Treace Medical Concepts (NASDAQ:TMCI) Given New $8.40 Price Target at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its target price lifted by Truist Financial from $7.00 to $8.40 in a research report report published on Wednesday,Benzinga reports. The firm currently has a hold rating on the stock.

Several other brokerages have also recently commented on TMCI. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday. Stifel Nicolaus boosted their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Six 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 price target of $7.88.

Treace Medical Concepts Stock Down 6.8 %

TMCI stock opened at $6.94 on Wednesday. The firm’s 50-day moving average is $6.87 and its two-hundred day moving average is $6.46. The company has a market capitalization of $432.34 million, a price-to-earnings ratio of -7.01 and a beta of 0.66. Treace Medical Concepts has a 52 week low of $3.92 and a 52 week high of $15.98. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Armistice Capital LLC lifted its position in shares of Treace Medical Concepts by 123.3% in the 2nd quarter. Armistice Capital LLC now owns 5,360,000 shares of the company’s stock valued at $35,644,000 after acquiring an additional 2,960,000 shares in the last quarter. William Blair Investment Management LLC raised its stake in Treace Medical Concepts by 58.0% during the 2nd quarter. William Blair Investment Management LLC now owns 3,681,718 shares of the company’s stock valued at $24,483,000 after purchasing an additional 1,352,207 shares during the period. State Street Corp lifted its holdings in shares of Treace Medical Concepts by 4.2% in the third quarter. State Street Corp now owns 997,453 shares of the company’s stock valued at $5,785,000 after purchasing an additional 39,907 shares in the last quarter. Marshall Wace LLP boosted its position in shares of Treace Medical Concepts by 65.9% in the second quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock worth $3,079,000 after buying an additional 183,921 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its holdings in shares of Treace Medical Concepts by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock valued at $2,268,000 after buying an additional 17,783 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.