Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO John T. Treace Purchases 50,000 Shares

Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO John T. Treace purchased 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was bought at an average cost of $5.31 per share, with a total value 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $5.48 on Thursday. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. The business’s 50 day moving average is $6.51 and its two-hundred day moving average is $8.07. Treace Medical Concepts, Inc. has a 12-month low of $3.92 and a 12-month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly 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). Treace Medical Concepts had a negative return on equity of 49.53% and a negative net margin of 32.08%. The firm had revenue of $44.46 million for the quarter, compared to analysts’ expectations of $43.00 million. During the same period last year, the firm earned ($0.20) EPS. Treace Medical Concepts’s revenue was up 6.0% compared to the same quarter last year. As a group, analysts expect that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. acquired a new stake in Treace Medical Concepts in the 2nd quarter valued at $2,412,000. B. Riley Wealth Advisors Inc. bought a new position in shares of Treace Medical Concepts during the second quarter worth about $135,000. Algert Global LLC lifted its position in shares of Treace Medical Concepts by 178.8% during the second quarter. Algert Global LLC now owns 162,536 shares of the company’s stock worth $1,081,000 after purchasing an additional 104,236 shares during the last quarter. Lighthouse Investment Partners LLC bought a new position in shares of Treace Medical Concepts during the second quarter worth about $1,114,000. Finally, The Manufacturers Life Insurance Company lifted its position in shares of Treace Medical Concepts by 11.9% during the second quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company’s stock worth $135,000 after purchasing an additional 2,160 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have issued reports on TMCI. Truist Financial cut their target price on Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley raised their target price on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Finally, UBS Group lifted their price objective on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $7.30.

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.