Insider Buying: Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO Buys $556,000.00 in Stock

Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO John T. Treace acquired 100,000 shares of the firm’s stock in a transaction that occurred on Friday, May 17th. The stock was acquired at an average price of $5.56 per share, with a total value of $556,000.00. Following the completion of the acquisition, the chief executive officer now directly owns 6,343,095 shares of the company’s stock, valued at approximately $35,267,608.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link.

Treace Medical Concepts Stock Up 7.2 %

Shares of TMCI opened at $5.33 on Thursday. The company has a 50-day simple moving average of $10.35 and a 200-day simple moving average of $11.37. The firm has a market capitalization of $330.51 million, a P/E ratio of -6.06 and a beta of 0.37. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.22 and a current ratio of 3.98. Treace Medical Concepts, Inc. has a 52 week low of $3.92 and a 52 week high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting analysts’ consensus estimates of ($0.30). The business had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 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 21.1% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.23) earnings per share. On average, equities research analysts expect that Treace Medical Concepts, Inc. will post -0.87 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have weighed in on TMCI. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the stock from $17.00 to $7.00 in a research report on Wednesday, May 8th. Morgan Stanley lowered shares of Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $15.00 to $5.50 in a research report on Wednesday, May 8th. BTIG Research lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Stifel Nicolaus lowered 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. Finally, UBS Group lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating and cut their target price for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. Seven equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $12.21.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its stake in Treace Medical Concepts by 1.9% in the third quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock valued at $2,181,000 after acquiring an additional 3,051 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased 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 acquiring an additional 1,376 shares during the period. Arizona State Retirement System increased its stake in Treace Medical Concepts by 17.1% in the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock valued at $172,000 after acquiring an additional 1,910 shares during the period. Jump Financial LLC increased its stake in Treace Medical Concepts by 72.1% in the third quarter. Jump Financial LLC now owns 67,490 shares of the company’s stock valued at $885,000 after acquiring an additional 28,273 shares during the period. Finally, Swiss National Bank increased its stake in Treace Medical Concepts by 16.5% in the third quarter. Swiss National Bank now owns 101,100 shares of the company’s stock valued at $1,325,000 after acquiring an additional 14,300 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.

About Treace Medical Concepts

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.