Treace Medical Concepts (NASDAQ:TMCI) Stock Price Expected to Rise, Truist Financial Analyst Says

Treace Medical Concepts (NASDAQ:TMCI) had its price target lifted by research analysts at Truist Financial from $7.00 to $8.40 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “hold” rating on the stock. Truist Financial’s price objective indicates a potential upside of 14.29% from the company’s previous close.

Other equities research analysts have also issued research reports about the stock. Stifel Nicolaus boosted their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday. Six investment analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.88.

Treace Medical Concepts Price Performance

NASDAQ TMCI traded down $0.11 on Wednesday, reaching $7.35. 16,690 shares of the stock traded hands, compared to its average volume of 786,005. The firm’s fifty day simple moving average is $6.83 and its 200 day simple moving average is $6.46. The company has a market cap of $457.88 million, a price-to-earnings ratio of -7.42 and a beta of 0.66. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51.

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

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TMCI. Armistice Capital LLC increased its holdings in shares of Treace Medical Concepts by 123.3% during the 2nd quarter. Armistice Capital LLC now owns 5,360,000 shares of the company’s stock valued at $35,644,000 after acquiring an additional 2,960,000 shares during the last quarter. William Blair Investment Management LLC increased its position in Treace Medical Concepts by 58.0% in the 2nd quarter. William Blair Investment Management LLC now owns 3,681,718 shares of the company’s stock worth $24,483,000 after buying an additional 1,352,207 shares during the period. State Street Corp lifted its holdings in shares of Treace Medical Concepts by 4.2% during the third quarter. State Street Corp now owns 997,453 shares of the company’s stock worth $5,785,000 after buying an additional 39,907 shares during the last quarter. Marshall Wace LLP raised its stake in Treace Medical Concepts by 65.9% during the 2nd quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock valued at $3,079,000 after purchasing an additional 183,921 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Treace Medical Concepts by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock valued at $2,268,000 after buying an additional 17,783 shares during the period. 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.