Treace Medical Concepts, Inc. (NASDAQ:TMCI) Receives $8.98 Consensus Target Price from Brokerages

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) have received an average rating of “Hold” from the seven brokerages that are covering the company, MarketBeat.com reports. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $8.98.

A number of equities analysts have recently weighed in on TMCI shares. Stifel Nicolaus boosted their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Truist Financial upped their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Lake Street Capital initiated coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They set a “buy” rating and a $14.50 target price on the stock. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday, December 17th.

Institutional Investors Weigh In On Treace Medical Concepts

Institutional investors have recently added to or reduced their stakes in the business. Quarry LP bought a new stake in shares of Treace Medical Concepts in the third quarter valued at approximately $38,000. HighTower Advisors LLC bought a new stake in Treace Medical Concepts during the 3rd quarter valued at $58,000. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of 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 acquiring an additional 7,522 shares in the last quarter. Palumbo Wealth Management LLC purchased a new stake in shares of Treace Medical Concepts during the third quarter worth $75,000. Finally, Walleye Capital LLC bought a new position in shares of Treace Medical Concepts in the third quarter worth $75,000. 84.08% of the stock is owned by hedge funds and other institutional investors.

Treace Medical Concepts Trading Up 5.6 %

Shares of Treace Medical Concepts stock opened at $8.71 on Monday. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The stock has a fifty day simple moving average of $7.76 and a 200 day simple moving average of $6.68. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $15.98. The company has a market capitalization of $542.63 million, a P/E ratio of -8.80 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) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.27) by $0.02. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The firm had revenue of $45.09 million during the quarter, compared to analyst estimates of $43.48 million. During the same quarter in the prior year, the business posted ($0.28) EPS. The business’s revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Treace Medical Concepts will post -0.92 earnings per share for the current fiscal year.

About Treace Medical Concepts

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.