Treace Medical Concepts, Inc. (NASDAQ:TMCI) Sees Large Drop in Short Interest

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decline in short interest in 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 trading volume of 392,100 shares, the short-interest ratio is currently 5.7 days. Approximately 5.0% of the company’s stock are sold short.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on TMCI shares. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. BTIG Research upgraded Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Tuesday, February 4th. Lake Street Capital assumed coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They issued a “buy” rating and a $14.50 target price for the company. Finally, Truist Financial decreased 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 note on Thursday, March 13th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.14.

Treace Medical Concepts Stock Up 2.1 %

TMCI stock opened at $8.32 on Thursday. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $12.74. The business has a 50-day simple moving average of $9.18 and a 200 day simple moving average of $7.65. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The company has a market cap of $520.99 million, a PE ratio of -8.40 and a beta of 0.77.

Insider Activity

In related news, insider Sean F. Scanlan sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $7.97, for a total value of $398,500.00. Following the completion of the sale, the insider now directly owns 364,081 shares in the company, valued at approximately $2,901,725.57. The trade was a 12.07 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 24.43% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its holdings in Treace Medical Concepts by 228.5% in the third quarter. FMR LLC now owns 78,135 shares of the company’s stock worth $453,000 after purchasing an additional 54,353 shares in the last quarter. HighTower Advisors LLC bought a new stake in shares of Treace Medical Concepts in the 3rd quarter valued at $58,000. Barclays PLC lifted its position in shares of Treace Medical Concepts by 352.2% during the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after acquiring an additional 62,073 shares during the period. Franklin Resources Inc. bought a new position in Treace Medical Concepts during the third quarter worth $212,000. Finally, JPMorgan Chase & Co. grew its holdings in Treace Medical Concepts by 215.1% in the third quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock worth $7,321,000 after purchasing an additional 861,689 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.

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.