Treace Medical Concepts (NASDAQ:TMCI) Issues Earnings Results

Treace Medical Concepts (NASDAQ:TMCI) posted its quarterly earnings results on Tuesday. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02, Briefing.com reports. 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 $45.09 million during the quarter, compared to the consensus estimate of $43.48 million. During the same quarter in the previous year, the business earned ($0.28) earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Treace Medical Concepts updated its FY 2024 guidance to EPS.

Treace Medical Concepts Stock Performance

NASDAQ:TMCI traded up $0.12 during trading hours on Thursday, reaching $7.90. 1,706,054 shares of the stock were exchanged, compared to its average volume of 833,166. 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 has a 50 day simple moving average of $5.38 and a 200-day simple moving average of $6.35. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $15.98. The stock has a market capitalization of $491.30 million, a P/E ratio of -7.92 and a beta of 0.24.

Insiders Place Their Bets

In related news, CEO John T. Treace purchased 85,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 14th. The shares were acquired at an average price of $6.00 per share, with a total value of $510,000.00. Following the acquisition, the chief executive officer now owns 6,473,095 shares in the company, valued at approximately $38,838,570. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Treace Medical Concepts news, Director James T. Treace bought 84,000 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were purchased at an average price of $5.96 per share, with a total value of $500,640.00. Following the purchase, the director now directly owns 1,223,441 shares of the company’s stock, valued at approximately $7,291,708.36. The trade was a 0.00 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO John T. Treace bought 85,000 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were acquired at an average cost of $6.00 per share, for a total transaction of $510,000.00. Following the purchase, the chief executive officer now directly owns 6,473,095 shares in the company, valued at $38,838,570. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 219,000 shares of company stock valued at $1,276,140 in the last quarter. Insiders own 24.43% of the company’s stock.

Analyst Ratings Changes

TMCI has been the subject of a number of research reports. Truist Financial lowered their price target on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. UBS Group upped their target price on Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 7th. Morgan Stanley upped their target price 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. Finally, Stifel Nicolaus upped their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday. Six equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.40.

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.