Treace Medical Concepts (NASDAQ:TMCI) Cut to Equal Weight at Morgan Stanley

Morgan Stanley downgraded shares of Treace Medical Concepts (NASDAQ:TMCI - Free Report) from an overweight rating to an equal weight rating in a research note released on Wednesday, MarketBeat Ratings reports. They currently have $5.50 price target on the stock, down from their previous price target of $15.00.

Other research analysts have also recently issued research reports about the stock. BTIG Research cut shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. JPMorgan Chase & Co. cut Treace Medical Concepts from an overweight rating to a neutral rating and reduced their price objective for the company from $15.00 to $8.00 in a research note on Wednesday. Stifel Nicolaus lowered Treace Medical Concepts from a buy rating to a hold rating and decreased their target price for the company from $15.00 to $6.00 in a report on Wednesday. Finally, Truist Financial lowered shares of Treace Medical Concepts from a buy rating to a hold rating and cut their target price for the stock from $17.00 to $7.00 in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Treace Medical Concepts has a consensus rating of Hold and an average target price of $13.57.

Treace Medical Concepts Price Performance

Shares of NASDAQ TMCI traded down $6.95 during midday trading on Wednesday, hitting $4.17. The stock had a trading volume of 15,613,735 shares, compared to its average volume of 642,318. Treace Medical Concepts has a 1 year low of $3.92 and a 1 year high of $27.70. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. The stock has a 50 day simple moving average of $12.00 and a 200-day simple moving average of $11.73. The company has a market capitalization of $257.54 million, a PE ratio of -5.15 and a beta of 0.37.

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

Institutional Investors Weigh In On Treace Medical Concepts

Several institutional investors have recently bought and sold shares of TMCI. Vanguard Group Inc. lifted its position in Treace Medical Concepts by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company's stock worth $54,925,000 after acquiring an additional 155,835 shares in the last quarter. Armistice Capital LLC acquired a new position in shares of Treace Medical Concepts during the fourth quarter worth $36,414,000. William Blair Investment Management LLC boosted its stake in shares of Treace Medical Concepts by 83.3% in the third quarter. William Blair Investment Management LLC now owns 1,786,001 shares of the company's stock valued at $23,414,000 after purchasing an additional 811,777 shares during the period. TimesSquare Capital Management LLC grew its holdings in Treace Medical Concepts by 22.0% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,749,120 shares of the company's stock valued at $22,301,000 after purchasing an additional 315,691 shares in the last quarter. Finally, CIBC Private Wealth Group LLC increased its stake in Treace Medical Concepts by 5.5% during the 4th quarter. CIBC Private Wealth Group LLC now owns 1,460,081 shares of the company's stock worth $18,616,000 after buying an additional 76,030 shares during the period. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Treace Medical Concepts Company 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.