Treace Medical Concepts (NASDAQ:TMCI) Shares Gap Down – Here’s Why

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $8.78, but opened at $8.58. Treace Medical Concepts shares last traded at $8.55, with a volume of 3,924 shares trading hands.

Analyst Upgrades and Downgrades

TMCI has been the topic of several analyst reports. Stifel Nicolaus lifted their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. UBS Group boosted their price objective on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a report on Wednesday, August 7th. Finally, Truist Financial decreased their price objective on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a report on Monday, October 14th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Treace Medical Concepts has a consensus rating of “Hold” and a consensus price target of $7.40.

Treace Medical Concepts Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98. The company has a market cap of $514.60 million, a price-to-earnings ratio of -8.63 and a beta of 0.66. The business’s 50-day simple moving average is $6.38 and its 200-day simple moving average is $6.29.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. The company had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.28) earnings per share. Research analysts predict that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO John T. Treace acquired 50,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was acquired at an average price of $5.31 per share, with a total value of $265,500.00. Following the completion of the transaction, the chief executive officer now directly owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. This represents a 0.77 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. 24.43% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors have recently modified their holdings of TMCI. Armistice Capital LLC raised its position in shares of Treace Medical Concepts by 123.3% in the second quarter. Armistice Capital LLC now owns 5,360,000 shares of the company’s stock valued at $35,644,000 after buying an additional 2,960,000 shares during the last quarter. William Blair Investment Management LLC raised its position in shares of Treace Medical Concepts by 58.0% in the second quarter. William Blair Investment Management LLC now owns 3,681,718 shares of the company’s stock valued at $24,483,000 after buying an additional 1,352,207 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Treace Medical Concepts in the second quarter valued at approximately $2,412,000. Acadian Asset Management LLC acquired a new position in shares of Treace Medical Concepts in the second quarter valued at approximately $2,247,000. Finally, Marshall Wace LLP increased its position in Treace Medical Concepts by 65.9% during the second quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock worth $3,079,000 after purchasing an additional 183,921 shares during the last quarter. 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.