Brokerages Set Treace Medical Concepts, Inc. (NASDAQ:TMCI) Price Target at $10.16

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) have been given an average recommendation of “Hold” by the seven ratings firms that are currently covering the company, Marketbeat.com reports. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year target price among brokers that have covered the stock in the last year is $10.16.

TMCI has been the subject of a number of recent research reports. UBS Group reduced their price objective on shares of Treace Medical Concepts from $10.00 to $8.60 and set a “neutral” rating for the company in a research note on Friday, May 9th. Truist Financial cut their target price on Treace Medical Concepts from $9.50 to $8.00 and set a “hold” rating on the stock in a research report on Friday, April 11th.

Insiders Place Their Bets

In related news, insider Sean F. Scanlan sold 50,000 shares of Treace Medical Concepts stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $7.97, for a total value of $398,500.00. Following the completion of the transaction, the insider now owns 364,081 shares in the company, valued at $2,901,725.57. The trade was a 12.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 27.72% of the stock is owned by insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors and hedge funds have recently modified their holdings of TMCI. Rhumbline Advisers increased its stake in shares of Treace Medical Concepts by 2.0% in the 4th quarter. Rhumbline Advisers now owns 66,073 shares of the company’s stock valued at $492,000 after purchasing an additional 1,300 shares in the last quarter. Palumbo Wealth Management LLC boosted its holdings in Treace Medical Concepts by 71.3% in the 4th quarter. Palumbo Wealth Management LLC now owns 22,259 shares of the company’s stock worth $166,000 after buying an additional 9,263 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Treace Medical Concepts by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 125,945 shares of the company’s stock worth $937,000 after buying an additional 3,215 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Treace Medical Concepts in the 4th quarter worth about $392,000. Finally, AlphaQuest LLC acquired a new stake in Treace Medical Concepts in the 4th quarter worth about $91,000. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Stock Down 3.4%

Shares of NASDAQ TMCI opened at $5.67 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The firm has a market capitalization of $356.59 million, a price-to-earnings ratio of -5.73 and a beta of 0.68. The stock has a 50 day moving average price of $6.54 and a 200 day moving average price of $7.84. Treace Medical Concepts has a 52-week low of $4.54 and a 52-week high of $10.79.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.06. The firm had revenue of $52.57 million during the quarter, compared to analyst estimates of $52.07 million. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. Treace Medical Concepts’s quarterly revenue was up 2.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.30) earnings per share. Sell-side analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current 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.