Treace Medical Concepts (NASDAQ:TMCI) Upgraded by BTIG Research to Buy Rating

BTIG Research upgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from a neutral rating to a buy rating in a research note issued to investors on Tuesday morning, MarketBeat Ratings reports. BTIG Research currently has $16.00 price target on the stock.

TMCI has been the topic of several other reports. Lake Street Capital started coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They issued a “buy” rating and a $14.50 price objective on the stock. Truist Financial raised their price target on Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price objective on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Finally, Stifel Nicolaus increased their target price 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. Five investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $9.99.

Treace Medical Concepts Trading Up 8.5 %

Shares of TMCI opened at $10.51 on Tuesday. The stock’s fifty day simple moving average is $8.19 and its 200-day simple moving average is $6.87. The firm has a market capitalization of $654.74 million, a PE ratio of -10.62 and a beta of 0.75. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $15.98. 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 released its earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $43.48 million. During the same period in the prior year, the company posted ($0.28) EPS. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Treace Medical Concepts will post -0.92 earnings per share for the current year.

Institutional Trading of Treace Medical Concepts

Several hedge funds have recently added to or reduced their stakes in TMCI. Squarepoint Ops LLC increased its holdings in shares of Treace Medical Concepts by 300.6% in the second quarter. Squarepoint Ops LLC now owns 118,047 shares of the company’s stock worth $785,000 after acquiring an additional 88,577 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Treace Medical Concepts by 11.9% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company’s stock valued at $135,000 after purchasing an additional 2,160 shares during the period. B. Riley Wealth Advisors Inc. bought a new stake in Treace Medical Concepts during the 2nd quarter worth approximately $135,000. SG Americas Securities LLC acquired a new stake in Treace Medical Concepts during the 3rd quarter worth approximately $137,000. Finally, Ballentine Partners LLC bought a new position in Treace Medical Concepts in the third quarter valued at approximately $132,000. Institutional investors and hedge funds own 84.08% of the company’s stock.

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.