Treace Medical Concepts (NASDAQ:TMCI) Downgraded by JPMorgan Chase & Co.

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research report issued on Wednesday, Marketbeat Ratings reports. They currently have a $8.00 price target on the stock, down from their previous price target of $15.00. JPMorgan Chase & Co.‘s price objective points to a potential downside of 28.06% from the company’s previous close.

Separately, BTIG Research downgraded shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $17.21.

Treace Medical Concepts Price Performance

Shares of NASDAQ:TMCI opened at $11.12 on Wednesday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40. The firm has a fifty day moving average price of $12.07 and a 200 day moving average price of $11.72. Treace Medical Concepts has a fifty-two week low of $5.27 and a fifty-two week high of $27.70. The firm has a market cap of $686.77 million, a price-to-earnings ratio of -13.73 and a beta of 0.37.

Treace Medical Concepts (NASDAQ:TMCI) last issued its earnings results on Tuesday, February 27th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The company had revenue of $62.20 million for the quarter, compared to the consensus estimate of $60.56 million. During the same quarter in the prior year, the company posted ($0.08) EPS. Treace Medical Concepts’s revenue was up 24.9% compared to the same quarter last year. As a group, sell-side analysts expect that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Treace Medical Concepts

A number of hedge funds have recently bought and sold shares of the business. Van ECK Associates Corp raised its stake in shares of Treace Medical Concepts by 48.7% in the third quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after acquiring an additional 1,340 shares during the period. Quest Partners LLC purchased a new stake in shares of Treace Medical Concepts in the fourth quarter valued at $68,000. Newbridge Financial Services Group Inc. raised 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 valued at $91,000 after acquiring an additional 3,567 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Treace Medical Concepts by 20.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after acquiring an additional 1,376 shares during the period. Finally, RiverPark Advisors LLC raised 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 valued at $117,000 after acquiring an additional 7,952 shares during the period. Hedge funds and other 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.