Kornitzer Capital Management Inc. KS Reduces Stock Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Kornitzer Capital Management Inc. KS lowered its stake in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) by 30.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 365,393 shares of the company's stock after selling 161,525 shares during the quarter. Kornitzer Capital Management Inc. KS owned about 0.58% of Treace Medical Concepts worth $3,066,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in TMCI. CWM LLC lifted 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. Lisanti Capital Growth LLC bought a new position in shares of Treace Medical Concepts in the 1st quarter valued at $2,116,000. Balance Wealth LLC bought a new position in shares of Treace Medical Concepts in the 1st quarter valued at $134,000. Palumbo Wealth Management LLC lifted its stake in shares of Treace Medical Concepts by 15.4% in the 1st quarter. Palumbo Wealth Management LLC now owns 25,690 shares of the company's stock valued at $216,000 after acquiring an additional 3,431 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its stake in shares of Treace Medical Concepts by 1.1% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 244,800 shares of the company's stock valued at $2,054,000 after acquiring an additional 2,645 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on TMCI shares. Truist Financial dropped their price target on 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 lowered their target price 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. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Treace Medical Concepts currently has an average rating of "Hold" and an average price target of $10.52.

Treace Medical Concepts Stock Performance

Shares of Treace Medical Concepts stock traded down $0.01 during mid-day trading on Friday, hitting $5.78. 43,179 shares of the stock were exchanged, compared to its average volume of 486,518. Treace Medical Concepts, Inc. has a 12 month low of $4.54 and a 12 month high of $10.79. The company has a 50-day simple moving average of $6.03 and a 200 day simple moving average of $7.55. The company has a debt-to-equity ratio of 0.51, a quick ratio of 3.36 and a current ratio of 4.50. The company has a market capitalization of $363.50 million, a P/E ratio of -6.78 and a beta of 0.69.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.06. Treace Medical Concepts had a negative return on equity of 48.69% and a negative net margin of 25.14%. The business had revenue of $52.57 million for the quarter, compared to the consensus estimate of $52.07 million. During the same quarter in the prior year, the business earned ($0.30) earnings per share. Treace Medical Concepts's revenue for the quarter was up 2.9% on a year-over-year basis. Sell-side analysts anticipate that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

Treace Medical Concepts 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.