Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Update

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the recipient of a large increase in short interest in July. As of July 15th, there was short interest totalling 4,660,000 shares, an increase of 18.0% from the June 30th total of 3,950,000 shares. Approximately 10.6% of the company’s stock are short sold. Based on an average daily volume of 1,420,000 shares, the short-interest ratio is presently 3.3 days.

Treace Medical Concepts Trading Down 1.4 %

Shares of NASDAQ TMCI opened at $7.72 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.22. The firm’s 50-day moving average price is $6.46 and its two-hundred day moving average price is $10.21. Treace Medical Concepts has a 52-week low of $3.92 and a 52-week high of $23.33.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The company had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. During the same quarter last year, the business earned ($0.23) earnings per share. Treace Medical Concepts’s revenue was up 21.1% compared to the same quarter last year. On average, research analysts predict that Treace Medical Concepts will post -0.89 earnings per share for the current fiscal year.

Insider Activity at Treace Medical Concepts

In related news, Director Deepti Jain purchased 25,000 shares of the stock in a transaction that occurred on Friday, May 10th. The stock was purchased 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 in the company, valued at $140,557.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Treace Medical Concepts news, Director Deepti Jain bought 25,000 shares of the stock in a transaction dated Friday, May 10th. The stock was bought at an average cost of $4.50 per share, for a total transaction of $112,500.00. Following the completion of the purchase, the director now directly owns 31,235 shares of the company’s stock, valued at $140,557.50. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John T. Treace bought 150,000 shares of the stock in a transaction dated Friday, May 10th. The shares were acquired at an average price of $4.58 per share, with a total value of $687,000.00. Following the completion of the purchase, the chief executive officer now directly owns 5,943,095 shares of the company’s stock, valued at $27,219,375.10. The disclosure for this purchase can be found here. In the last three months, insiders purchased 593,902 shares of company stock worth $2,930,422. Corporate insiders own 24.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in 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 last quarter. Armistice Capital LLC acquired a new position in Treace Medical Concepts in the fourth quarter worth approximately $36,414,000. TimesSquare Capital Management LLC grew its position in Treace Medical Concepts by 22.0% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,749,120 shares of the company’s stock worth $22,301,000 after buying an additional 315,691 shares during the last quarter. CIBC Private Wealth Group LLC grew its position in Treace Medical Concepts by 5.5% in the fourth quarter. CIBC Private Wealth Group LLC now owns 1,460,081 shares of the company’s stock worth $18,616,000 after buying an additional 76,030 shares during the last quarter. Finally, Norges Bank acquired a new position in Treace Medical Concepts in the fourth quarter worth approximately $8,725,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

Wall Street Analysts Forecast Growth

TMCI has been the subject of several recent analyst reports. UBS Group downgraded Treace Medical Concepts from a “buy” rating to a “neutral” rating and lowered their target price for the company from $16.00 to $6.50 in a research note on Thursday, May 16th. Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their price target for the stock from $15.00 to $6.00 in a research report on Wednesday, May 8th. Truist Financial increased their price target on shares of Treace Medical Concepts from $7.00 to $9.00 and gave the stock a “hold” rating in a research report on Tuesday, July 16th. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and reduced their price target for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. Finally, Morgan Stanley increased their price target on shares of Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research report on Monday, July 15th. Seven investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.86.

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.