Treace Medical Concepts (NASDAQ:TMCI) Hits New 12-Month High at $26.46

Treace Medical Concepts, Inc. (NASDAQ:TMCI – Get Rating)’s share price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $26.46 and last traded at $26.46, with a volume of 1 shares traded. The stock had previously closed at $26.22.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on TMCI. Morgan Stanley upped their target price on Treace Medical Concepts from $23.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, October 11th. BTIG Research increased their price objective on Treace Medical Concepts to $29.00 in a research report on Tuesday, November 15th.

Treace Medical Concepts Stock Down 0.2 %

The company has a quick ratio of 4.92, a current ratio of 5.66 and a debt-to-equity ratio of 0.85. The company has a market capitalization of $1.43 billion, a P/E ratio of -31.73 and a beta of -0.15. The firm has a 50-day moving average price of $23.54 and a two-hundred day moving average price of $21.51.

Treace Medical Concepts (NASDAQ:TMCI – Get Rating) last posted its quarterly earnings data on Tuesday, November 8th. The company reported ($0.22) earnings per share for the quarter, beating the consensus estimate of ($0.28) by $0.06. The company had revenue of $33.06 million during the quarter, compared to analysts’ expectations of $30.10 million. Treace Medical Concepts had a negative return on equity of 51.67% and a negative net margin of 35.87%. Equities research analysts anticipate that Treace Medical Concepts, Inc. will post -0.75 EPS for the current fiscal year.

Insider Activity at Treace Medical Concepts

In related news, Director Thomas E. Timbie sold 50,000 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $20.14, for a total value of $1,007,000.00. Following the completion of the transaction, the director now directly owns 1,399,069 shares in the company, valued at $28,177,249.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Thomas E. Timbie sold 50,000 shares of the company’s stock in a transaction on Wednesday, November 16th. The stock was sold at an average price of $20.14, for a total value of $1,007,000.00. Following the completion of the transaction, the director now directly owns 1,399,069 shares in the company, valued at $28,177,249.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard W. Mott sold 11,014 shares of the company’s stock in a transaction on Tuesday, January 17th. The shares were sold at an average price of $26.00, for a total value of $286,364.00. Following the completion of the transaction, the director now owns 1,250,000 shares of the company’s stock, valued at $32,500,000. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 26,825 shares of company stock worth $584,045 and sold 590,550 shares worth $13,691,793. 41.89% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in Treace Medical Concepts by 26.3% during the third quarter. Bank of New York Mellon Corp now owns 101,382 shares of the company’s stock worth $2,237,000 after acquiring an additional 21,089 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new position in Treace Medical Concepts during the third quarter worth $2,841,000. Advisory Research Inc. acquired a new position in Treace Medical Concepts during the third quarter worth $2,479,000. State Street Corp raised its stake in Treace Medical Concepts by 36.0% during the third quarter. State Street Corp now owns 657,895 shares of the company’s stock worth $14,520,000 after acquiring an additional 174,080 shares in the last quarter. Finally, Castleark Management LLC acquired a new position in Treace Medical Concepts during the third quarter worth $3,325,000. 46.17% of the stock is currently owned by institutional investors and hedge funds.

Treace Medical Concepts Company Profile

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Treace Medical Concepts, Inc, an orthopedic medical device company, engages in the design, manufacture, and marketing of medical devices for foot and ankle surgeons in the United States. It offers Lapiplasty procedure that allows podiatric surgeons to treat all three dimensions of the bunion, providing patients with a cosmetic and medical improvement.