Geode Capital Management LLC Sells 21,413 Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Geode Capital Management LLC trimmed its position in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 2.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,040,606 shares of the company’s stock after selling 21,413 shares during the period. Geode Capital Management LLC’s holdings in Treace Medical Concepts were worth $6,037,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Quarry LP bought a new stake in Treace Medical Concepts during the 3rd quarter valued at approximately $38,000. HighTower Advisors LLC acquired a new position in shares of Treace Medical Concepts during the third quarter worth approximately $58,000. Point72 Asia Singapore Pte. Ltd. boosted its position in shares of Treace Medical Concepts by 243.4% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock valued at $62,000 after acquiring an additional 7,522 shares during the period. Wolverine Trading LLC boosted its position in shares of Treace Medical Concepts by 17.7% in the third quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after acquiring an additional 1,946 shares during the period. Finally, Walleye Capital LLC acquired a new stake in shares of Treace Medical Concepts in the third quarter worth $75,000. 84.08% of the stock is owned by institutional investors and hedge funds.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $7.90 on Friday. Treace Medical Concepts, Inc. has a twelve month low of $3.92 and a twelve month high of $15.98. 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 stock has a market cap of $492.15 million, a P/E ratio of -7.98 and a beta of 0.66. The company’s 50-day simple moving average is $7.35 and its 200 day simple moving average is $6.57.

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. JPMorgan Chase & Co. restated a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Lake Street Capital started coverage on Treace Medical Concepts in a research report on Tuesday. They set a “buy” rating and a $14.50 target price on the stock. Stifel Nicolaus upped their price target on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Finally, Truist Financial raised their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.98.

Treace Medical Concepts 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.