Treace Medical Concepts (NASDAQ:TMCI) Trading 5.1% Higher – What’s Next?

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s stock price traded up 5.1% during mid-day trading on Monday . The company traded as high as $9.71 and last traded at $9.69. 302,187 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 353,625 shares. The stock had previously closed at $9.22.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the company. Truist Financial upped their price target on Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 target price on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a research report on Tuesday, December 31st. They issued a “buy” rating and a $14.50 price target on the stock. Finally, Stifel Nicolaus upped their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $8.98.

Treace Medical Concepts Stock Performance

The firm has a market capitalization of $607.08 million, a PE ratio of -9.87 and a beta of 0.69. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The company has a 50-day moving average of $7.90 and a 200 day moving average of $6.78.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The company had revenue of $45.09 million during the quarter, compared to the consensus estimate of $43.48 million. During the same period in the previous year, the firm posted ($0.28) EPS. The firm’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts predict that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Treace Medical Concepts

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TMCI. Renaissance Technologies LLC grew its position in Treace Medical Concepts by 16.4% in the second quarter. Renaissance Technologies LLC now owns 206,500 shares of the company’s stock worth $1,373,000 after acquiring an additional 29,100 shares in the last quarter. XTX Topco Ltd purchased a new stake in Treace Medical Concepts during the 2nd quarter worth approximately $160,000. Marshall Wace LLP boosted its holdings in Treace Medical Concepts by 65.9% during the second quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock worth $3,079,000 after buying an additional 183,921 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in Treace Medical Concepts by 300.6% in the 2nd quarter. Squarepoint Ops LLC now owns 118,047 shares of the company’s stock worth $785,000 after buying an additional 88,577 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Treace Medical Concepts by 11.9% in the second quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company’s stock valued at $135,000 after purchasing an additional 2,160 shares in the last quarter. 84.08% of the stock is owned by institutional investors.

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.