Treace Medical Concepts (NASDAQ:TMCI) Upgraded to “Buy” at BTIG Research

Treace Medical Concepts (NASDAQ:TMCI) was upgraded by equities researchers at BTIG Research from a “neutral” rating to a “buy” rating in a report released on Tuesday,Finviz reports. The brokerage currently has a $16.00 price target on the stock. BTIG Research’s target price indicates a potential upside of 65.12% from the stock’s current price.

TMCI has been the subject of several other research reports. Lake Street Capital started coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They issued a “buy” rating and a $14.50 target price for the company. Truist Financial upped their target price on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a report on Wednesday, December 18th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price objective on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Finally, Stifel Nicolaus upped their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, Treace Medical Concepts presently has a consensus rating of “Hold” and an average price target of $9.99.

Treace Medical Concepts Stock Performance

Shares of TMCI stock opened at $9.69 on Tuesday. The firm has a market capitalization of $603.69 million, a price-to-earnings ratio of -9.79 and a beta of 0.75. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. The business’s 50-day moving average price is $8.14 and its 200-day moving average price is $6.85. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The business had revenue of $45.09 million for the quarter, compared to the consensus estimate of $43.48 million. During the same period in the prior year, the business earned ($0.28) EPS. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts forecast that Treace Medical Concepts will post -0.92 EPS for the current year.

Institutional Investors Weigh In On Treace Medical Concepts

Several hedge funds have recently bought and sold shares of the stock. Palumbo Wealth Management LLC grew its stake in Treace Medical Concepts by 71.3% during the 4th quarter. Palumbo Wealth Management LLC now owns 22,259 shares of the company’s stock valued at $166,000 after acquiring an additional 9,263 shares in the last quarter. Rhumbline Advisers increased its position in Treace Medical Concepts by 2.0% during the fourth quarter. Rhumbline Advisers now owns 66,073 shares of the company’s stock worth $492,000 after purchasing an additional 1,300 shares during the last quarter. SG Americas Securities LLC raised its stake in Treace Medical Concepts by 20.4% during the fourth quarter. SG Americas Securities LLC now owns 28,404 shares of the company’s stock worth $211,000 after purchasing an additional 4,813 shares during the period. Ballentine Partners LLC grew its stake in shares of Treace Medical Concepts by 10.2% in the 4th quarter. Ballentine Partners LLC now owns 25,009 shares of the company’s stock valued at $186,000 after buying an additional 2,314 shares during the period. Finally, JPMorgan Chase & Co. raised its position in shares of Treace Medical Concepts by 215.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company’s stock valued at $7,321,000 after buying an additional 861,689 shares during the period. Hedge funds and other institutional investors 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.