Treace Medical Concepts, Inc. (NASDAQ:TMCI) Sees Significant Decrease in Short Interest

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a significant drop in short interest during the month of June. As of June 30th, there was short interest totaling 1,748,502 shares, a drop of 46.6% from the June 15th total of 3,271,388 shares. Based on an average daily trading volume, of 1,687,961 shares, the short-interest ratio is currently 1.0 days. Approximately 3.5% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on TMCI shares. Truist Financial upped their target price on shares of Treace Medical Concepts from $2.00 to $4.00 and gave the stock a “hold” rating in a research note on Thursday. Weiss Ratings upgraded Treace Medical Concepts from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. Finally, Wall Street Zen raised shares of Treace Medical Concepts from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. One investment analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Treace Medical Concepts presently has a consensus rating of “Reduce” and a consensus target price of $4.97.

Treace Medical Concepts Stock Down 6.2%

TMCI stock opened at $4.16 on Friday. The company’s 50 day moving average is $3.66 and its 200 day moving average is $2.56. The company has a current ratio of 3.58, a quick ratio of 2.53 and a debt-to-equity ratio of 0.72. The stock has a market cap of $269.53 million, a price-to-earnings ratio of -4.34 and a beta of 1.37. Treace Medical Concepts has a 1-year low of $1.17 and a 1-year high of $7.78.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Friday, May 8th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.03. Treace Medical Concepts had a negative return on equity of 67.04% and a negative net margin of 29.44%.The company had revenue of $47.20 million for the quarter, compared to analysts’ expectations of $45.96 million. Sell-side analysts predict that Treace Medical Concepts will post -0.88 EPS for the current fiscal year.

Insider Transactions at Treace Medical Concepts

In other Treace Medical Concepts news, CEO John T. Treace purchased 61,750 shares of the company’s stock in a transaction on Thursday, May 14th. The shares were purchased at an average cost of $2.62 per share, with a total value of $161,785.00. Following the completion of the purchase, the chief executive officer owned 7,158,313 shares in the company, valued at $18,754,780.06. This represents a 0.87% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 371,600 shares of company stock valued at $1,104,801 in the last quarter. 23.42% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Osaic Holdings Inc. increased its position in Treace Medical Concepts by 328.3% during the 2nd quarter. Osaic Holdings Inc. now owns 4,793 shares of the company’s stock valued at $28,000 after buying an additional 3,674 shares in the last quarter. Captrust Financial Advisors purchased a new position in Treace Medical Concepts in the second quarter worth about $62,000. Graham Capital Management L.P. purchased a new position in shares of Treace Medical Concepts during the 4th quarter worth $27,000. Mercer Global Advisors Inc. ADV purchased a new stake in Treace Medical Concepts during the third quarter valued at $87,000. Finally, HighTower Advisors LLC purchased a new stake in shares of Treace Medical Concepts during the 4th quarter valued at about $33,000. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc is a medical technology company specializing in the development and commercialization of innovative surgical solutions for foot and ankle conditions. The company’s flagship product, the Lapiplasty 3D Bunion Correction System, addresses the underlying joint instability that causes bunion deformity through a patented, multi-plane correction approach. The system combines proprietary instrumentation, fixation plates, and a comprehensive surgical protocol designed to improve patient outcomes and reduce recurrence rates.

The Lapiplasty System has received clearance from the U.S.