Treace Medical Concepts (NASDAQ:TMCI) Downgraded by JPMorgan Chase & Co.

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, MarketBeat Ratings reports. They presently have a $8.00 price target on the stock, down from their previous price target of $15.00. JPMorgan Chase & Co.‘s target price indicates a potential downside of 28.06% from the stock’s previous close.

Separately, BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, Treace Medical Concepts has a consensus rating of “Hold” and an average price target of $17.21.

Treace Medical Concepts Trading Down 0.8 %

TMCI stock opened at $11.12 on Wednesday. Treace Medical Concepts has a 52 week low of $5.27 and a 52 week high of $27.70. The company has a market cap of $686.77 million, a price-to-earnings ratio of -13.73 and a beta of 0.37. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. The business has a fifty day simple moving average of $12.07 and a 200-day simple moving average of $11.72.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings data on Tuesday, February 27th. The company reported ($0.10) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The firm had revenue of $62.20 million during the quarter, compared to analysts’ expectations of $60.56 million. During the same quarter last year, the business earned ($0.08) earnings per share. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. On average, equities research analysts expect that Treace Medical Concepts will post -0.91 EPS for the current year.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors and hedge funds have recently bought and sold shares of TMCI. Van ECK Associates Corp boosted its holdings in Treace Medical Concepts by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after acquiring an additional 1,340 shares during the period. Quest Partners LLC purchased a new position in Treace Medical Concepts in the 4th quarter worth approximately $68,000. Newbridge Financial Services Group Inc. boosted its holdings in Treace Medical Concepts by 100.3% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after acquiring an additional 3,567 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Treace Medical Concepts by 20.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after acquiring an additional 1,376 shares during the period. Finally, RiverPark Advisors LLC boosted its holdings in Treace Medical Concepts by 763.9% in the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after acquiring an additional 7,952 shares during the period. Hedge funds and other institutional investors own 84.08% of the company’s stock.

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.