Bank of America Corp DE Raises Stock Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Bank of America Corp DE boosted its position in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) by 71.1% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 144,068 shares of the company's stock after acquiring an additional 59,848 shares during the period. Bank of America Corp DE owned 0.23% of Treace Medical Concepts worth $1,072,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of the company. William Blair Investment Management LLC grew its stake in Treace Medical Concepts by 22.9% during the fourth quarter. William Blair Investment Management LLC now owns 2,938,848 shares of the company's stock valued at $21,865,000 after acquiring an additional 546,787 shares in the last quarter. JPMorgan Chase & Co. grew its stake in Treace Medical Concepts by 56.6% in the 4th quarter. JPMorgan Chase & Co. now owns 1,977,219 shares of the company's stock worth $14,711,000 after buying an additional 714,984 shares in the last quarter. Geode Capital Management LLC grew its stake in Treace Medical Concepts by 2.1% in the 4th quarter. Geode Capital Management LLC now owns 1,062,765 shares of the company's stock worth $7,909,000 after buying an additional 22,159 shares in the last quarter. Northern Trust Corp grew its stake in Treace Medical Concepts by 2.3% in the 4th quarter. Northern Trust Corp now owns 468,894 shares of the company's stock worth $3,489,000 after buying an additional 10,711 shares in the last quarter. Finally, Trexquant Investment LP grew its stake in Treace Medical Concepts by 7.0% in the 4th quarter. Trexquant Investment LP now owns 318,889 shares of the company's stock worth $2,373,000 after buying an additional 21,000 shares in the last quarter. Hedge funds and other institutional investors own 84.08% of the company's stock.

Insider Activity

In related news, insider Sean F. Scanlan sold 50,000 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $7.97, for a total transaction of $398,500.00. Following the completion of the sale, the insider now directly owns 364,081 shares in the company, valued at $2,901,725.57. This represents a 12.07% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. 27.72% of the stock is owned by corporate insiders.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock opened at $5.81 on Friday. Treace Medical Concepts, Inc. has a 52-week low of $4.54 and a 52-week high of $10.79. The stock has a market capitalization of $365.39 million, a price-to-earnings ratio of -5.87 and a beta of 0.68. The company has a fifty day moving average of $6.72 and a 200-day moving average of $7.92. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.31) by $0.06. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The company had revenue of $52.57 million during the quarter, compared to analysts' expectations of $52.07 million. During the same quarter in the prior year, the company earned ($0.30) EPS. The firm's revenue was up 2.9% on a year-over-year basis. Equities research analysts expect that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Analysts Set New Price Targets

TMCI has been the subject of a number of research reports. Truist Financial cut their price target on shares of Treace Medical Concepts from $9.50 to $8.00 and set a "hold" rating for the company in a research note on Friday, April 11th. UBS Group cut their price target on shares of Treace Medical Concepts from $10.00 to $8.60 and set a "neutral" rating for the company in a research note on Friday, May 9th. Five research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $10.16.

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.

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