Treace Medical Concepts (NASDAQ:TMCI) Downgraded by Stifel Nicolaus to “Hold”

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by stock analysts at Stifel Nicolaus from a “buy” rating to a “hold” rating in a report released on Wednesday, FinViz reports. They currently have a $6.00 price target on the stock, down from their prior price target of $15.00. Stifel Nicolaus’ target price suggests a potential downside of 46.04% from the stock’s current price.

A number of other research firms have also recently commented on TMCI. BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and lowered their price target for the stock from $15.00 to $8.00 in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, Treace Medical Concepts presently has an average rating of “Hold” and a consensus price target of $17.21.

Treace Medical Concepts Trading Down 0.8 %

Shares of Treace Medical Concepts stock opened at $11.12 on Wednesday. The firm has a 50-day simple moving average of $12.07 and a two-hundred day simple moving average of $11.72. The company has a market cap of $686.77 million, a P/E ratio of -13.73 and a beta of 0.37. Treace Medical Concepts has a fifty-two week low of $5.27 and a fifty-two week high of $27.70. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, February 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The business had revenue of $62.20 million for the quarter, compared to analysts’ expectations of $60.56 million. Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the business earned ($0.08) EPS. As a group, equities analysts predict that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Walleye Capital LLC lifted its holdings in Treace Medical Concepts by 171.0% in the third quarter. Walleye Capital LLC now owns 139,839 shares of the company’s stock valued at $1,833,000 after acquiring an additional 88,239 shares during the last quarter. TimesSquare Capital Management LLC boosted its position in shares of Treace Medical Concepts by 68.9% during the third quarter. TimesSquare Capital Management LLC now owns 1,433,429 shares of the company’s stock worth $18,792,000 after buying an additional 584,539 shares during the period. Gabelli Funds LLC boosted its position in shares of Treace Medical Concepts by 85.1% during the third quarter. Gabelli Funds LLC now owns 141,252 shares of the company’s stock worth $1,852,000 after buying an additional 64,959 shares during the period. Qube Research & Technologies Ltd boosted its position in shares of Treace Medical Concepts by 146.2% during the third quarter. Qube Research & Technologies Ltd now owns 160,284 shares of the company’s stock worth $2,101,000 after buying an additional 95,194 shares during the period. Finally, Vanguard Group Inc. boosted its position in shares of Treace Medical Concepts by 3.9% during the third quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock worth $54,925,000 after buying an additional 155,835 shares during the period. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.