Treace Medical Concepts (NASDAQ:TMCI) Price Target Cut to $8.60 by Analysts at UBS Group

Treace Medical Concepts (NASDAQ:TMCI) had its price objective lowered by UBS Group from $10.00 to $8.60 in a research report released on Friday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Several other analysts also recently weighed in on TMCI. Truist Financial decreased their target price on Treace Medical Concepts from $9.50 to $8.00 and set a “hold” rating for the company in a research note on Friday, April 11th. BTIG Research upgraded Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Tuesday, February 4th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, Treace Medical Concepts has an average rating of “Hold” and an average target price of $10.16.

Treace Medical Concepts Stock Performance

Shares of NASDAQ TMCI opened at $6.83 on Friday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The firm has a market cap of $429.54 million, a price-to-earnings ratio of -6.90 and a beta of 0.79. The business’s 50-day simple moving average is $7.57 and its 200-day simple moving average is $7.98. Treace Medical Concepts has a 52 week low of $4.29 and a 52 week high of $10.79.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.06. 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 $52.57 million during the quarter, compared to the consensus estimate of $52.07 million. During the same quarter in the prior year, the company earned ($0.30) EPS. The firm’s revenue for the quarter was up 2.9% compared to the same quarter last year. As a group, equities research analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Treace Medical Concepts 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 value of $398,500.00. Following the completion of the sale, the insider now owns 364,081 shares in the company, valued at approximately $2,901,725.57. This trade represents a 12.07% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 27.72% of the company’s stock.

Institutional Trading of Treace Medical Concepts

A number of hedge funds have recently modified their holdings of TMCI. Barclays PLC lifted its position in shares of Treace Medical Concepts by 352.2% in the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock worth $460,000 after acquiring an additional 62,073 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Treace Medical Concepts by 215.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock worth $7,321,000 after buying an additional 861,689 shares during the period. Ballentine Partners LLC boosted its stake in Treace Medical Concepts by 10.2% in the 4th quarter. Ballentine Partners LLC now owns 25,009 shares of the company’s stock valued at $186,000 after buying an additional 2,314 shares in the last quarter. SG Americas Securities LLC grew its position in Treace Medical Concepts by 20.4% in the fourth quarter. SG Americas Securities LLC now owns 28,404 shares of the company’s stock valued at $211,000 after acquiring an additional 4,813 shares during the period. Finally, Rhumbline Advisers raised its stake in Treace Medical Concepts by 2.0% during the fourth quarter. Rhumbline Advisers now owns 66,073 shares of the company’s stock worth $492,000 after acquiring an additional 1,300 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Company 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.