepts will post -0.91 earnings per share for the current year.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TMCI. RiverPark Advisors LLC increased its holdings in Treace Medical Concepts by 763.9% in the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after purchasing an additional 7,952 shares in the last quarter. Oak Ridge Investments LLC grew its holdings in shares of Treace Medical Concepts by 11.4% during the first quarter. Oak Ridge Investments LLC now owns 126,221 shares of the company’s stock worth $1,647,000 after purchasing an additional 12,914 shares during the last quarter. Newbridge Financial Services Group Inc. increased its stake 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 buying an additional 3,567 shares during the period. Aristides Capital LLC acquired a new stake in Treace Medical Concepts during the 4th quarter worth approximately $334,000. Finally, Gabelli Funds LLC grew its holdings in Treace Medical Concepts by 1.5% during the 4th quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after acquiring an additional 2,107 shares during the last quarter. 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.