Treace Medical Concepts (NASDAQ:TMCI) Price Target Cut to $7.50 by Analysts at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its price target cut by Truist Financial from $9.00 to $7.50 in a research note issued to investors on Wednesday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other brokerages have also recently issued reports on TMCI. Stifel Nicolaus cut shares of Treace Medical Concepts from a buy rating to a hold rating and cut their target price for the stock from $15.00 to $6.00 in a research report on Wednesday, May 8th. BTIG Research downgraded Treace Medical Concepts from a buy rating to a neutral rating in a research report on Wednesday, May 8th. Morgan Stanley increased their target price on Treace Medical Concepts from $5.50 to $8.00 and gave the company an equal weight rating in a report on Monday, July 15th. UBS Group downgraded Treace Medical Concepts from a buy rating to a neutral rating and dropped their price target for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. Finally, JPMorgan Chase & Co. downgraded Treace Medical Concepts from an overweight rating to a neutral rating and reduced their price objective for the company from $15.00 to $8.00 in a research report on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat, Treace Medical Concepts presently has an average rating of Hold and a consensus target price of $12.71.

Treace Medical Concepts Price Performance

Shares of NASDAQ TMCI traded down $0.29 during midday trading on Wednesday, hitting $6.21. The company had a trading volume of 537,949 shares, compared to its average volume of 922,542. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $20.40. The firm has a market capitalization of $385.07 million, a price-to-earnings ratio of -7.08 and a beta of 0.23. The business has a 50-day simple moving average of $6.74 and a two-hundred day simple moving average of $9.85. The company has a quick ratio of 3.22, a current ratio of 3.98 and a debt-to-equity ratio of 0.42.

Treace Medical Concepts (NASDAQ:TMCI) last posted its earnings results on Tuesday, August 6th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The firm had revenue of $44.46 million during the quarter, compared to analyst estimates of $43.00 million. Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The firm’s revenue for the quarter was up 6.0% on a year-over-year basis. During the same period last year, the company posted ($0.20) EPS. Equities research analysts anticipate that Treace Medical Concepts will post -0.89 earnings per share for the current year.

Insider Activity at Treace Medical Concepts

In other Treace Medical Concepts news, Director James T. Treace purchased 25,000 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were purchased at an average cost of $6.05 per share, with a total value of $151,250.00. Following the purchase, the director now owns 1,139,441 shares in the company, valued at $6,893,618.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, Director James T. Treace purchased 25,000 shares of the business’s stock in a transaction on Friday, May 31st. The shares were bought at an average price of $6.05 per share, with a total value of $151,250.00. Following the completion of the purchase, the director now directly owns 1,139,441 shares in the company, valued at approximately $6,893,618.05. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Mott acquired 36,802 shares of the stock in a transaction dated Monday, May 13th. The shares were bought at an average cost of $4.38 per share, with a total value of $161,192.76. Following the completion of the purchase, the director now directly owns 1,027,753 shares in the company, valued at $4,501,558.14. The disclosure for this purchase can be found here. Over the last ninety days, insiders acquired 593,902 shares of company stock worth $2,930,422. 24.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Meeder Advisory Services Inc. purchased a new stake in Treace Medical Concepts during the 2nd quarter worth $123,000. Acadian Asset Management LLC purchased a new stake in shares of Treace Medical Concepts during the second quarter worth about $2,247,000. Rhumbline Advisers increased its position in shares of Treace Medical Concepts by 50.8% during the second quarter. Rhumbline Advisers now owns 92,849 shares of the company’s stock worth $617,000 after acquiring an additional 31,281 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Treace Medical Concepts by 59.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock worth $111,000 after acquiring an additional 6,227 shares in the last quarter. Finally, Bensler LLC purchased a new position in Treace Medical Concepts in the second quarter valued at about $236,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

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.