Lake Street Capital Initiates Coverage on Treace Medical Concepts (NASDAQ:TMCI)

Lake Street Capital began coverage on shares of Treace Medical Concepts (NASDAQ:TMCI) in a research note published on Tuesday, MarketBeat Ratings reports. The firm issued a buy rating and a $14.50 price target on the stock.

Several other equities research analysts have also issued reports on the company. Stifel Nicolaus lifted their price objective on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Finally, Truist Financial upped their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat, Treace Medical Concepts presently has an average rating of “Hold” and a consensus price target of $8.98.

Treace Medical Concepts Stock Up 5.8 %

TMCI stock opened at $7.87 on Tuesday. The stock has a 50-day simple moving average of $7.23 and a two-hundred day simple moving average of $6.55. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $15.98. The firm has a market capitalization of $490.28 million, a PE ratio of -7.95 and a beta of 0.66. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, beating the consensus estimate of ($0.27) by $0.02. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The company had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same quarter in the previous year, the company earned ($0.28) earnings per share. Treace Medical Concepts’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts predict that Treace Medical Concepts will post -0.92 EPS for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

Institutional investors have recently bought and sold shares of the stock. Wolverine Trading LLC boosted its stake in shares of Treace Medical Concepts by 17.7% during the third quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after purchasing an additional 1,946 shares during the period. The Manufacturers Life Insurance Company boosted its position in Treace Medical Concepts by 11.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company’s stock valued at $135,000 after buying an additional 2,160 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in Treace Medical Concepts by 59.5% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company’s stock worth $111,000 after acquiring an additional 6,227 shares during the last quarter. Quarry LP purchased a new position in shares of Treace Medical Concepts in the third quarter valued at about $38,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its stake in shares of Treace Medical Concepts by 243.4% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock valued at $62,000 after acquiring an additional 7,522 shares during the last quarter. 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.