Treace Medical Concepts (NASDAQ:TMCI) Shares Gap Down – What’s Next?

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s share 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 Ratings Changes

Several equities analysts have commented on the company. Stifel Nicolaus increased their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research report on Wednesday, November 6th. Truist Financial dropped their target price on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, Treace Medical Concepts presently has an average rating of “Hold” and an average target price of $7.40.

Treace Medical Concepts Stock Down 3.8 %

The firm has a 50 day moving average of $6.43 and a 200 day moving average of $6.30. The firm has a market cap of $482.80 million, a price-to-earnings ratio of -7.83 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 released its earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.02. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The business had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same quarter last year, the firm posted ($0.28) earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts predict that Treace Medical Concepts, Inc. will post -0.91 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO John T. Treace purchased 50,000 shares of the business’s stock in a transaction on Monday, September 16th. The shares were acquired at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the completion of the acquisition, the chief executive officer now owns 6,523,095 shares in the company, valued at approximately $34,637,634.45. The trade was a 0.77 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 24.43% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. bought a new position in shares of Treace Medical Concepts in the third quarter valued at approximately $212,000. Virtu Financial LLC bought a new position in shares of Treace Medical Concepts in the third quarter valued at approximately $148,000. Barclays PLC lifted its holdings in shares of Treace Medical Concepts by 352.2% in the third quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after purchasing an additional 62,073 shares in the last quarter. Wolverine Trading LLC lifted its holdings in shares of Treace Medical Concepts by 17.7% in 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, State Street Corp lifted its holdings in shares of Treace Medical Concepts by 4.2% in the third quarter. State Street Corp now owns 997,453 shares of the company’s stock valued at $5,785,000 after purchasing an additional 39,907 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

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.