Connor Clark & Lunn Investment Management Ltd. Acquires 36,566 Shares of Treace Medical Concepts, Inc. $TMCI

Key Points

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Connor Clark & Lunn Investment Management Ltd. grew its stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) by 79.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 82,489 shares of the company's stock after acquiring an additional 36,566 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned 0.13% of Treace Medical Concepts worth $692,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. CWM LLC increased its stake in shares of Treace Medical Concepts by 126.0% in the 1st quarter. CWM LLC now owns 8,706 shares of the company's stock valued at $73,000 after acquiring an additional 4,853 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Treace Medical Concepts by 10,236.0% in the 1st quarter. GAMMA Investing LLC now owns 10,336 shares of the company's stock valued at $87,000 after acquiring an additional 10,236 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of Treace Medical Concepts in the 4th quarter valued at about $77,000. XTX Topco Ltd bought a new stake in shares of Treace Medical Concepts in the 1st quarter valued at about $88,000. Finally, Boothbay Fund Management LLC bought a new stake in shares of Treace Medical Concepts in the 4th quarter valued at about $90,000. 84.08% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TMCI. Stifel Nicolaus lowered their price target on Treace Medical Concepts from $9.00 to $6.00 and set a "hold" rating for the company in a research note on Friday, August 8th. UBS Group reissued a "neutral" rating and set a $6.50 target price (down from $8.60) on shares of Treace Medical Concepts in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $9.83.

Treace Medical Concepts Stock Up 6.1%

NASDAQ TMCI traded up $0.44 during trading hours on Friday, reaching $7.70. 423,642 shares of the company's stock were exchanged, compared to its average volume of 413,383. The company has a market capitalization of $486.41 million, a price-to-earnings ratio of -9.75 and a beta of 0.68. Treace Medical Concepts, Inc. has a one year low of $4.54 and a one year high of $10.79. The company's 50-day moving average is $6.03 and its two-hundred day moving average is $7.08. The company has a debt-to-equity ratio of 0.55, a quick ratio of 2.51 and a current ratio of 3.52.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.29) by $0.01. The company had revenue of $47.39 million during the quarter, compared to analysts' expectations of $47.08 million. Treace Medical Concepts had a negative net margin of 23.01% and a negative return on equity of 46.76%. Treace Medical Concepts has set its FY 2025 guidance at EPS. On average, analysts forecast that Treace Medical Concepts, Inc. will post -0.92 EPS for the current fiscal year.

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.