Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 20.1% in June

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large drop in short interest in the month of June. As of June 15th, there was short interest totalling 4,057,300 shares, a drop of 20.1% from the May 31st total of 5,080,000 shares. Based on an average trading volume of 1,252,300 shares, the days-to-cover ratio is presently 3.2 days. Currently, 9.3% of the company’s stock are sold short.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $6.65 on Friday. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $25.76. The company has a quick ratio of 3.22, a current ratio of 3.98 and a debt-to-equity ratio of 0.42. The stock has a 50-day moving average of $6.94 and a 200 day moving average of $10.77.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.30). The company had revenue of $51.11 million during the quarter, compared to analysts’ expectations of $49.07 million. Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. Treace Medical Concepts’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.23) EPS. As a group, equities research analysts expect that Treace Medical Concepts will post -0.89 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Deepti Jain purchased 25,000 shares of the business’s stock in a transaction dated Friday, May 10th. The shares were acquired at an average cost of $4.50 per share, for a total transaction of $112,500.00. Following the acquisition, the director now owns 31,235 shares of the company’s stock, valued at approximately $140,557.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other Treace Medical Concepts news, Director Deepti Jain bought 25,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were purchased at an average cost of $4.50 per share, for a total transaction of $112,500.00. Following the purchase, the director now directly owns 31,235 shares in the company, valued at $140,557.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard W. Mott bought 36,802 shares of the company’s stock in a transaction that occurred on Monday, May 13th. The shares were acquired at an average price of $4.38 per share, for a total transaction of $161,192.76. Following the completion of the purchase, the director now owns 1,027,753 shares in the company, valued at $4,501,558.14. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 593,902 shares of company stock worth $2,930,422. 24.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Treace Medical Concepts

A number of large investors have recently bought and sold shares of TMCI. Quest Partners LLC purchased a new stake in Treace Medical Concepts during the 4th quarter worth approximately $68,000. Newbridge Financial Services Group Inc. increased its stake in Treace Medical Concepts by 100.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after buying an additional 3,567 shares in the last quarter. RiverPark Advisors LLC increased its stake in Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after buying an additional 7,952 shares in the last quarter. Trexquant Investment LP purchased a new stake in Treace Medical Concepts during the 4th quarter worth approximately $132,000. Finally, Spouting Rock Asset Management LLC purchased a new stake in Treace Medical Concepts during the 3rd quarter worth approximately $148,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on TMCI shares. UBS Group cut Treace Medical Concepts from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Morgan Stanley cut Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and lowered their price target for the stock from $15.00 to $5.50 in a research report on Wednesday, May 8th. Stifel Nicolaus cut Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price target for the stock from $15.00 to $6.00 in a research report on Wednesday, May 8th. Finally, JPMorgan Chase & Co. cut Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $8.00 in a report on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.21.

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.