State Street Corp Has $5.79 Million Stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

State Street Corp grew its stake in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 4.2% during the 3rd quarter, HoldingsChannel reports. The fund owned 997,453 shares of the company’s stock after acquiring an additional 39,907 shares during the period. State Street Corp’s holdings in Treace Medical Concepts were worth $5,785,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Quarry LP bought a new stake in Treace Medical Concepts during the third quarter worth approximately $38,000. HighTower Advisors LLC acquired a new position in shares of Treace Medical Concepts during the third quarter valued at about $58,000. Point72 Asia Singapore Pte. Ltd. lifted its stake in shares of Treace Medical Concepts by 243.4% in the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock valued at $62,000 after buying an additional 7,522 shares during the period. Palumbo Wealth Management LLC bought a new stake in shares of Treace Medical Concepts in the 3rd quarter worth approximately $75,000. Finally, Walleye Capital LLC acquired a new stake in Treace Medical Concepts during the third quarter worth $75,000. 84.08% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

TMCI has been the topic of several recent analyst reports. JPMorgan Chase & Co. restated a “neutral” rating and issued a $8.00 target price on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Truist Financial lifted their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the stock a “hold” rating in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus increased their price objective on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.88.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $6.98 on Friday. Treace Medical Concepts, Inc. has a 52-week low of $3.92 and a 52-week high of $15.98. The stock has a market cap of $434.83 million, a PE ratio of -7.05 and a beta of 0.66. The firm has a 50-day moving average of $7.11 and a 200-day moving average of $6.52. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12.

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

Treace Medical Concepts 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.