Bank of America Corp DE Acquires 3,305,100 Shares of Treace Medical Concepts, Inc. $TMCI

Key Points

• Bank of America acquired 3.31 million Treace Medical Concepts shares worth approximately $13.15 million, giving it a 5.08% stake. Institutional investors and hedge funds collectively own 84.08% of TMCI.
• Treace’s CEO purchased 11,000 shares, while insiders bought nearly $247,000 worth of stock over the past three months. Insiders own 23.42% of the company.
• Analysts remain cautious, with a consensus rating of “Reduce” and a $5.17 target price. TMCI recently reported better-than-expected quarterly revenue and EPS but remains unprofitable.

Bank of America Corp DE acquired a new stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 3,305,100 shares of the company's stock, valued at approximately $13,154,000. Bank of America Corp DE owned approximately 5.08% of Treace Medical Concepts at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. acquired a new position in Treace Medical Concepts during the 2nd quarter valued at about $5,492,000. Gagnon Securities LLC boosted its holdings in Treace Medical Concepts by 37.7% during the 4th quarter. Gagnon Securities LLC now owns 3,110,575 shares of the company's stock worth $7,621,000 after acquiring an additional 852,337 shares during the last quarter. Weber Capital Management LLC ADV purchased a new position in Treace Medical Concepts during the 2nd quarter worth $2,346,676. Gagnon Advisors LLC grew its stake in shares of Treace Medical Concepts by 58.4% in the 4th quarter. Gagnon Advisors LLC now owns 1,534,034 shares of the company's stock worth $3,758,000 after acquiring an additional 565,570 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new stake in shares of Treace Medical Concepts in the first quarter valued at about $701,000. 84.08% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Treace Medical Concepts

In related news, CEO John Treace bought 11,000 shares of the company's stock in a transaction on Monday, August 24th. The stock was acquired at an average cost of $4.34 per share, for a total transaction of $47,740.00. Following the completion of the transaction, the chief executive officer directly owned 7,404,383 shares in the company, valued at $32,135,022.22. This trade represents a 0.15% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders have purchased 55,944 shares of company stock worth $246,841 in the last three months. Insiders own 23.42% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on TMCI shares. Wall Street Zen raised shares of Treace Medical Concepts from a "sell" rating to a "hold" rating in a research report on Saturday, June 20th. Truist Financial increased their price target on Treace Medical Concepts from $4.00 to $5.00 and gave the company a "hold" rating in a research report on Monday, August 10th. Finally, 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. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, Treace Medical Concepts has an average rating of "Reduce" and a consensus target price of $5.17.

Treace Medical Concepts Stock Down 0.9%

TMCI opened at $4.50 on Friday. The firm has a market capitalization of $292.68 million, a P/E ratio of -4.84 and a beta of 1.40. Treace Medical Concepts, Inc. has a one year low of $1.17 and a one year high of $7.08. The company has a fifty day moving average price of $4.51 and a 200-day moving average price of $3.36. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.90 and a quick ratio of 1.95.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last issued its quarterly earnings data on Friday, August 7th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.30) by $0.06. Treace Medical Concepts had a negative return on equity of 71.37% and a negative net margin of 28.99%.The company had revenue of $45.38 million for the quarter, compared to the consensus estimate of $44.02 million. Equities research analysts expect that Treace Medical Concepts, Inc. will post -0.83 earnings per share for the current fiscal year.

Treace Medical Concepts Profile

Treace Medical Concepts, Inc is a medical device company focused on surgical solutions for bunion correction and other forefoot conditions. The company's products are designed to address the underlying structural causes of bunions and support orthopedic and podiatric surgeons during corrective procedures.

Treace's primary product is the Lapiplasty 3D Bunion Correction System, which is intended to correct the three-dimensional alignment of the bones associated with a bunion and help provide stability during healing.

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