Treace Medical Concepts (NASDAQ:TMCI) Stock Rating Lowered by Truist Financial

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by analysts at Truist Financial from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, Briefing.com reports. They currently have a $7.00 price target on the stock, down from their prior price target of $17.00. Truist Financial’s target price would indicate a potential downside of 37.05% from the company’s previous close.

A number of other brokerages have also recently issued reports on TMCI. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday. JPMorgan Chase & Co. downgraded Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their price objective for the company from $15.00 to $8.00 in a report on Wednesday. Finally, Stifel Nicolaus cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the company from $15.00 to $6.00 in a report on Wednesday. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $15.93.

Treace Medical Concepts Stock Performance

Shares of Treace Medical Concepts stock opened at $11.12 on Wednesday. The firm has a market capitalization of $686.77 million, a P/E ratio of -13.73 and a beta of 0.37. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. Treace Medical Concepts has a 52 week low of $5.27 and a 52 week high of $27.70. The firm’s 50 day moving average is $12.00 and its two-hundred day moving average is $11.73.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The firm had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. During the same period last year, the business earned ($0.23) EPS. Treace Medical Concepts’s revenue for the quarter was up 21.1% compared to the same quarter last year. Research analysts forecast that Treace Medical Concepts will post -0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Van ECK Associates Corp increased its stake in shares of Treace Medical Concepts by 48.7% during the third quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after acquiring an additional 1,340 shares during the period. Quest Partners LLC purchased a new stake in Treace Medical Concepts in the 4th quarter valued at approximately $68,000. Newbridge Financial Services Group Inc. increased its position in Treace Medical Concepts by 100.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after purchasing an additional 3,567 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Treace Medical Concepts by 20.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after buying an additional 1,376 shares in the last quarter. Finally, RiverPark Advisors LLC raised its stake in shares of Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after buying an additional 7,952 shares in the last quarter. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

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.