Treace Medical Concepts (NASDAQ:TMCI) Stock Price Down 6.8%

Treace Medical Concepts, Inc. (NASDAQ:TMCI)’s share price dropped 6.8% during trading on Thursday . The company traded as low as $14.20 and last traded at $14.32. Approximately 150,681 shares changed hands during trading, a decline of 62% from the average daily volume of 397,596 shares. The stock had previously closed at $15.37.

Wall Street Analysts Forecast Growth

TMCI has been the subject of a number of recent research reports. Truist Financial dropped their price objective on Treace Medical Concepts from $33.00 to $30.00 and set a “buy” rating for the company in a research report on Wednesday, August 9th. BTIG Research dropped their price objective on Treace Medical Concepts from $32.00 to $27.50 and set a “buy” rating for the company in a research report on Monday, August 28th. Finally, Stephens dropped their price objective on Treace Medical Concepts from $27.00 to $25.00 and set an “equal weight” rating for the company in a research report on Thursday, August 10th. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, Treace Medical Concepts presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.90.

Treace Medical Concepts Stock Performance

The stock’s 50 day moving average price is $19.72 and its 200 day moving average price is $23.17. The company has a current ratio of 6.60, a quick ratio of 5.73 and a debt-to-equity ratio of 0.35. The company has a market cap of $835.71 million, a price-to-earnings ratio of -18.60 and a beta of 0.01.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, August 8th. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.23) by $0.03. Treace Medical Concepts had a negative net margin of 25.32% and a negative return on equity of 39.29%. The company had revenue of $41.95 million during the quarter, compared to the consensus estimate of $40.84 million. During the same quarter in the prior year, the company posted ($0.23) EPS. The company’s quarterly revenue was up 40.0% compared to the same quarter last year. On average, analysts expect that Treace Medical Concepts, Inc. will post -0.72 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TMCI. Altshuler Shaham Ltd acquired a new position in shares of Treace Medical Concepts during the 4th quarter valued at about $25,000. UBS Group AG increased its position in Treace Medical Concepts by 79.1% during the 3rd quarter. UBS Group AG now owns 1,442 shares of the company’s stock worth $32,000 after purchasing an additional 637 shares in the last quarter. Pinebridge Investments L.P. acquired a new stake in Treace Medical Concepts during the 2nd quarter worth approximately $33,000. Tower Research Capital LLC TRC increased its position in Treace Medical Concepts by 72.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 1,785 shares of the company’s stock worth $46,000 after purchasing an additional 752 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in Treace Medical Concepts during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 61.85% of the company’s stock.

About Treace Medical Concepts

Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices for physicians, surgeons, ambulatory surgery centers, and hospitals 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.