Treace Medical Concepts (NASDAQ:TMCI) Given New $9.00 Price Target at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its target price hoisted by Truist Financial from $7.00 to $9.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a hold rating on the stock.

A number of other analysts have also commented on the company. Morgan Stanley boosted their price target on Treace Medical Concepts from $5.50 to $8.00 and gave the company an equal weight rating in a report on Monday, July 15th. BTIG Research lowered Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday, May 8th. Stifel Nicolaus lowered Treace Medical Concepts from a buy rating to a hold rating and dropped their target price for the stock from $15.00 to $6.00 in a report on Wednesday, May 8th. UBS Group lowered Treace Medical Concepts from a buy rating to a neutral rating and dropped their target price for the stock from $16.00 to $6.50 in a report on Thursday, May 16th. Finally, JPMorgan Chase & Co. lowered Treace Medical Concepts from an overweight rating to a neutral rating and dropped their target price for the stock from $15.00 to $8.00 in a report on Wednesday, May 8th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Treace Medical Concepts presently has an average rating of Hold and a consensus price target of $12.86.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock opened at $7.88 on Tuesday. The stock’s 50-day moving average is $6.18 and its 200-day moving average is $10.37. Treace Medical Concepts has a one year low of $3.92 and a one year high of $24.18. 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 (NASDAQ:TMCI) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting analysts’ consensus estimates of ($0.30). The company had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.23) earnings per share. Research analysts anticipate that Treace Medical Concepts will post -0.89 earnings per share for the current year.

Insiders Place Their Bets

In other Treace Medical Concepts news, Director Deepti Jain purchased 25,000 shares of the stock in a transaction on Friday, May 10th. The shares were purchased at an average price of $4.50 per share, with a total value of $112,500.00. Following the completion of the transaction, the director now directly owns 31,235 shares in the company, valued at $140,557.50. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, Director Deepti Jain bought 25,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were bought at an average price of $4.50 per share, with a total value of $112,500.00. Following the completion of the transaction, the director now owns 31,235 shares of the company’s stock, valued at $140,557.50. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Richard W. Mott bought 36,802 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was purchased at an average cost of $4.38 per share, for a total transaction of $161,192.76. Following the transaction, the director now directly owns 1,027,753 shares of the company’s stock, valued at approximately $4,501,558.14. The disclosure for this purchase can be found here. Insiders have acquired a total of 593,902 shares of company stock valued at $2,930,422 over the last 90 days. 24.43% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors and hedge funds have recently made changes to their positions in the company. Gabelli Funds LLC grew its position in shares of Treace Medical Concepts by 1.5% in the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after purchasing an additional 2,107 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of Treace Medical Concepts by 100.3% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after buying an additional 3,567 shares during the period. GAMMA Investing LLC boosted its stake 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 buying an additional 4,508 shares during the period. Quest Partners LLC bought a new stake in shares of Treace Medical Concepts in the fourth quarter valued at approximately $68,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Treace Medical Concepts by 78.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,524 shares of the company’s stock valued at $185,000 after buying an additional 6,363 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.