Treace Medical Concepts (NASDAQ:TMCI) Price Target Lowered to $16.00 at UBS Group

Treace Medical Concepts (NASDAQ:TMCI) had its target price decreased by UBS Group from $17.00 to $16.00 in a research report report published on Wednesday morning, Benzinga reports. UBS Group currently has a buy rating on the stock.

TMCI has been the topic of several other reports. Truist Financial lowered shares of Treace Medical Concepts from a buy rating to a hold rating and lowered their price target for the company from $17.00 to $7.00 in a research note on Wednesday. BTIG Research lowered Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. JPMorgan Chase & Co. downgraded Treace Medical Concepts from an overweight rating to a neutral rating and decreased their price target for the company from $15.00 to $8.00 in a research note on Wednesday. Stifel Nicolaus cut 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 research note on Wednesday. Finally, Morgan Stanley downgraded Treace Medical Concepts from an overweight rating to an equal weight rating and cut their price objective for the company from $15.00 to $5.50 in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $13.57.

Treace Medical Concepts Stock Down 62.5 %

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

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.30). The business had revenue of $51.11 million for 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%. Treace Medical Concepts’s revenue for the quarter was up 21.1% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.23) EPS. On average, equities research analysts anticipate that Treace Medical Concepts will post -0.91 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TMCI. Van ECK Associates Corp lifted its position in Treace Medical Concepts by 48.7% during the third quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after acquiring an additional 1,340 shares during the last quarter. Quest Partners LLC bought a new position in shares of Treace Medical Concepts during the fourth quarter worth approximately $68,000. Newbridge Financial Services Group Inc. lifted its holdings in Treace Medical Concepts by 100.3% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after purchasing an additional 3,567 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake 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 purchasing an additional 1,376 shares during the period. Finally, RiverPark Advisors LLC boosted its stake 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 purchasing an additional 7,952 shares during the period. Institutional investors and hedge funds own 84.08% of the company’s stock.

Treace Medical Concepts Company Profile

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.