Treace Medical Concepts (NASDAQ:TMCI) Given New $8.00 Price Target at Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) had its price target decreased by equities researchers at Truist Financial from $9.50 to $8.00 in a research note issued on Friday,Benzinga reports. The firm currently has a “hold” rating on the stock. Truist Financial’s price target would suggest a potential upside of 14.78% from the company’s current price.

A number of other equities research analysts have also recently issued reports on the company. BTIG Research raised Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a research report on Tuesday, February 4th. 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 for the company. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 target price on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, Treace Medical Concepts presently has an average rating of “Hold” and an average target price of $9.93.

Treace Medical Concepts Price Performance

Shares of NASDAQ:TMCI opened at $6.97 on Friday. The stock has a market capitalization of $438.34 million, a P/E ratio of -7.04 and a beta of 0.77. The business has a 50-day moving average of $8.81 and a two-hundred day moving average of $7.74. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $12.65. The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98.

Insider Activity at Treace Medical Concepts

In other Treace Medical Concepts news, insider Sean F. Scanlan sold 50,000 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $7.97, for a total value of $398,500.00. Following the sale, the insider now directly owns 364,081 shares in the company, valued at $2,901,725.57. This trade represents a 12.07 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 24.43% of the company’s stock.

Institutional Investors Weigh In On Treace Medical Concepts

Several hedge funds have recently made changes to their positions in the stock. FMR LLC increased its stake in Treace Medical Concepts by 228.5% during the third quarter. FMR LLC now owns 78,135 shares of the company’s stock valued at $453,000 after acquiring an additional 54,353 shares during the period. HighTower Advisors LLC bought a new stake in shares of Treace Medical Concepts in the 3rd quarter worth approximately $58,000. Barclays PLC grew its holdings in shares of Treace Medical Concepts by 352.2% during the 3rd 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. Franklin Resources Inc. bought a new stake in shares of Treace Medical Concepts during the third quarter valued at approximately $212,000. Finally, JPMorgan Chase & Co. raised its stake in shares of 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 purchasing an additional 861,689 shares in the last quarter. 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.