PDT Partners LLC Grows Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

PDT Partners LLC grew its stake in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 95.5% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 63,949 shares of the company’s stock after buying an additional 31,235 shares during the period. PDT Partners LLC’s holdings in Treace Medical Concepts were worth $371,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Verition Fund Management LLC increased its position in Treace Medical Concepts by 10.6% during the third quarter. Verition Fund Management LLC now owns 88,370 shares of the company’s stock worth $513,000 after buying an additional 8,468 shares in the last quarter. Walleye Capital LLC purchased a new position in Treace Medical Concepts during the third quarter worth $75,000. FMR LLC grew its position in shares of Treace Medical Concepts by 228.5% in the third quarter. FMR LLC now owns 78,135 shares of the company’s stock valued at $453,000 after purchasing an additional 54,353 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Treace Medical Concepts by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock valued at $2,268,000 after purchasing an additional 17,783 shares during the period. Finally, Intech Investment Management LLC purchased a new stake in shares of Treace Medical Concepts in the third quarter valued at $118,000. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Price Performance

TMCI stock opened at $8.55 on Wednesday. The stock has a 50-day moving average price of $6.31 and a two-hundred day moving average price of $6.26. Treace Medical Concepts, Inc. has a 12-month low of $3.92 and a 12-month high of $15.98. 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 company has a market cap of $532.67 million, a PE ratio of -8.64 and a beta of 0.66.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The firm had revenue of $45.09 million during the quarter, compared to the consensus estimate of $43.48 million. During the same quarter in the previous year, the business earned ($0.28) earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Insiders Place Their Bets

In other Treace Medical Concepts news, CEO John T. Treace purchased 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were acquired at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the completion of the purchase, the chief executive officer now owns 6,523,095 shares in the company, valued at $34,637,634.45. The trade was a 0.77 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.43% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TMCI has been the subject of a number of recent analyst reports. Stifel Nicolaus lifted their price objective on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Truist Financial lowered their price objective on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Finally, UBS Group lifted their price objective on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.40.

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.