Treace Medical Concepts (NASDAQ:TMCI) Downgraded to “Hold” at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by analysts at Truist Financial from a “buy” rating to a “hold” rating in a research note issued on Wednesday, Briefing.com reports. They currently have a $7.00 target price on the stock, down from their prior target price of $17.00. Truist Financial’s price objective suggests a potential downside of 37.05% from the stock’s current price.

TMCI has been the subject of a number of other reports. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $15.00 to $6.00 in a research report on Wednesday. Finally, JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their target price for the stock from $15.00 to $8.00 in a research report on Wednesday. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat, Treace Medical Concepts has an average rating of “Hold” and a consensus price target of $15.93.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock opened at $11.12 on Wednesday. The stock has a market capitalization of $686.77 million, a price-to-earnings ratio of -13.73 and a beta of 0.37. The firm’s 50-day moving average price is $12.00 and its two-hundred day moving average price is $11.73. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. Treace Medical Concepts has a 1-year low of $5.27 and a 1-year high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The business had revenue of $51.11 million for the quarter, compared to the consensus estimate of $49.07 million. During the same period in the previous year, the business earned ($0.23) EPS. Treace Medical Concepts’s revenue was up 21.1% compared to the same quarter last year. On average, equities analysts predict that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp lifted its stake in shares of Treace Medical Concepts by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after purchasing an additional 1,340 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Treace Medical Concepts by 20.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after buying an additional 1,376 shares during the period. Arizona State Retirement System boosted its holdings in Treace Medical Concepts by 17.1% during the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock worth $172,000 after buying an additional 1,910 shares during the last quarter. Gabelli Funds LLC grew its position in shares of Treace Medical Concepts by 1.5% during the 4th quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after buying an additional 2,107 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of Treace Medical Concepts by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock worth $2,181,000 after buying an additional 3,051 shares during the period. 84.08% of the stock is owned by institutional investors.

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.