Treace Medical Concepts (NASDAQ:TMCI) Trading Up 5.1% – Time to Buy?

Treace Medical Concepts, Inc. (NASDAQ:TMCI) rose 5.1% during mid-day trading on Monday . The stock traded as high as $9.71 and last traded at $9.69. Approximately 302,187 shares changed hands during trading, a decline of 15% from the average daily volume of 353,625 shares. The stock had previously closed at $9.22.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Lake Street Capital started coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They issued a “buy” rating and a $14.50 price objective for the company. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $8.00 target price on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Stifel Nicolaus boosted their price target on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Finally, Truist Financial lifted their price objective on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $8.98.

Treace Medical Concepts Trading Up 10.3 %

The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The company’s 50 day moving average price is $7.98 and its two-hundred day moving average price is $6.80. The firm has a market cap of $649.17 million, a PE ratio of -10.53 and a beta of 0.69.

Treace Medical Concepts (NASDAQ:TMCI) last posted its earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. The business had revenue of $45.09 million for the quarter, compared to the consensus estimate of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.28) EPS. As a group, sell-side analysts forecast that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Institutional Trading of Treace Medical Concepts

A number of institutional investors and hedge funds have recently modified their holdings of TMCI. Quarry LP purchased a new position in Treace Medical Concepts in the 3rd quarter worth approximately $38,000. HighTower Advisors LLC acquired a new position in shares of Treace Medical Concepts during the 3rd quarter valued at about $58,000. Point72 Asia Singapore Pte. Ltd. increased its position in Treace Medical Concepts by 243.4% during 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 during the last quarter. Palumbo Wealth Management LLC acquired a new position in Treace Medical Concepts in the 3rd quarter valued at about $75,000. Finally, Walleye Capital LLC purchased a new stake in shares of Treace Medical Concepts in the 3rd quarter valued at approximately $75,000. Hedge funds and other institutional investors 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.