Treace Medical Concepts, Inc. (NASDAQ:TMCI) Receives Consensus Recommendation of "Hold" from Brokerages

Shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI - Get Free Report) have been assigned an average recommendation of "Hold" from the seven analysts that are covering the stock, Marketbeat.com reports. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The average twelve-month price objective among brokerages that have updated their coverage on the stock in the last year is $13.57.

A number of research analysts recently weighed in on TMCI shares. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $15.00 to $8.00 in a report on Wednesday. UBS Group cut their price objective on Treace Medical Concepts from $17.00 to $16.00 and set a "buy" rating on the stock in a research report on Wednesday. BTIG Research lowered Treace Medical Concepts from a "buy" rating to a "neutral" rating in a report on Wednesday. Stifel Nicolaus downgraded Treace Medical Concepts from a "buy" rating to a "hold" rating and cut their price target for the stock from $15.00 to $6.00 in a report on Wednesday. Finally, Truist Financial cut Treace Medical Concepts from a "buy" rating to a "hold" rating and decreased their price objective for the company from $17.00 to $7.00 in a research note on Wednesday.

Treace Medical Concepts Trading Down 62.5 %

Shares of NASDAQ:TMCI traded down $6.95 during midday trading on Wednesday, reaching $4.17. 15,613,735 shares of the company's stock were exchanged, compared to its average volume of 642,318. The stock has a market cap of $257.54 million, a price-to-earnings ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $27.70. The firm's 50 day simple moving average is $12.00 and its two-hundred day simple moving average is $11.73. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.40 and a quick ratio of 3.76.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last announced its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting analysts' consensus estimates of ($0.30). The company had revenue of $51.11 million during the quarter, compared to analysts' expectations of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. Treace Medical Concepts's revenue for the quarter was up 21.1% on a year-over-year basis. During the same period last year, the business posted ($0.23) EPS. As a group, sell-side analysts forecast that Treace Medical Concepts will post -0.91 EPS for the current fiscal year.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TMCI. Bank of New York Mellon Corp lifted its position in shares of Treace Medical Concepts by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company's stock worth $2,181,000 after buying an additional 3,051 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Treace Medical Concepts by 20.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company's stock worth $107,000 after purchasing an additional 1,376 shares during the last quarter. Emerald Mutual Fund Advisers Trust increased its position in shares of Treace Medical Concepts by 6.5% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 1,193,939 shares of the company's stock worth $15,653,000 after purchasing an additional 73,064 shares in the last quarter. Kornitzer Capital Management Inc. KS lifted its holdings in shares of Treace Medical Concepts by 6.9% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 677,733 shares of the company's stock valued at $8,885,000 after purchasing an additional 43,510 shares during the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Treace Medical Concepts by 17.1% in the 3rd quarter. Arizona State Retirement System now owns 13,097 shares of the company's stock valued at $172,000 after purchasing an additional 1,910 shares during the period. 84.08% of the stock is owned by institutional investors and hedge funds.

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.