Treace Medical Concepts (NASDAQ:TMCI) Shares Gap Up – Time to Buy?

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) gapped up prior to trading on Tuesday . The stock had previously closed at $9.69, but opened at $10.47. Treace Medical Concepts shares last traded at $10.11, with a volume of 215,049 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on TMCI shares. Truist Financial raised their price objective on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Lake Street Capital started coverage on Treace Medical Concepts in a research report on Tuesday, December 31st. They issued a “buy” rating and a $14.50 price target on the stock. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. BTIG Research upgraded shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a research note on Tuesday. Finally, 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 research report on Wednesday, November 6th. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $9.99.

Treace Medical Concepts Trading Up 7.0 %

The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $646.18 million, a price-to-earnings ratio of -10.59 and a beta of 0.75. The business has a 50 day simple moving average of $8.14 and a 200-day simple moving average of $6.85.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $45.09 million during the quarter, compared to analyst estimates of $43.48 million. During the same quarter in the prior year, the business earned ($0.28) earnings per share. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of Treace Medical Concepts during the third quarter worth approximately $38,000. HighTower Advisors LLC acquired a new stake in shares of Treace Medical Concepts in the 3rd quarter valued at about $58,000. Point72 Asia Singapore Pte. Ltd. grew its stake in Treace Medical Concepts by 243.4% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock worth $62,000 after purchasing an additional 7,522 shares in the last quarter. Walleye Capital LLC bought a new stake in Treace Medical Concepts in the third quarter valued at about $75,000. Finally, Palumbo Wealth Management LLC acquired a new stake in Treace Medical Concepts during the third quarter valued at approximately $75,000. 84.08% of the stock is owned by hedge funds and other institutional investors.

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.