Treace Medical Concepts (NASDAQ:TMCI) Stock Rating Lowered by Morgan Stanley

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued to clients and investors on Wednesday, MarketBeat.com reports. They currently have a $5.50 target price on the stock, down from their previous target price of $15.00. Morgan Stanley’s price objective suggests a potential upside of 24.15% from the stock’s current price.

Several other research analysts also recently commented on TMCI. JPMorgan Chase & Co. downgraded Treace Medical Concepts from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $15.00 to $8.00 in a research note on Wednesday. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their price objective for the company from $17.00 to $7.00 in a research report on Wednesday. BTIG Research lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their target price for the stock from $15.00 to $6.00 in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Treace Medical Concepts presently has an average rating of “Hold” and a consensus price target of $13.57.

Treace Medical Concepts Price Performance

Treace Medical Concepts stock opened at $4.43 on Wednesday. The business’s 50 day simple moving average is $11.64 and its 200 day simple moving average is $11.62. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $27.70. The company has a market cap of $273.60 million, a price-to-earnings ratio of -5.47 and a beta of 0.37. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

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

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its holdings in shares of Treace Medical Concepts by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after purchasing an additional 1,340 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in 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 in the last quarter. Arizona State Retirement System boosted its stake 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 worth $172,000 after buying an additional 1,910 shares in the last quarter. Gabelli Funds LLC grew its position in Treace Medical Concepts by 1.5% during the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after acquiring an additional 2,107 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of 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 acquiring an additional 3,051 shares in the last quarter. 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.