Treace Medical Concepts (NASDAQ:TMCI) Trading Up 10.3% – Still a Buy?

Treace Medical Concepts, Inc. (NASDAQ:TMCI) shares were up 10.3% during trading on Monday . The stock traded as high as $8.33 and last traded at $8.05. Approximately 125,303 shares changed hands during trading, a decline of 48% from the average daily volume of 239,803 shares. The stock had previously closed at $7.30.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. Stifel Nicolaus upped their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 price objective on the stock. Truist Financial lifted their target price on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, Treace Medical Concepts has an average rating of “Hold” and an average target price of $8.98.

Treace Medical Concepts Stock Performance

The firm’s 50 day simple moving average is $7.63 and its 200 day simple moving average is $6.63. The firm has a market capitalization of $512.70 million, a price-to-earnings ratio of -8.31 and a beta of 0.69. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.02. The company had revenue of $45.09 million for the quarter, compared to analyst estimates of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned ($0.28) earnings per share. Sell-side analysts forecast that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

Several hedge funds have recently bought and sold shares of TMCI. JPMorgan Chase & Co. increased its holdings in Treace Medical Concepts by 215.1% in the third quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock valued at $7,321,000 after buying an additional 861,689 shares in the last quarter. Franklin Resources Inc. acquired a new position in Treace Medical Concepts in the 3rd quarter worth about $212,000. Virtu Financial LLC acquired a new position in Treace Medical Concepts in the 3rd quarter worth about $148,000. Barclays PLC boosted its position in Treace Medical Concepts by 352.2% during the third quarter. Barclays PLC now owns 79,696 shares of the company’s stock worth $460,000 after purchasing an additional 62,073 shares in the last quarter. Finally, Wolverine Trading LLC grew its holdings in Treace Medical Concepts by 17.7% in the third quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after purchasing an additional 1,946 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.