Truist Financial Raises Treace Medical Concepts (NASDAQ:TMCI) Price Target to $8.40

Treace Medical Concepts (NASDAQ:TMCI) had its target price hoisted by Truist Financial from $7.00 to $8.40 in a report released on Wednesday,Benzinga reports. The firm currently has a hold rating on the stock.

TMCI has been the topic of a number of other reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $8.00 price objective on shares of Treace Medical Concepts in a research note on Tuesday. Stifel Nicolaus lifted their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Six analysts have rated the stock with a hold rating, According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.88.

Treace Medical Concepts Stock Performance

TMCI stock opened at $6.94 on Wednesday. The firm has a 50 day moving average of $6.87 and a two-hundred day moving average of $6.46. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98. The company has a market capitalization of $432.34 million, a price-to-earnings ratio of -7.01 and a beta of 0.66. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data 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. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The firm had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same period in the prior year, the company posted ($0.28) earnings per share. Treace Medical Concepts’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities analysts anticipate that Treace Medical Concepts will post -0.92 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Armistice Capital LLC grew its stake 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 worth $35,644,000 after acquiring an additional 2,960,000 shares during the last quarter. William Blair Investment Management LLC boosted its holdings in Treace Medical Concepts by 58.0% in the 2nd quarter. William Blair Investment Management LLC now owns 3,681,718 shares of the company’s stock valued at $24,483,000 after purchasing an additional 1,352,207 shares during the period. Point72 Asset Management L.P. acquired a new stake in Treace Medical Concepts in the 2nd quarter worth $2,412,000. Acadian Asset Management LLC bought a new position in shares of Treace Medical Concepts during the 2nd quarter worth about $2,247,000. Finally, Marshall Wace LLP raised its position in shares of Treace Medical Concepts by 65.9% during the second quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock valued at $3,079,000 after buying an additional 183,921 shares during the last quarter. 84.08% of the stock is owned by institutional investors.

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.