Treace Medical Concepts (NASDAQ:TMCI) Downgraded to “Equal Weight” at Morgan Stanley

Morgan Stanley downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from an overweight rating to an equal weight rating in a research report released on Wednesday, MarketBeat.com reports. Morgan Stanley currently has $5.50 target price on the stock, down from their prior target price of $15.00.

Several other brokerages have also issued reports on TMCI. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an overweight rating to a neutral rating and reduced their price objective for the company from $15.00 to $8.00 in a report on Wednesday. Truist Financial downgraded shares of Treace Medical Concepts from a buy rating to a hold rating and reduced their price target for the company from $17.00 to $7.00 in a research note on Wednesday. Stifel Nicolaus lowered shares of Treace Medical Concepts from a buy rating to a hold rating and decreased their price objective for the stock from $15.00 to $6.00 in a report on Wednesday. Finally, BTIG Research downgraded shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $13.57.

Treace Medical Concepts Stock Performance

Treace Medical Concepts stock opened at $4.17 on Wednesday. The firm has a 50 day simple moving average of $11.82 and a 200-day simple moving average of $11.67. The stock has a market cap of $257.54 million, a price-to-earnings ratio of -5.15 and a beta of 0.37. The company has a debt-to-equity ratio of 0.38, a current ratio of 4.40 and a quick ratio of 3.76. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings data on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting the consensus estimate of ($0.30). The company had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. The firm’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same period in the prior year, the business posted ($0.23) earnings per share. On average, analysts expect that Treace Medical Concepts will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Treace Medical Concepts

Large investors have recently added to or reduced their stakes in the business. Van ECK Associates Corp boosted its position in Treace Medical Concepts by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after buying an additional 1,340 shares during the period. Quest Partners LLC acquired 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in 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 purchasing an additional 1,376 shares during the period. Finally, RiverPark Advisors LLC grew its stake in Treace Medical Concepts by 763.9% during the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after purchasing an additional 7,952 shares in the last quarter. 84.08% of the stock is owned by hedge funds and other institutional investors.

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.