Treace Medical Concepts (NASDAQ:TMCI) Given New $4.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Treace Medical Concepts from $2.00 to $4.00 while keeping a hold rating, implying about 11.6% downside from the current price.
• The stock rose 2.8% to $4.53 in Thursday trading, and the company reported quarterly results that beat estimates with EPS of -$0.28 and revenue of $47.2 million.
• Insider and institutional activity has been active: CEO John T. Treace bought 61,750 shares, and institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) had its price objective upped by equities researchers at Truist Financial from $2.00 to $4.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's target price would indicate a potential downside of 11.60% from the stock's current price.

A number of other research analysts have also issued reports on the stock. Weiss Ratings upgraded shares of Treace Medical Concepts from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, June 15th. Wall Street Zen raised shares of Treace Medical Concepts from a "sell" rating to a "hold" rating in a research note on Saturday, June 20th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat, Treace Medical Concepts has an average rating of "Reduce" and an average target price of $4.97.

Treace Medical Concepts Trading Up 2.8%

Shares of NASDAQ TMCI traded up $0.12 during mid-day trading on Thursday, reaching $4.53. The company had a trading volume of 228,585 shares, compared to its average volume of 810,656. The stock has a market cap of $293.55 million, a price-to-earnings ratio of -4.65 and a beta of 1.37. Treace Medical Concepts has a 52 week low of $1.17 and a 52 week high of $7.78. The business's 50-day moving average is $3.61 and its 200-day moving average is $2.55. The company has a current ratio of 3.58, a quick ratio of 2.53 and a debt-to-equity ratio of 0.72.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last issued its earnings results on Friday, May 8th. The company reported ($0.28) earnings per share for the quarter, topping the consensus estimate of ($0.31) by $0.03. The business had revenue of $47.20 million during the quarter, compared to analysts' expectations of $45.96 million. Treace Medical Concepts had a negative return on equity of 67.04% and a negative net margin of 29.44%. Equities analysts expect that Treace Medical Concepts will post -0.88 earnings per share for the current year.

Insider Activity

In other Treace Medical Concepts news, CEO John T. Treace acquired 61,750 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The stock was acquired at an average cost of $2.62 per share, with a total value of $161,785.00. Following the acquisition, the chief executive officer directly owned 7,158,313 shares of the company's stock, valued at $18,754,780.06. This represents a 0.87% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired a total of 371,600 shares of company stock worth $1,104,801 over the last three months. Insiders own 23.42% of the company's stock.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in Treace Medical Concepts by 38.9% in the first quarter. Bank of America Corp DE now owns 3,214,293 shares of the company's stock worth $4,307,000 after purchasing an additional 900,071 shares during the period. Gagnon Securities LLC raised its stake in shares of Treace Medical Concepts by 37.7% in the 4th quarter. Gagnon Securities LLC now owns 3,110,575 shares of the company's stock valued at $7,621,000 after buying an additional 852,337 shares in the last quarter. Weber Capital Management LLC ADV acquired a new position in shares of Treace Medical Concepts in the 4th quarter valued at $1,445,000. Gagnon Advisors LLC lifted its holdings in shares of Treace Medical Concepts by 58.4% during the 4th quarter. Gagnon Advisors LLC now owns 1,534,034 shares of the company's stock worth $3,758,000 after acquiring an additional 565,570 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in shares of Treace Medical Concepts during the 1st quarter valued at about $701,000. Institutional investors and hedge funds own 84.08% of the company's stock.

About Treace Medical Concepts

Treace Medical Concepts, Inc is a medical technology company specializing in the development and commercialization of innovative surgical solutions for foot and ankle conditions. The company's flagship product, the Lapiplasty 3D Bunion Correction System, addresses the underlying joint instability that causes bunion deformity through a patented, multi-plane correction approach. The system combines proprietary instrumentation, fixation plates, and a comprehensive surgical protocol designed to improve patient outcomes and reduce recurrence rates.

The Lapiplasty System has received clearance from the U.S.

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