Franklin Resources Inc. Makes New Investment in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Franklin Resources Inc. bought a new stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 36,487 shares of the company’s stock, valued at approximately $212,000.

A number of other hedge funds and other institutional investors have also modified their holdings of TMCI. Armistice Capital LLC raised its position in shares of Treace Medical Concepts by 123.3% during the 2nd quarter. Armistice Capital LLC now owns 5,360,000 shares of the company’s stock valued at $35,644,000 after buying an additional 2,960,000 shares during the period. William Blair Investment Management LLC grew its position in Treace Medical Concepts by 58.0% in the second quarter. William Blair Investment Management LLC now owns 3,681,718 shares of the company’s stock worth $24,483,000 after acquiring an additional 1,352,207 shares during the period. State Street Corp increased its stake in Treace Medical Concepts by 4.2% during the third quarter. State Street Corp now owns 997,453 shares of the company’s stock worth $5,785,000 after acquiring an additional 39,907 shares during the last quarter. Marshall Wace LLP raised its position in Treace Medical Concepts by 65.9% in the second quarter. Marshall Wace LLP now owns 463,039 shares of the company’s stock valued at $3,079,000 after purchasing an additional 183,921 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Treace Medical Concepts by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock valued at $2,268,000 after purchasing an additional 17,783 shares during the last quarter. 84.08% of the stock is owned by institutional investors and hedge funds.

Treace Medical Concepts Stock Performance

NASDAQ TMCI opened at $7.87 on Friday. The company has a market cap of $490.28 million, a P/E ratio of -7.95 and a beta of 0.66. Treace Medical Concepts, Inc. has a 1-year low of $3.92 and a 1-year high of $15.98. The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98. The stock has a 50-day moving average of $7.23 and a two-hundred day moving average of $6.55.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.02. The firm had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. Treace Medical Concepts had a negative net margin of 30.33% and a negative return on equity of 51.12%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.28) earnings per share. As a group, analysts anticipate that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Wall Street Analyst Weigh In

TMCI has been the subject of a number of recent analyst reports. Truist Financial raised 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. Stifel Nicolaus increased their target price 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. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Finally, Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a research report on Tuesday. They set a “buy” rating and a $14.50 price objective for the company. Six equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $8.98.

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.