UBS Group Lowers Treace Medical Concepts (NASDAQ:TMCI) Price Target to $16.00

Treace Medical Concepts (NASDAQ:TMCI) had its target price reduced by UBS Group from $17.00 to $16.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s price objective would indicate a potential upside of 259.55% from the stock’s current price.

A number of other research analysts have also commented on TMCI. Stifel Nicolaus lowered Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $15.00 to $6.00 in a report on Wednesday. Truist Financial lowered Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $17.00 to $7.00 in a report on Wednesday. JPMorgan Chase & Co. lowered Treace Medical Concepts from an “overweight” rating to a “neutral” rating and lowered their price objective for the company from $15.00 to $8.00 in a report on Wednesday. BTIG Research lowered Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Morgan Stanley lowered Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $5.50 in a report on Wednesday. Six research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $13.57.

Treace Medical Concepts Stock Down 60.0 %

TMCI stock traded down $6.67 during mid-day trading on Wednesday, hitting $4.45. The stock had a trading volume of 4,105,144 shares, compared to its average volume of 501,954. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. Treace Medical Concepts has a 1-year low of $4.10 and a 1-year high of $27.70. The company has a fifty day moving average of $12.00 and a 200 day moving average of $11.73. The stock has a market capitalization of $274.83 million, a price-to-earnings ratio of -5.26 and a beta of 0.37.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Armistice Capital LLC bought a new stake in Treace Medical Concepts during the fourth quarter worth about $36,414,000. William Blair Investment Management LLC increased its holdings in Treace Medical Concepts by 83.3% during the 3rd quarter. William Blair Investment Management LLC now owns 1,786,001 shares of the company’s stock valued at $23,414,000 after purchasing an additional 811,777 shares in the last quarter. Norges Bank acquired a new stake in Treace Medical Concepts during the 4th quarter valued at $8,725,000. TimesSquare Capital Management LLC increased its holdings in Treace Medical Concepts by 68.9% during the 3rd quarter. TimesSquare Capital Management LLC now owns 1,433,429 shares of the company’s stock valued at $18,792,000 after purchasing an additional 584,539 shares in the last quarter. Finally, Vanguard Group Inc. increased its holdings in Treace Medical Concepts by 3.9% during the 3rd quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock valued at $54,925,000 after purchasing an additional 155,835 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.