Treace Medical Concepts (NASDAQ:TMCI) PT Lowered to $16.00

Treace Medical Concepts (NASDAQ:TMCI) had its price target reduced by investment analysts at UBS Group from $17.00 to $16.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. UBS Group’s price target points to a potential upside of 261.17% from the company’s previous close.

TMCI has been the topic of several other research reports. Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the stock from $15.00 to $6.00 in a report on Wednesday. Truist Financial lowered Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their target price for the stock from $17.00 to $7.00 in a research note on Wednesday. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Morgan Stanley lowered Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $15.00 to $5.50 in a report on Wednesday. Finally, JPMorgan Chase & Co. downgraded shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $15.00 to $8.00 in a research note on Wednesday. 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 an average rating of “Hold” and a consensus price target of $13.57.

Treace Medical Concepts Stock Performance

Shares of TMCI opened at $4.43 on Wednesday. Treace Medical Concepts has a 52-week low of $3.92 and a 52-week high of $27.70. The stock’s 50-day simple moving average is $11.64 and its 200 day simple moving average is $11.62. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40. The stock has a market capitalization of $273.60 million, a price-to-earnings ratio of -5.47 and a beta of 0.37.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly 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). The firm had revenue of $51.11 million for the quarter, compared to the consensus estimate of $49.07 million. Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The company’s revenue for the quarter was up 21.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.23) earnings per share. Research analysts forecast that Treace Medical Concepts will post -0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp grew its position in Treace Medical Concepts by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after acquiring an additional 1,340 shares during the last quarter. Quest Partners LLC purchased a new stake in shares of Treace Medical Concepts during the fourth quarter valued at approximately $68,000. Newbridge Financial Services Group Inc. grew its holdings in shares of Treace Medical Concepts by 100.3% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after purchasing an additional 3,567 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Treace Medical Concepts by 20.3% in the third 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 period. Finally, RiverPark Advisors LLC raised its holdings in Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock valued at $117,000 after buying an additional 7,952 shares during the last quarter. 84.08% of the stock is currently owned by 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.