Millennium Management LLC Lowers Holdings in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Millennium Management LLC decreased its holdings in Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) by 40.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 328,773 shares of the company's stock after selling 225,719 shares during the period. Millennium Management LLC owned approximately 0.53% of Treace Medical Concepts worth $2,446,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of TMCI. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Treace Medical Concepts in the fourth quarter valued at approximately $342,000. Norges Bank purchased a new position in Treace Medical Concepts during the fourth quarter worth approximately $490,000. Rhumbline Advisers boosted its stake in Treace Medical Concepts by 2.0% during the fourth quarter. Rhumbline Advisers now owns 66,073 shares of the company's stock worth $492,000 after buying an additional 1,300 shares during the last quarter. BNP Paribas Financial Markets purchased a new stake in Treace Medical Concepts in the 4th quarter valued at $590,000. Finally, William Blair Investment Management LLC grew its holdings in Treace Medical Concepts by 22.9% in the 4th quarter. William Blair Investment Management LLC now owns 2,938,848 shares of the company's stock valued at $21,865,000 after buying an additional 546,787 shares in the last quarter. Institutional investors and hedge funds own 84.08% of the company's stock.

Insiders Place Their Bets

In other news, insider Sean F. Scanlan sold 50,000 shares of Treace Medical Concepts stock in a transaction on Monday, March 17th. The stock was sold at an average price of $7.97, for a total value of $398,500.00. Following the completion of the sale, the insider now directly owns 364,081 shares of the company's stock, valued at approximately $2,901,725.57. The trade was a 12.07% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 27.72% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on TMCI. BTIG Research raised shares of Treace Medical Concepts from a "neutral" rating to a "buy" rating and set a $16.00 price target on the stock in a research report on Tuesday, February 4th. UBS Group reduced their target price on shares of Treace Medical Concepts from $10.00 to $8.60 and set a "neutral" rating on the stock in a research note on Friday, May 9th. Finally, Truist Financial dropped 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. Five analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, Treace Medical Concepts presently has an average rating of "Hold" and an average price target of $10.16.

Treace Medical Concepts Trading Up 1.2%

NASDAQ TMCI traded up $0.07 during trading hours on Tuesday, reaching $5.81. The company had a trading volume of 386,882 shares, compared to its average volume of 592,413. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $365.39 million, a P/E ratio of -5.87 and a beta of 0.79. The stock has a 50-day moving average of $6.92 and a 200 day moving average of $7.97. Treace Medical Concepts, Inc. has a 1-year low of $4.54 and a 1-year high of $10.79.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last released its quarterly earnings results 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. The business had revenue of $52.57 million for the quarter, compared to the consensus estimate of $52.07 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The business's revenue was up 2.9% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.30) EPS. As a group, research analysts anticipate that Treace Medical Concepts, Inc. will post -0.92 earnings per share 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.