Raymond James Financial Inc. Invests $392,000 in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Raymond James Financial Inc. bought a new stake in Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 52,742 shares of the company's stock, valued at approximately $392,000. Raymond James Financial Inc. owned 0.08% of Treace Medical Concepts at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in TMCI. JPMorgan Chase & Co. lifted its position in shares of Treace Medical Concepts by 215.1% during the third quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company's stock worth $7,321,000 after purchasing an additional 861,689 shares in the last quarter. State Street Corp increased its stake in Treace Medical Concepts by 4.2% during the 3rd quarter. State Street Corp now owns 997,453 shares of the company's stock worth $5,785,000 after buying an additional 39,907 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in 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 worth $2,268,000 after buying an additional 17,783 shares in the last quarter. Bank of New York Mellon Corp boosted its position in Treace Medical Concepts by 2.6% in the 4th quarter. Bank of New York Mellon Corp now owns 125,945 shares of the company's stock valued at $937,000 after buying an additional 3,215 shares during the last quarter. Finally, Verition Fund Management LLC boosted its position in Treace Medical Concepts by 10.6% in the 3rd quarter. Verition Fund Management LLC now owns 88,370 shares of the company's stock valued at $513,000 after buying an additional 8,468 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company's stock.

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Insider Activity at Treace Medical Concepts

In other news, insider Sean F. Scanlan sold 50,000 shares of the company's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $7.97, for a total transaction of $398,500.00. Following the completion of the transaction, the insider now directly owns 364,081 shares of the company's stock, valued at approximately $2,901,725.57. This represents a 12.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 24.43% of the company's stock.

Analyst Upgrades and Downgrades

TMCI has been the subject of a number of analyst reports. BTIG Research raised Treace Medical Concepts from a "neutral" rating to a "buy" rating and set a $16.00 price target for the company in a report on Tuesday, February 4th. Lake Street Capital assumed coverage on shares of Treace Medical Concepts in a research report on Tuesday, December 31st. They set a "buy" rating and a $14.50 price target for the company. Truist Financial cut their price target on shares of Treace Medical Concepts from $9.50 to $8.00 and set a "hold" rating on the stock in a report on Friday. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $8.00 target price on shares of Treace Medical Concepts in a research report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $9.93.

Treace Medical Concepts Stock Performance

Shares of NASDAQ:TMCI traded down $0.25 on Friday, reaching $6.74. 344,898 shares of the company's stock were exchanged, compared to its average volume of 749,838. The business's 50-day moving average is $8.73 and its two-hundred day moving average is $7.77. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. Treace Medical Concepts, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $11.95. The firm has a market capitalization of $423.88 million, a price-to-earnings ratio of -6.81 and a beta of 0.77.

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.