Treace Medical Concepts (NASDAQ:TMCI) Downgraded to “Hold” at Truist Financial

Truist Financial downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from a buy rating to a hold rating in a research report released on Wednesday, MarketBeat Ratings reports. The firm currently has $7.00 target price on the stock, down from their prior target price of $17.00.

A number of other analysts have also recently weighed in on the stock. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an overweight rating to a neutral rating and dropped their target price for the stock from $15.00 to $8.00 in a report on Wednesday. Stifel Nicolaus cut shares of Treace Medical Concepts from a buy rating to a hold rating and dropped their price objective for the stock from $15.00 to $6.00 in a report on Wednesday. Finally, BTIG Research cut shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat.com, Treace Medical Concepts presently has an average rating of Hold and an average price target of $13.57.

Treace Medical Concepts Stock Down 62.5 %

Shares of NASDAQ:TMCI opened at $4.17 on Wednesday. The stock has a market capitalization of $257.54 million, a price-to-earnings ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $27.70. The company’s fifty day moving average is $11.82 and its two-hundred day moving average is $11.67. The company has a debt-to-equity ratio of 0.38, a quick ratio of 3.76 and a current ratio of 4.40.

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

Hedge Funds Weigh In On Treace Medical Concepts

Institutional investors and hedge funds have recently bought and sold shares of the stock. Van ECK Associates Corp grew 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 in the last quarter. Quest Partners LLC bought a new position in Treace Medical Concepts in the 4th quarter valued at about $68,000. Newbridge Financial Services Group Inc. grew its position in Treace Medical Concepts by 100.3% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after buying an additional 3,567 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Treace Medical Concepts by 20.3% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after buying an additional 1,376 shares in the last quarter. Finally, RiverPark Advisors LLC grew its position in Treace Medical Concepts by 763.9% in the 1st quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock valued at $117,000 after buying an additional 7,952 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.