Treace Medical Concepts (NASDAQ:TMCI) Lowered to Neutral at BTIG Research

BTIG Research downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from a buy rating to a neutral rating in a research report released on Wednesday morning, Marketbeat Ratings reports.

Treace Medical Concepts Stock Down 62.5 %

TMCI opened at $4.17 on Wednesday. The company has a market cap of $257.54 million, a PE ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $27.70. The company has a 50-day moving average price of $11.82 and a 200 day moving average price of $11.67. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38.

Treace Medical Concepts (NASDAQ:TMCI) last released its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.30). Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The business had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. During the same quarter in the prior year, the firm earned ($0.23) earnings per share. The company’s revenue for the quarter was up 21.1% compared to the same quarter last year. Sell-side analysts expect that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in Treace Medical Concepts by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock worth $2,181,000 after purchasing an additional 3,051 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Treace Medical Concepts by 20.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after buying an additional 1,376 shares during the last quarter. Kornitzer Capital Management Inc. KS raised its position in shares of Treace Medical Concepts by 6.9% during the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 677,733 shares of the company’s stock valued at $8,885,000 after buying an additional 43,510 shares during the period. Arizona State Retirement System lifted its holdings in Treace Medical Concepts by 17.1% in the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock valued at $172,000 after acquiring an additional 1,910 shares during the last quarter. Finally, Jump Financial LLC increased its stake in Treace Medical Concepts by 72.1% during the third quarter. Jump Financial LLC now owns 67,490 shares of the company’s stock worth $885,000 after acquiring an additional 28,273 shares during the last quarter. Hedge funds and other institutional investors 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.