Treace Medical Concepts (NASDAQ:TMCI) Receives New Coverage from Analysts at Stephens

Posted by Defense World Staff on Apr 11th, 2023

Stephens initiated coverage on shares of Treace Medical Concepts (NASDAQ:TMCI – Get Rating) in a research report released on Monday morning, The Fly reports. The brokerage issued an equal weight rating on the stock.

Separately, Morgan Stanley raised their price target on shares of Treace Medical Concepts from $28.00 to $30.00 and gave the company an overweight rating in a report on Wednesday, March 8th.

Treace Medical Concepts Price Performance

Shares of NASDAQ:TMCI opened at $27.41 on Monday. Treace Medical Concepts has a 52 week low of $12.48 and a 52 week high of $27.97. The firm’s 50 day moving average is $23.33 and its two-hundred day moving average is $23.37. The company has a current ratio of 4.41, a quick ratio of 3.77 and a debt-to-equity ratio of 0.87. The firm has a market capitalization of $1.68 billion, a P/E ratio of -35.60 and a beta of -0.01.

Treace Medical Concepts (NASDAQ:TMCI – Get Rating) last announced its earnings results on Tuesday, March 7th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.05. Treace Medical Concepts had a negative net margin of 30.19% and a negative return on equity of 54.51%. The company had revenue of $49.77 million during the quarter. Analysts anticipate that Treace Medical Concepts will post -0.8 earnings per share for the current year.

Insider Buying and Selling

In other news, Director James T. Treace sold 37,316 shares of the company’s stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $21.54, for a total transaction of $803,786.64. Following the completion of the transaction, the director now owns 974,125 shares of the company’s stock, valued at $20,982,652.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Treace Medical Concepts news, Director James T. Treace sold 37,316 shares of the stock in a transaction dated Tuesday, February 28th. The shares were sold at an average price of $21.54, for a total transaction of $803,786.64. Following the sale, the director now owns 974,125 shares of the company’s stock, valued at approximately $20,982,652.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Richard W. Mott sold 4,043 shares of the stock in a transaction on Thursday, April 6th. The shares were sold at an average price of $26.00, for a total value of $105,118.00. Following the completion of the transaction, the director now directly owns 905,000 shares in the company, valued at approximately $23,530,000. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 460,481 shares of company stock valued at $10,948,152. 41.89% of the stock is owned by company insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors and hedge funds have recently modified their holdings of TMCI. Perceptive Advisors LLC boosted its holdings in shares of Treace Medical Concepts by 70.2% during the 3rd quarter. Perceptive Advisors LLC now owns 1,601,979 shares of the company’s stock valued at $35,356,000 after acquiring an additional 660,787 shares in the last quarter. Norges Bank acquired a new position in Treace Medical Concepts during the 4th quarter valued at about $10,703,000. BlackRock Inc. grew its holdings in shares of Treace Medical Concepts by 23.1% in the third quarter. BlackRock Inc. now owns 2,268,911 shares of the company’s stock valued at $50,074,000 after acquiring an additional 425,350 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Treace Medical Concepts in the third quarter valued at $8,334,000. Finally, CIBC Private Wealth Group LLC lifted its stake in shares of Treace Medical Concepts by 31.1% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,488,367 shares of the company’s stock valued at $1,769,000 after buying an additional 353,008 shares in the last quarter. 46.17% of the stock is currently owned by institutional investors and hedge funds.

Treace Medical Concepts Company Profile

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Treace Medical Concepts, Inc, an orthopedic medical device company, engages in the design, manufacture, and marketing of medical devices for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement.