Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Up 18.0% in July

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the recipient of a large increase in short interest in the month of July. As of July 15th, there was short interest totalling 4,660,000 shares, an increase of 18.0% from the June 30th total of 3,950,000 shares. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is presently 3.3 days. Approximately 10.6% of the company’s shares are sold short.

Treace Medical Concepts Trading Down 5.7 %

Shares of Treace Medical Concepts stock traded down $0.44 during mid-day trading on Monday, hitting $7.28. 790,065 shares of the stock were exchanged, compared to its average volume of 904,260. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $23.28. The company has a 50-day simple moving average of $6.46 and a 200 day simple moving average of $10.19. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.22.

Treace Medical Concepts (NASDAQ:TMCI) last posted 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 net margin of 27.93% and a negative return on equity of 39.66%. The firm had revenue of $51.11 million for the quarter, compared to analysts’ expectations of $49.07 million. During the same quarter last year, the firm earned ($0.23) EPS. The company’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, sell-side analysts forecast that Treace Medical Concepts will post -0.89 earnings per share for the current fiscal year.

Analysts Set New Price Targets

TMCI has been the topic of a number of research analyst reports. UBS Group cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $8.00 in a research report on Wednesday, May 8th. Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price target for the company from $15.00 to $6.00 in a research report on Wednesday, May 8th. BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Finally, Truist Financial raised their price target on shares of Treace Medical Concepts from $7.00 to $9.00 and gave the company a “hold” rating in a research report on Tuesday, July 16th. Seven equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, Treace Medical Concepts presently has a consensus rating of “Hold” and a consensus price target of $12.86.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Treace Medical Concepts

Several hedge funds have recently modified their holdings of TMCI. Vanguard Group Inc. increased its stake in shares of Treace Medical Concepts by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock worth $54,925,000 after purchasing an additional 155,835 shares during the last quarter. Armistice Capital LLC purchased a new stake in shares of Treace Medical Concepts during the 4th quarter worth approximately $36,414,000. TimesSquare Capital Management LLC increased its stake in shares of Treace Medical Concepts by 22.0% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,749,120 shares of the company’s stock worth $22,301,000 after purchasing an additional 315,691 shares during the last quarter. CIBC Private Wealth Group LLC increased its stake in shares of Treace Medical Concepts by 5.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,460,081 shares of the company’s stock worth $18,616,000 after purchasing an additional 76,030 shares during the last quarter. Finally, Norges Bank purchased a new stake in shares of Treace Medical Concepts during the 4th quarter worth approximately $8,725,000. Institutional investors own 84.08% of the company’s stock.

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.