4. QUALITY EDUCATION

Treace Medical Concepts (NASDAQ:TMCI) Rating Lowered to Hold at Truist Financial

Written by Amanda

Truist Financial downgraded shares of Treace Medical Concepts (NASDAQ:TMCIFree Report) from a buy rating to a hold rating in a report published on Wednesday morning, Marketbeat Ratings reports. They currently have $7.00 target price on the stock, down from their previous target price of $17.00.

A number of other analysts have also recently commented on TMCI. BTIG Research cut Treace Medical Concepts from a buy rating to a neutral rating in a research report on Wednesday. Stifel Nicolaus lowered Treace Medical Concepts from a buy rating to a hold rating and cut their price target for the company from $15.00 to $6.00 in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered Treace Medical Concepts from an overweight rating to a neutral rating and cut their price target for the company from $15.00 to $8.00 in a report on Wednesday. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $13.57.

Check Out Our Latest Stock Analysis on TMCI

Treace Medical Concepts Stock Down 1.1 %

TMCI stock opened at $4.38 on Wednesday. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $27.70. The business has a fifty day moving average price of $11.45 and a 200-day moving average price of $11.59. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.76. The stock has a market capitalization of $271.60 million, a P/E ratio of -4.98 and a beta of 0.37.

Treace Medical Concepts (NASDAQ:TMCIGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. The firm had revenue of $51.11 million during the quarter, compared to analysts’ expectations of $49.07 million. During the same quarter in the previous year, the business earned ($0.23) earnings per share. The company’s revenue was up 21.1% on a year-over-year basis. Equities analysts forecast that Treace Medical Concepts will post -0.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

A number of hedge funds have recently made changes to their positions in TMCI. Walleye Capital LLC raised its position in Treace Medical Concepts by 171.0% during the third quarter. Walleye Capital LLC now owns 139,839 shares of the company’s stock valued at $1,833,000 after purchasing an additional 88,239 shares during the period. TimesSquare Capital Management LLC raised its position in Treace Medical Concepts by 68.9% during the third quarter. TimesSquare Capital Management LLC now owns 1,433,429 shares of the company’s stock valued at $18,792,000 after purchasing an additional 584,539 shares during the period. Gabelli Funds LLC raised its position in Treace Medical Concepts by 85.1% during the third quarter. Gabelli Funds LLC now owns 141,252 shares of the company’s stock valued at $1,852,000 after purchasing an additional 64,959 shares during the period. Qube Research & Technologies Ltd raised its holdings in shares of Treace Medical Concepts by 146.2% in the third quarter. Qube Research & Technologies Ltd now owns 160,284 shares of the company’s stock worth $2,101,000 after buying an additional 95,194 shares during the period. Finally, Vanguard Group Inc. raised its holdings in shares of Treace Medical Concepts by 3.9% in the third quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock worth $54,925,000 after buying an additional 155,835 shares during the period. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

About Treace Medical Concepts

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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.

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Source: defenseworld.net

About the author

Amanda

Hi there, I am Amanda and I work as an editor at impactinvesting.ai;  if you are interested in my services, please reach me at amanda.impactinvesting.ai