Treace Medical Concepts, Inc. (NASDAQ:TMCI) Stock Rated “Reduce” by Wall Street Brokerages

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) have earned a consensus recommendation of “Reduce” from the seven brokerages that are presently covering the firm, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and one has assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued ratings on the stock in the last year is $5.17.

TMCI has been the topic of a number of research analyst reports. Weiss Ratings raised shares of Treace Medical Concepts from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, August 31st. Truist Financial raised their target price on Treace Medical Concepts from $4.00 to $5.00 and gave the stock a “hold” rating in a research note on Monday, August 10th.

Insiders Place Their Bets

In other news, CEO John Treace purchased 11,000 shares of the company’s stock in a transaction on Monday, August 24th. The shares were acquired at an average price of $4.34 per share, for a total transaction of $47,740.00. Following the purchase, the chief executive officer owned 7,404,383 shares in the company, valued at $32,135,022.22. This trade represents a 0.15% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders bought 55,944 shares of company stock worth $246,841. 23.42% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE purchased a new stake in Treace Medical Concepts in the second quarter valued at approximately $13,154,000. BlackRock Inc. acquired a new position in Treace Medical Concepts in the 2nd quarter worth approximately $5,492,000. Weber Capital Management LLC ADV acquired a new position in Treace Medical Concepts in the 2nd quarter worth approximately $2,346,676. Renaissance Technologies LLC acquired a new position in Treace Medical Concepts in the 1st quarter worth approximately $701,000. Finally, Ieq Capital LLC acquired a new position in Treace Medical Concepts in the 2nd quarter worth approximately $437,000. 84.08% of the stock is owned by institutional investors and hedge funds.

Treace Medical Concepts Stock Down 12.5%

NASDAQ:TMCI opened at $4.43 on Friday. The company has a market cap of $288.13 million, a PE ratio of -4.76 and a beta of 1.48. Treace Medical Concepts has a twelve month low of $1.17 and a twelve month high of $6.65. The company has a current ratio of 2.90, a quick ratio of 1.95 and a debt-to-equity ratio of 0.83. The company’s 50 day moving average is $4.42 and its two-hundred day moving average is $3.24.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings results on Friday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.06. The business had revenue of $45.38 million for the quarter, compared to analyst estimates of $44.02 million. Treace Medical Concepts had a negative net margin of 28.99% and a negative return on equity of 71.37%. Analysts anticipate that Treace Medical Concepts will post -0.83 EPS for the current year.

About Treace Medical Concepts

Treace Medical Concepts, Inc is a medical device company focused on developing and commercializing products for the surgical treatment of bunion deformities and other conditions affecting the foot and ankle. The company’s technologies are designed to address the underlying structural causes of bunions and support more stable correction than traditional surgical approaches.

Treace’s primary product is the Lapiplasty 3D Bunion Correction System, which is used by foot and ankle surgeons to correct bunions in three dimensions.