Truist Financial Issues Positive Forecast for Treace Medical Concepts (NASDAQ:TMCI) Stock Price

Treace Medical Concepts (NASDAQ:TMCI) had its price target raised by Truist Financial from $2.00 to $4.00 in a research report released on Thursday,Benzinga reports. They currently have a hold rating on the stock.

A number of other equities research analysts also recently commented on the company. Wall Street Zen raised Treace Medical Concepts from a “sell” rating to a “hold” rating in a report on Saturday, June 20th. Weiss Ratings raised shares of Treace Medical Concepts from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, June 15th. One investment analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Treace Medical Concepts currently has an average rating of “Reduce” and a consensus price target of $4.97.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $4.43 on Thursday. The stock has a market capitalization of $287.37 million, a price-to-earnings ratio of -4.57 and a beta of 1.37. The business’s 50 day moving average is $3.66 and its two-hundred day moving average is $2.56. Treace Medical Concepts has a 12-month low of $1.17 and a 12-month high of $7.78. The company has a current ratio of 3.58, a quick ratio of 2.53 and a debt-to-equity ratio of 0.72.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Friday, May 8th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. Treace Medical Concepts had a negative return on equity of 67.04% and a negative net margin of 29.44%.The business had revenue of $47.20 million during the quarter, compared to analysts’ expectations of $45.96 million. Research analysts expect that Treace Medical Concepts will post -0.88 EPS for the current year.

Insider Activity at Treace Medical Concepts

In other news, CEO John T. Treace acquired 22,887 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average cost of $4.04 per share, with a total value of $92,463.48. Following the purchase, the chief executive officer directly owned 7,376,150 shares of the company’s stock, valued at approximately $29,799,646. This trade represents a 0.31% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Over the last 90 days, insiders purchased 371,600 shares of company stock worth $1,104,801. 23.42% of the stock is owned by insiders.

Institutional Trading of Treace Medical Concepts

Institutional investors have recently bought and sold shares of the company. Bank of America Corp DE increased its position in shares of Treace Medical Concepts by 38.9% in the first quarter. Bank of America Corp DE now owns 3,214,293 shares of the company’s stock valued at $4,307,000 after buying an additional 900,071 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Treace Medical Concepts in the 1st quarter worth about $701,000. Sei Investments Co. purchased a new stake in shares of Treace Medical Concepts in the 1st quarter worth about $81,000. State of Wyoming grew its stake in Treace Medical Concepts by 316.8% in the 1st quarter. State of Wyoming now owns 95,110 shares of the company’s stock valued at $127,000 after acquiring an additional 72,290 shares during the last quarter. Finally, Chicago Partners Investment Group LLC grew its stake in Treace Medical Concepts by 34.0% in the 1st quarter. Chicago Partners Investment Group LLC now owns 26,014 shares of the company’s stock valued at $35,000 after acquiring an additional 6,606 shares during the last quarter. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Treace Medical Concepts Company Profile

Treace Medical Concepts, Inc is a medical technology company specializing in the development and commercialization of innovative surgical solutions for foot and ankle conditions. The company’s flagship product, the Lapiplasty 3D Bunion Correction System, addresses the underlying joint instability that causes bunion deformity through a patented, multi-plane correction approach. The system combines proprietary instrumentation, fixation plates, and a comprehensive surgical protocol designed to improve patient outcomes and reduce recurrence rates.

The Lapiplasty System has received clearance from the U.S.