Treace Medical Concepts, Inc. (NASDAQ:TMCI) Given Average Recommendation of "Hold" by Brokerages

Key Points

• Treace Medical Concepts, Inc. (TMCI) has an average rating of "Hold" from six analysts, with a consensus price target of $10.52.
• Institutional investors own approximately 84.08% of TMCI, indicating strong backing from major financial entities.
• The company reported a negative earnings per share (EPS) of ($0.25) for the last quarter, surpassing analysts' expectations of ($0.31), with quarterly revenue increasing by 2.9% year-over-year.

Treace Medical Concepts, Inc. (NASDAQ:TMCI - Get Free Report) has been given a consensus recommendation of "Hold" by the six ratings firms that are presently covering the company, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $10.52.

Several analysts recently issued reports on the stock. UBS Group decreased their price objective on shares of Treace Medical Concepts from $10.00 to $8.60 and set a "neutral" rating for the company in a report on Friday, May 9th. Truist Financial dropped their price objective on Treace Medical Concepts from $9.50 to $8.00 and set a "hold" rating on the stock in a research note on Friday, April 11th.

Treace Medical Concepts Stock Down 0.6%

NASDAQ TMCI traded down $0.03 on Friday, hitting $5.34. 365,581 shares of the stock traded hands, compared to its average volume of 240,226. The stock has a 50-day moving average of $5.83 and a 200 day moving average of $7.40. Treace Medical Concepts has a twelve month low of $4.54 and a twelve month high of $10.79. The company has a market capitalization of $335.83 million, a P/E ratio of -6.28 and a beta of 0.68. The company has a current ratio of 4.50, a quick ratio of 3.36 and a debt-to-equity ratio of 0.51.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $52.07 million. During the same period in the prior year, the firm earned ($0.30) EPS. The business's quarterly revenue was up 2.9% on a year-over-year basis. As a group, analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current fiscal year.

Institutional Trading of Treace Medical Concepts

Several institutional investors and hedge funds have recently made changes to their positions in TMCI. JPMorgan Chase & Co. raised its holdings in shares of Treace Medical Concepts by 56.6% in the 4th quarter. JPMorgan Chase & Co. now owns 1,977,219 shares of the company's stock valued at $14,711,000 after purchasing an additional 714,984 shares during the period. Parkman Healthcare Partners LLC bought a new stake in shares of Treace Medical Concepts during the 1st quarter worth approximately $5,987,000. Gagnon Securities LLC grew its position in Treace Medical Concepts by 28.8% in the second quarter. Gagnon Securities LLC now owns 2,250,148 shares of the company's stock valued at $13,231,000 after acquiring an additional 503,612 shares during the last quarter. Driehaus Capital Management LLC acquired a new position in shares of Treace Medical Concepts during the first quarter worth $3,929,000. Finally, Gagnon Advisors LLC increased its holdings in shares of Treace Medical Concepts by 69.5% during the second quarter. Gagnon Advisors LLC now owns 830,270 shares of the company's stock worth $4,882,000 after buying an additional 340,379 shares in the last quarter. Institutional investors own 84.08% of the company's stock.

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.