Armistice Capital LLC Increases Holdings in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Armistice Capital LLC raised its stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 123.3% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,360,000 shares of the company’s stock after buying an additional 2,960,000 shares during the quarter. Armistice Capital LLC owned approximately 8.64% of Treace Medical Concepts worth $35,644,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of TMCI. GAMMA Investing LLC raised its stake in 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. Nisa Investment Advisors LLC lifted its holdings in Treace Medical Concepts by 34,240.7% in the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock valued at $62,000 after acquiring an additional 9,245 shares during the last quarter. CWM LLC increased its stake in Treace Medical Concepts by 208.7% during the second quarter. CWM LLC now owns 10,097 shares of the company’s stock worth $67,000 after acquiring an additional 6,826 shares during the last quarter. Quest Partners LLC acquired a new position in shares of Treace Medical Concepts in the 4th quarter valued at $68,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of Treace Medical Concepts by 100.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after purchasing an additional 3,567 shares during the period. 84.08% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on TMCI shares. Truist Financial decreased their target price on shares of Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. UBS Group boosted their target price on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Morgan Stanley raised their price target on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.30.

Insiders Place Their Bets

In related news, Director James T. Treace acquired 84,000 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was acquired at an average price of $5.96 per share, for a total transaction of $500,640.00. Following the purchase, the director now owns 1,223,441 shares of the company’s stock, valued at approximately $7,291,708.36. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO John T. Treace purchased 50,000 shares of the stock in a transaction on Monday, September 16th. The stock was 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 directly owns 6,523,095 shares of the company’s stock, valued at approximately $34,637,634.45. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director James T. Treace acquired 84,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was purchased at an average cost of $5.96 per share, for a total transaction of $500,640.00. Following the completion of the transaction, the director now owns 1,223,441 shares in the company, valued at approximately $7,291,708.36. The disclosure for this purchase can be found here. Insiders have purchased a total of 219,000 shares of company stock worth $1,276,140 in the last quarter. 24.43% of the stock is owned by company insiders.

Treace Medical Concepts Price Performance

Shares of TMCI opened at $5.34 on Thursday. The company has a market cap of $331.12 million, a P/E ratio of -6.07 and a beta of 0.21. Treace Medical Concepts, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $15.98. The company has a quick ratio of 2.93, a current ratio of 3.86 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average price is $6.22 and its 200 day moving average price is $7.79.

Treace Medical Concepts (NASDAQ:TMCI) last posted 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). The business had revenue of $44.46 million during the quarter, compared to analyst estimates of $43.00 million. Treace Medical Concepts had a negative return on equity of 49.53% and a negative net margin of 32.08%. The business’s revenue was up 6.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.20) EPS. On average, research analysts forecast that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

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.