Insider Buying: Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO Buys 100,000 Shares of Stock

Treace Medical Concepts, Inc. (NASDAQ:TMCI) CEO John T. Treace bought 100,000 shares of the business’s stock in a transaction dated Friday, May 17th. The shares were bought at an average price of $5.56 per share, with a total value of $556,000.00. Following the purchase, the chief executive officer now owns 6,343,095 shares in the company, valued at approximately $35,267,608.20. The transaction was disclosed in a filing with the SEC, which can be accessed through this link.

Treace Medical Concepts Price Performance

Shares of NASDAQ:TMCI opened at $5.33 on Thursday. The firm has a 50 day moving average of $10.35 and a 200-day moving average of $11.37. The stock has a market capitalization of $330.51 million, a PE ratio of -6.06 and a beta of 0.37. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.42. Treace Medical Concepts, Inc. has a 12 month low of $3.92 and a 12 month high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last issued its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting the consensus estimate 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 net margin of 27.93% and a negative return on equity of 39.66%. The business’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.23) EPS. On average, equities research analysts predict that Treace Medical Concepts, Inc. will post -0.87 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts have recently issued reports on TMCI shares. Morgan Stanley cut shares of Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $15.00 to $5.50 in a research note on Wednesday, May 8th. BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Truist Financial cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $17.00 to $7.00 in a research note on Wednesday, May 8th. Finally, Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $15.00 to $6.00 in a research note on Wednesday, May 8th. Seven investment analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $12.21.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Treace Medical Concepts by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock valued at $54,925,000 after purchasing an additional 155,835 shares during the last quarter. Armistice Capital LLC bought a new stake in shares of Treace Medical Concepts during the 4th quarter valued at approximately $36,414,000. William Blair Investment Management LLC grew its holdings in shares of Treace Medical Concepts by 83.3% during the 3rd quarter. William Blair Investment Management LLC now owns 1,786,001 shares of the company’s stock valued at $23,414,000 after purchasing an additional 811,777 shares during the last quarter. TimesSquare Capital Management LLC grew its holdings in shares of Treace Medical Concepts by 22.0% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,749,120 shares of the company’s stock valued at $22,301,000 after purchasing an additional 315,691 shares during the last quarter. Finally, CIBC Private Wealth Group LLC grew its holdings in shares of Treace Medical Concepts by 5.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,460,081 shares of the company’s stock valued at $18,616,000 after purchasing an additional 76,030 shares during the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.