Treace Medical Concepts (NASDAQ:TMCI) Price Target Raised to $8.40

Treace Medical Concepts (NASDAQ:TMCI) had its target price lifted by Truist Financial from $7.00 to $8.40 in a research report report published on Wednesday,Benzinga reports. The firm currently has a hold rating on the stock.

TMCI has been the topic of several other reports. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research report on Tuesday. Stifel Nicolaus lifted their price objective on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $7.88.

Treace Medical Concepts Trading Up 0.9 %

Shares of NASDAQ:TMCI opened at $6.96 on Wednesday. The company has a 50 day moving average of $6.94 and a 200-day moving average of $6.48. 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 firm has a market cap of $433.59 million, a P/E ratio of -7.03 and a beta of 0.66. Treace Medical Concepts has a twelve month low of $3.92 and a twelve month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last issued its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating 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 firm had revenue of $45.09 million during the quarter, compared to analyst estimates of $43.48 million. During the same period last year, the company posted ($0.28) EPS. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Treace Medical Concepts will post -0.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Treace Medical Concepts

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Quarry LP acquired a new stake in Treace Medical Concepts during the 3rd quarter worth about $38,000. HighTower Advisors LLC acquired a new stake in shares of Treace Medical Concepts during the third quarter valued at approximately $58,000. Nisa Investment Advisors LLC raised its holdings in shares of Treace Medical Concepts by 34,240.7% during the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock valued at $62,000 after acquiring an additional 9,245 shares during the period. Point72 Asia Singapore Pte. Ltd. lifted its position in shares of Treace Medical Concepts by 243.4% in the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock valued at $62,000 after acquiring an additional 7,522 shares in the last quarter. Finally, Palumbo Wealth Management LLC acquired a new position in Treace Medical Concepts in the 3rd quarter worth approximately $75,000. Institutional investors and hedge funds 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.