Treace Medical Concepts (NASDAQ:TMCI) Stock Price Up 10.3% – Still a Buy?

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s stock price shot up 10.3% during trading on Monday . The company traded as high as $8.33 and last traded at $8.05. 125,303 shares were traded during mid-day trading, a decline of 48% from the average session volume of 239,803 shares. The stock had previously closed at $7.30.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on TMCI shares. Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a research report on Tuesday, December 31st. They set a “buy” rating and a $14.50 target price on the stock. Truist Financial upped their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research report on Wednesday, December 18th. Stifel Nicolaus lifted their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a report on Wednesday, November 6th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Six investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $8.98.

Treace Medical Concepts Stock Up 12.7 %

The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The company has a fifty day simple moving average of $7.63 and a two-hundred day simple moving average of $6.63. The firm has a market capitalization of $512.70 million, a PE ratio of -8.31 and a beta of 0.69.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) earnings per share 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 analyst estimates 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 revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.28) earnings per share. Analysts forecast that Treace Medical Concepts, Inc. will post -0.92 EPS for the current fiscal year.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors have recently bought and sold shares of the business. Quarry LP purchased a new stake in Treace Medical Concepts during the third quarter worth $38,000. HighTower Advisors LLC bought a new position in shares of Treace Medical Concepts in the 3rd quarter worth $58,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Treace Medical Concepts by 243.4% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock worth $62,000 after purchasing an additional 7,522 shares during the last quarter. Wolverine Trading LLC boosted its position in 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 in the last quarter. Finally, Walleye Capital LLC purchased a new position in Treace Medical Concepts in the third quarter valued at about $75,000. 84.08% of the stock is owned by hedge funds and other institutional investors.

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.