Insider Selling: Treace Medical Concepts, Inc. (NASDAQ:TMCI) Insider Sells 50,000 Shares of Stock

Treace Medical Concepts, Inc. (NASDAQ:TMCI) insider Sean F. Scanlan sold 50,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $7.97, for a total transaction of $398,500.00. Following the completion of the sale, the insider now owns 364,081 shares of the company’s stock, valued at $2,901,725.57. This trade represents a 12.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Treace Medical Concepts Trading Down 2.6 %

Shares of NASDAQ TMCI traded down $0.22 during midday trading on Wednesday, reaching $8.21. 320,856 shares of the stock were exchanged, compared to its average volume of 731,328. The company has a market capitalization of $514.10 million, a P/E ratio of -8.29 and a beta of 0.77. Treace Medical Concepts, Inc. has a 52-week low of $3.92 and a 52-week high of $13.24. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The stock has a 50 day moving average price of $9.19 and a 200-day moving average price of $7.44.

Institutional Investors Weigh In On Treace Medical Concepts

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alpha Wealth Funds LLC purchased a new stake in shares of Treace Medical Concepts during the fourth quarter worth about $96,000. PharVision Advisers LLC purchased a new stake in shares of Treace Medical Concepts during the fourth quarter worth about $143,000. Two Sigma Advisers LP grew its holdings in shares of Treace Medical Concepts by 45.2% during the fourth quarter. Two Sigma Advisers LP now owns 47,900 shares of the company’s stock worth $356,000 after buying an additional 14,900 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Treace Medical Concepts in the fourth quarter valued at approximately $1,414,000. Finally, ProShare Advisors LLC purchased a new stake in Treace Medical Concepts in the fourth quarter valued at approximately $102,000. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts recently commented on TMCI shares. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price objective on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. BTIG Research upgraded shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Tuesday, February 4th. Truist Financial dropped their target price on shares of Treace Medical Concepts from $10.00 to $9.50 and set a “hold” rating for the company in a report on Thursday, March 13th. Finally, Lake Street Capital initiated coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $10.14.

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.