Truist Financial Increases Treace Medical Concepts (NASDAQ:TMCI) Price Target to $8.40

Treace Medical Concepts (NASDAQ:TMCI) had its target price lifted by Truist Financial from $7.00 to $8.40 in a report released on Wednesday morning,Benzinga reports. Truist Financial currently has a hold rating on the stock.

Several other analysts have also issued reports on TMCI. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 price objective on shares of Treace Medical Concepts in a report on Tuesday. Stifel Nicolaus raised their price target on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Six equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $7.88.

Treace Medical Concepts Price Performance

Shares of TMCI opened at $6.96 on Wednesday. The business’s 50-day moving average is $6.94 and its 200-day moving average is $6.48. The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98. The company has a market capitalization of $433.59 million, a price-to-earnings ratio of -7.03 and a beta of 0.66. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $15.98.

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 firm had revenue of $45.09 million for the quarter, compared to analyst estimates of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.28) EPS. Equities research analysts expect that Treace Medical Concepts will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Treace Medical Concepts

Several hedge funds have recently bought and sold shares of TMCI. Quarry LP bought a new position in Treace Medical Concepts during the third quarter valued at about $38,000. HighTower Advisors LLC bought a new position in shares of Treace Medical Concepts in the 3rd quarter valued at approximately $58,000. Nisa Investment Advisors LLC lifted its holdings in Treace Medical Concepts by 34,240.7% in the 2nd 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 last quarter. Point72 Asia Singapore Pte. Ltd. boosted its position in Treace Medical Concepts by 243.4% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock worth $62,000 after purchasing an additional 7,522 shares during the period. Finally, Palumbo Wealth Management LLC acquired a new position in shares of Treace Medical Concepts during the 3rd quarter worth about $75,000. 84.08% of the stock is owned by institutional investors and hedge funds.

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.