Morgan Stanley Boosts Treace Medical Concepts (NASDAQ:TMCI) Price Target to $8.00

Treace Medical Concepts (NASDAQ:TMCI) had its price target hoisted by Morgan Stanley from $5.50 to $8.00 in a report released on Monday morning, Benzinga reports. Morgan Stanley currently has an equal weight rating on the stock.

Several other research firms have also recently issued reports on TMCI. UBS Group cut Treace Medical Concepts from a buy rating to a neutral rating and decreased their price target for the company from $16.00 to $6.50 in a report on Thursday, May 16th. Truist Financial downgraded shares of Treace Medical Concepts from a buy rating to a hold rating and dropped their price target for the stock from $17.00 to $7.00 in a research note on Wednesday, May 8th. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an overweight rating to a neutral rating and cut their price objective for the company from $15.00 to $8.00 in a report on Wednesday, May 8th. BTIG Research lowered shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday, May 8th. Finally, Stifel Nicolaus downgraded Treace Medical Concepts from a buy rating to a hold rating and cut their price target for the company from $15.00 to $6.00 in a research note on Wednesday, May 8th. Seven research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $12.86.

Treace Medical Concepts Price Performance

Shares of TMCI stock opened at $8.44 on Monday. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $24.77. The stock has a market capitalization of $523.36 million, a PE ratio of -9.59 and a beta of 0.22. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.22 and a current ratio of 3.98. The stock’s fifty day moving average is $6.04 and its 200-day moving average is $10.41.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The business had revenue of $51.11 million for the quarter, compared to analysts’ expectations of $49.07 million. During the same period in the prior year, the firm earned ($0.23) earnings per share. Treace Medical Concepts’s revenue was up 21.1% compared to the same quarter last year. Equities research analysts expect that Treace Medical Concepts will post -0.89 EPS for the current fiscal year.

Insider Transactions at Treace Medical Concepts

In other news, Director Deepti Jain acquired 25,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average price of $4.50 per share, for a total transaction of $112,500.00. Following the transaction, the director now directly owns 31,235 shares in the company, valued at $140,557.50. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Treace Medical Concepts news, Director Deepti Jain acquired 25,000 shares of the firm’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average cost of $4.50 per share, for a total transaction of $112,500.00. Following the transaction, the director now owns 31,235 shares of the company’s stock, valued at $140,557.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO John T. Treace bought 150,000 shares of the stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $4.58 per share, with a total value of $687,000.00. Following the completion of the purchase, the chief executive officer now owns 5,943,095 shares in the company, valued at approximately $27,219,375.10. The disclosure for this purchase can be found here. Insiders have bought a total of 593,902 shares of company stock valued at $2,930,422 over the last three months. 24.43% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Treace Medical Concepts by 3,441.2% in the second quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock valued at $31,000 after purchasing an additional 4,508 shares in the last quarter. Quest Partners LLC bought a new stake in Treace Medical Concepts in the 4th quarter valued at approximately $68,000. Newbridge Financial Services Group Inc. boosted its position in Treace Medical Concepts by 100.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after acquiring an additional 3,567 shares during the last quarter. RiverPark Advisors LLC grew its stake in shares of Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after acquiring an additional 7,952 shares in the last quarter. Finally, CWM LLC raised its holdings in shares of Treace Medical Concepts by 208.7% in the second quarter. CWM LLC now owns 10,097 shares of the company’s stock valued at $67,000 after purchasing an additional 6,826 shares during the last quarter. 84.08% of the stock is owned by institutional investors and hedge funds.

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.