Treace Medical Concepts (NASDAQ:TMCI) Price Target Lowered to $6.00 at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its price target cut by investment analysts at Truist Financial from $7.50 to $6.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective points to a potential upside of 12.78% from the company’s previous close.

TMCI has been the topic of several other research reports. UBS Group increased their target price on Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Morgan Stanley increased their target price on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Treace Medical Concepts presently has an average rating of “Hold” and an average target price of $7.00.

Treace Medical Concepts Stock Performance

Treace Medical Concepts stock opened at $5.32 on Monday. 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 stock has a fifty day moving average price of $5.66 and a two-hundred day moving average price of $7.11. Treace Medical Concepts has a 52-week low of $3.92 and a 52-week high of $15.98. The firm has a market capitalization of $329.88 million, a P/E ratio of -6.05 and a beta of 0.20.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, August 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The business had revenue of $44.46 million for the quarter, compared to the consensus estimate of $43.00 million. Treace Medical Concepts had a negative return on equity of 49.53% and a negative net margin of 32.08%. Treace Medical Concepts’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.20) EPS. As a group, analysts anticipate that Treace Medical Concepts will post -0.93 EPS for the current fiscal year.

Insider Activity at Treace Medical Concepts

In other news, CEO John T. Treace purchased 50,000 shares of the firm’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 acquisition, the chief executive officer now directly owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO John T. Treace bought 85,000 shares of Treace Medical Concepts stock in a transaction on Wednesday, August 14th. The shares were purchased at an average price of $6.00 per share, for a total transaction of $510,000.00. Following the completion of the acquisition, the chief executive officer now owns 6,473,095 shares in the company, valued at approximately $38,838,570. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO John T. Treace bought 50,000 shares of Treace Medical Concepts stock in a transaction on Monday, September 16th. The shares were bought at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the acquisition, the chief executive officer now owns 6,523,095 shares of the company’s stock, valued at approximately $34,637,634.45. The trade was a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought a total of 219,000 shares of company stock worth $1,276,140 over the last 90 days. Insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in shares of Treace Medical Concepts during the second quarter worth about $2,247,000. Lighthouse Investment Partners LLC acquired a new stake in shares of Treace Medical Concepts during the second quarter worth about $1,114,000. Point72 Asset Management L.P. acquired a new stake in shares of Treace Medical Concepts during the second quarter worth about $2,412,000. Nisa Investment Advisors LLC raised its position in shares of Treace Medical Concepts by 34,240.7% during the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock worth $62,000 after purchasing an additional 9,245 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Treace Medical Concepts by 3,441.2% during the second quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock worth $31,000 after purchasing an additional 4,508 shares during the period. 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.