Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Declines By 39.5%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decline in short interest in November. As of November 15th, there was short interest totalling 2,990,000 shares, a decline of 39.5% from the October 31st total of 4,940,000 shares. Based on an average trading volume of 593,300 shares, the short-interest ratio is currently 5.0 days. Approximately 6.5% of the shares of the stock are short sold.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on TMCI shares. Truist Financial lowered their target price on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research note on Monday, October 14th. Stifel Nicolaus upped their target price on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday, November 6th. Finally, UBS Group raised their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Six research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.40.

Insider Activity

In related news, CEO John T. Treace bought 50,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was acquired at an average cost of $5.31 per share, with a total value of $265,500.00. Following the acquisition, the chief executive officer now 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 24.43% of the stock is owned by company insiders.

Institutional Investors Weigh In On Treace Medical Concepts

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC grew its position in shares of Treace Medical Concepts by 3,441.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock worth $31,000 after buying an additional 4,508 shares during the period. Quarry LP bought a new stake in Treace Medical Concepts in the third quarter valued at approximately $38,000. Nisa Investment Advisors LLC raised its holdings in Treace Medical Concepts by 34,240.7% in the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock worth $62,000 after purchasing an additional 9,245 shares during the period. HighTower Advisors LLC acquired a new stake in Treace Medical Concepts in the third quarter worth $58,000. Finally, CWM LLC boosted its position in shares of Treace Medical Concepts by 208.7% during the second quarter. CWM LLC now owns 10,097 shares of the company’s stock worth $67,000 after purchasing an additional 6,826 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Trading Down 0.5 %

Treace Medical Concepts stock traded down $0.04 during trading hours on Friday, reaching $8.52. 177,281 shares of the company’s stock traded hands, compared to its average volume of 815,779. The firm has a market capitalization of $530.80 million, a price-to-earnings ratio of -8.61 and a beta of 0.24. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $15.98. The firm’s 50 day moving average is $6.18 and its 200-day moving average is $6.21.

Treace Medical Concepts (NASDAQ:TMCI) last released its earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. The firm 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 business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.28) EPS. On average, analysts predict that Treace Medical Concepts will post -0.92 earnings per share for the current year.

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.