Palumbo Wealth Management LLC Takes Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Palumbo Wealth Management LLC purchased a new stake in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 12,996 shares of the company’s stock, valued at approximately $75,000.

Several other large investors have also recently modified their holdings of TMCI. The Manufacturers Life Insurance Company grew its holdings in Treace Medical Concepts by 11.9% in the second quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company’s stock worth $135,000 after purchasing an additional 2,160 shares during the period. GAMMA Investing LLC lifted its stake in shares of Treace Medical Concepts by 3,441.2% in the second quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock valued at $31,000 after buying an additional 4,508 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Treace Medical Concepts by 59.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock valued at $111,000 after buying an additional 6,227 shares in the last quarter. CWM LLC lifted its stake in shares of Treace Medical Concepts by 208.7% in the second quarter. CWM LLC now owns 10,097 shares of the company’s stock valued at $67,000 after buying an additional 6,826 shares in the last quarter. Finally, RiverPark Advisors LLC lifted its stake in shares of Treace Medical Concepts by 763.9% in the first quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock valued at $117,000 after buying an additional 7,952 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

Insider Buying and Selling

In related news, CEO John T. Treace bought 50,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were purchased at an average price of $5.31 per share, with a total value of $265,500.00. Following the transaction, the chief executive officer now owns 6,523,095 shares in the company, valued at $34,637,634.45. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO John T. Treace bought 85,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were purchased at an average cost of $6.00 per share, with a total value of $510,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 6,473,095 shares in the company, valued at approximately $38,838,570. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO John T. Treace acquired 50,000 shares of the company’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 completion of the acquisition, the chief executive officer now owns 6,523,095 shares of the company’s stock, valued at $34,637,634.45. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have acquired 219,000 shares of company stock valued at $1,276,140. Corporate insiders own 24.43% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on TMCI. Morgan Stanley raised their price target on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the company an “equal weight” rating in a research report on Monday, July 15th. UBS Group raised their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Truist Financial dropped their price target 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 research analysts have rated the stock with a hold rating, According to MarketBeat.com, Treace Medical Concepts presently has a consensus rating of “Hold” and an average target price of $7.00.

Treace Medical Concepts Trading Down 2.3 %

Treace Medical Concepts stock traded down $0.11 during mid-day trading on Thursday, reaching $4.68. 35,985 shares of the company traded hands, compared to its average volume of 811,734. Treace Medical Concepts, Inc. has a 52-week low of $3.92 and a 52-week high of $15.98. The firm has a market capitalization of $291.05 million, a price-to-earnings ratio of -4.70 and a beta of 0.20. The company has a debt-to-equity ratio of 0.47, a current ratio of 3.86 and a quick ratio of 2.93. The firm’s 50 day moving average price is $5.44 and its 200 day moving average price is $6.55.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, August 6th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.29) by ($0.05). Treace Medical Concepts had a negative net margin of 32.08% and a negative return on equity of 49.53%. The firm had revenue of $44.46 million for the quarter, compared to the consensus estimate of $43.00 million. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. The company’s revenue for the quarter was up 6.0% compared to the same quarter last year. On average, analysts anticipate that Treace Medical Concepts, Inc. will post -0.93 earnings per share for the current fiscal year.

Treace Medical Concepts 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.