Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 20.1% in June

Treace Medical Concepts, Inc. (NASDAQ:TMCI) saw a large decrease in short interest in the month of June. As of June 15th, there was short interest totalling 4,057,300 shares, a decrease of 20.1% from the May 31st total of 5,080,000 shares. Currently, 9.3% of the shares of the stock are sold short. Based on an average trading volume of 1,252,300 shares, the short-interest ratio is presently 3.2 days.

Treace Medical Concepts Stock Up 0.2 %

Shares of NASDAQ:TMCI opened at $6.65 on Friday. The company has a current ratio of 3.98, a quick ratio of 3.22 and a debt-to-equity ratio of 0.42. Treace Medical Concepts has a 1 year low of $3.92 and a 1 year high of $25.76. The business has a fifty day simple moving average of $6.94 and a 200 day simple moving average of $10.77.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. The business had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. During the same period last year, the company earned ($0.23) earnings per share. Treace Medical Concepts’s quarterly revenue was up 21.1% compared to the same quarter last year. On average, equities research analysts expect that Treace Medical Concepts will post -0.89 EPS for the current fiscal year.

Insider Transactions at Treace Medical Concepts

In related news, Director Deepti Jain purchased 25,000 shares of Treace Medical Concepts stock in a transaction dated Friday, May 10th. The stock was bought at an average cost of $4.50 per share, with a total value of $112,500.00. Following the purchase, the director now owns 31,235 shares in the company, valued at approximately $140,557.50. The acquisition was disclosed in a document filed with the SEC, which is available through this link. In other Treace Medical Concepts news, CEO John T. Treace bought 150,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The stock was acquired at an average cost of $4.58 per share, with a total value of $687,000.00. Following the completion of the purchase, the chief executive officer now directly owns 5,943,095 shares in the company, valued at $27,219,375.10. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Deepti Jain bought 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average cost of $4.50 per share, with a total value of $112,500.00. Following the completion of the purchase, the director now owns 31,235 shares of the company’s stock, valued at $140,557.50. The disclosure for this purchase can be found here. In the last three months, insiders purchased 593,902 shares of company stock valued at $2,930,422. Company insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors have recently bought and sold shares of the stock. Gabelli Funds LLC raised its holdings in Treace Medical Concepts by 1.5% during the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after buying an additional 2,107 shares in the last quarter. Newbridge Financial Services Group Inc. increased its stake in shares of Treace Medical Concepts by 100.3% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after purchasing an additional 3,567 shares during the period. Quest Partners LLC bought a new position in shares of Treace Medical Concepts in the fourth quarter worth about $68,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Treace Medical Concepts by 78.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 14,524 shares of the company’s stock worth $185,000 after purchasing an additional 6,363 shares during the period. Finally, RiverPark Advisors LLC increased its stake in shares of Treace Medical Concepts by 763.9% in the first quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after purchasing an additional 7,952 shares during the period. 84.08% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently commented on TMCI. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the company from $17.00 to $7.00 in a research note on Wednesday, May 8th. Stifel Nicolaus downgraded shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the company from $15.00 to $6.00 in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $15.00 to $8.00 in a research report on Wednesday, May 8th. UBS Group cut Treace Medical Concepts from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $16.00 to $6.50 in a research report on Thursday, May 16th. Finally, BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Seven analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Treace Medical Concepts presently has a consensus rating of “Hold” and a consensus target price of $12.21.

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.