Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Declines By 39.5%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a significant decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,990,000 shares, a decrease of 39.5% from the October 31st total of 4,940,000 shares. Based on an average daily trading volume, of 593,300 shares, the days-to-cover ratio is currently 5.0 days. Approximately 6.5% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

TMCI has been the subject of several research reports. Stifel Nicolaus raised their price objective on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. UBS Group upped their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research report on Wednesday, August 7th. Finally, Truist Financial decreased their price objective on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Treace Medical Concepts has a consensus rating of “Hold” and an average target price of $7.40.

Treace Medical Concepts Stock Down 0.5 %

Shares of NASDAQ TMCI traded down $0.04 during mid-day trading on Friday, reaching $8.52. 177,281 shares of the company traded hands, compared to its average volume of 815,779. The company’s fifty day moving average is $6.18 and its two-hundred day moving average is $6.21. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $15.98. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The stock has a market cap of $530.80 million, a PE ratio of -8.61 and a beta of 0.24.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The business had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same period in the previous year, the company earned ($0.28) earnings per share. Treace Medical Concepts’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current year.

Insider Activity

In other Treace Medical Concepts news, CEO John T. Treace bought 50,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were acquired at an average cost of $5.31 per share, for a total transaction of $265,500.00. Following the acquisition, the chief executive officer now directly owns 6,523,095 shares of the company’s stock, valued at $34,637,634.45. This trade represents a 0.77 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Insiders own 24.43% of the company’s stock.

Institutional Trading of Treace Medical Concepts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Franklin Resources Inc. acquired a new position in shares of Treace Medical Concepts during the third quarter worth approximately $212,000. Virtu Financial LLC acquired a new position in Treace Medical Concepts during the 3rd quarter valued at $148,000. Barclays PLC boosted its holdings in Treace Medical Concepts by 352.2% in the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after purchasing an additional 62,073 shares during the period. Wolverine Trading LLC boosted its holdings in Treace Medical Concepts by 17.7% in the 3rd quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after purchasing an additional 1,946 shares during the period. Finally, State Street Corp grew its position in Treace Medical Concepts by 4.2% in the 3rd quarter. State Street Corp now owns 997,453 shares of the company’s stock worth $5,785,000 after purchasing an additional 39,907 shares during the last quarter. Institutional investors and hedge funds 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.