Treace Medical Concepts (NASDAQ:TMCI) Price Target Cut to $8.00 by Analysts at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its price target decreased by research analysts at Truist Financial from $9.50 to $8.00 in a research note issued on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Truist Financial’s price objective would suggest a potential upside of 18.69% from the stock’s previous close.

Several other research firms have also recently weighed in on TMCI. BTIG Research raised Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Tuesday, February 4th. Lake Street Capital initiated coverage on shares of Treace Medical Concepts in a research report on Tuesday, December 31st. They set a “buy” rating and a $14.50 price objective for the company. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and set a $8.00 target price on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, Treace Medical Concepts presently has an average rating of “Hold” and a consensus price target of $9.93.

Treace Medical Concepts Trading Down 3.6 %

Shares of TMCI stock opened at $6.74 on Friday. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $12.62. The company has a market cap of $423.88 million, a PE ratio of -6.81 and a beta of 0.77. 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 business’s 50 day moving average is $8.73 and its two-hundred day moving average is $7.75.

Insider Activity

In related news, insider Sean F. Scanlan sold 50,000 shares of the firm’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 transaction of $398,500.00. Following the completion of the transaction, the insider now owns 364,081 shares in the company, valued at $2,901,725.57. This trade represents a 12.07 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 24.43% of the stock is owned by company insiders.

Institutional Trading of Treace Medical Concepts

Large investors have recently bought and sold shares of the stock. JPMorgan Chase & Co. boosted its position 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 valued at $7,321,000 after buying an additional 861,689 shares in the last quarter. William Blair Investment Management LLC raised its stake in shares of Treace Medical Concepts by 22.9% in the fourth quarter. William Blair Investment Management LLC now owns 2,938,848 shares of the company’s stock valued at $21,865,000 after acquiring an additional 546,787 shares during the last quarter. Point72 Asset Management L.P. bought a new position in shares of Treace Medical Concepts in the fourth quarter valued at approximately $1,414,000. Susquehanna Fundamental Investments LLC acquired a new position in shares of Treace Medical Concepts in the 4th quarter worth approximately $1,025,000. Finally, Birchview Capital LP grew its position in Treace Medical Concepts by 136.1% during the 4th quarter. Birchview Capital LP now owns 161,350 shares of the company’s stock worth $1,200,000 after acquiring an additional 93,000 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.