Treace Medical Concepts, Inc. (NASDAQ:TMCI) Director Buys $253,500.00 in Stock

Treace Medical Concepts, Inc. (NASDAQ:TMCIGet Free Report) Director James T. Treace purchased 50,000 shares of Treace Medical Concepts stock in a transaction that occurred on Tuesday, May 28th. The shares were bought at an average price of $5.07 per share, with a total value of $253,500.00. Following the transaction, the director now owns 1,089,441 shares of the company’s stock, valued at approximately $5,523,465.87. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock traded up $0.23 on Wednesday, reaching $5.28. The stock had a trading volume of 621,021 shares, compared to its average volume of 844,873. Treace Medical Concepts, Inc. has a 1 year low of $3.92 and a 1 year high of $27.41. The company has a market cap of $327.41 million, a P/E ratio of -5.74 and a beta of 0.37. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.42. The business’s 50 day moving average is $9.79 and its two-hundred day moving average is $11.21.

Treace Medical Concepts (NASDAQ:TMCIGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.30). The firm had revenue of $51.11 million for the quarter, compared to the consensus estimate of $49.07 million. Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) earnings per share. As a group, research analysts anticipate that Treace Medical Concepts, Inc. will post -0.87 EPS for the current 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. Van ECK Associates Corp grew its position in Treace Medical Concepts by 48.7% during the third quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after acquiring an additional 1,340 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Treace Medical Concepts by 20.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after purchasing an additional 1,376 shares during the last quarter. Arizona State Retirement System grew its holdings in shares of Treace Medical Concepts by 17.1% in the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock worth $172,000 after purchasing an additional 1,910 shares during the last quarter. Gabelli Funds LLC grew its holdings in shares of Treace Medical Concepts by 1.5% in the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after purchasing an additional 2,107 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in shares of Treace Medical Concepts by 1.9% in the third quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock worth $2,181,000 after purchasing an additional 3,051 shares during the last quarter. 84.08% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on TMCI. Morgan Stanley lowered shares of Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $15.00 to $5.50 in a research report on Wednesday, May 8th. BTIG Research lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. UBS Group lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating and cut their target price for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the stock from $17.00 to $7.00 in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.21.

View Our Latest Report on TMCI

About Treace Medical Concepts

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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.

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