Treace Medical Concepts (NASDAQ:TMCI) Price Target Cut to $16.00

Treace Medical Concepts (NASDAQ:TMCI) had its price objective trimmed by UBS Group from $17.00 to $16.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley cut shares of Treace Medical Concepts from an overweight rating to an equal weight rating and dropped their price target for the company from $15.00 to $5.50 in a research report on Wednesday. BTIG Research lowered shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. Truist Financial downgraded Treace Medical Concepts from a buy rating to a hold rating and reduced their price target for the company from $17.00 to $7.00 in a report on Wednesday. Stifel Nicolaus cut Treace Medical Concepts from a buy rating to a hold rating and dropped their price objective for the stock from $15.00 to $6.00 in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered Treace Medical Concepts from an overweight rating to a neutral rating and cut their price objective for the stock from $15.00 to $8.00 in a research report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus 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. The company has a market cap of $257.54 million, a P/E ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $27.70. The business’s 50-day moving average price is $11.82 and its 200-day moving average price is $11.67. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting analysts’ consensus estimates of ($0.30). The business had revenue of $51.11 million for the quarter, compared to analysts’ expectations 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 business’s quarterly revenue was up 21.1% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.23) EPS. On average, equities analysts expect that Treace Medical Concepts will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Treace Medical Concepts

Several hedge funds have recently made changes to their positions in TMCI. RiverPark Advisors LLC raised its holdings in Treace Medical Concepts by 763.9% in the first 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 position in shares of Treace Medical Concepts by 11.4% in the 1st quarter. Oak Ridge Investments LLC now owns 126,221 shares of the company’s stock worth $1,647,000 after buying an additional 12,914 shares during the period. Newbridge Financial Services Group Inc. increased its stake in shares of Treace Medical Concepts by 100.3% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after acquiring an additional 3,567 shares in the last quarter. Aristides Capital LLC purchased a new position in Treace Medical Concepts during the 4th quarter valued at about $334,000. Finally, Gabelli Funds LLC lifted its position in Treace Medical Concepts by 1.5% during the 4th quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after acquiring an additional 2,107 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.