Bank of America Corp DE Grows Stake 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% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 144,068 shares of the company's stock after purchasing an additional 59,848 shares during the quarter. Bank of America Corp DE owned approximately 0.23% of Treace Medical Concepts worth $1,072,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TMCI. SG Americas Securities LLC raised its stake in shares of Treace Medical Concepts by 20.4% during the 4th quarter. SG Americas Securities LLC now owns 28,404 shares of the company's stock worth $211,000 after buying an additional 4,813 shares during the last quarter. Rhumbline Advisers raised its position in shares of Treace Medical Concepts by 2.0% during the 4th quarter. Rhumbline Advisers now owns 66,073 shares of the company's stock worth $492,000 after purchasing an additional 1,300 shares during the last quarter. Palumbo Wealth Management LLC lifted its stake in Treace Medical Concepts by 71.3% in the 4th quarter. Palumbo Wealth Management LLC now owns 22,259 shares of the company's stock valued at $166,000 after buying an additional 9,263 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Treace Medical Concepts by 2.6% in the fourth quarter. Bank of New York Mellon Corp now owns 125,945 shares of the company's stock worth $937,000 after acquiring an additional 3,215 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Treace Medical Concepts in the fourth quarter worth $392,000. Institutional investors and hedge funds own 84.08% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. UBS Group dropped their price objective on Treace Medical Concepts from $10.00 to $8.60 and set a "neutral" rating for the company in a research report on Friday, May 9th. Truist Financial lowered 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 report on Friday, April 11th. Five research analysts have rated the stock with a hold rating and two have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $10.16.

Treace Medical Concepts Trading Up 4.6%

Shares of TMCI stock traded up $0.27 during trading hours on Tuesday, hitting $6.17. 294,459 shares of the company were exchanged, compared to its average volume of 558,886. The firm has a fifty day moving average of $6.64 and a 200 day moving average of $7.89. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. Treace Medical Concepts, Inc. has a 1 year low of $4.54 and a 1 year high of $10.79. The firm has a market cap of $388.03 million, a PE ratio of -6.23 and a beta of 0.68.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share 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 for the quarter, compared to analyst estimates of $52.07 million. During the same quarter last year, the business earned ($0.30) EPS. Treace Medical Concepts's revenue for the quarter was up 2.9% on a year-over-year basis. Analysts expect that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current year.

Insider Activity at Treace Medical Concepts

In other news, insider Sean F. Scanlan sold 50,000 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $7.97, for a total value of $398,500.00. Following the transaction, 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 through this hyperlink. 27.72% of the stock is owned by insiders.

About Treace Medical Concepts

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.