JPMorgan Chase & Co. Grows Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

JPMorgan Chase & Co. raised its position in Treace Medical Concepts, Inc. (NASDAQ:TMCI - Free Report) by 215.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,262,235 shares of the company's stock after acquiring an additional 861,689 shares during the quarter. JPMorgan Chase & Co. owned approximately 2.03% of Treace Medical Concepts worth $7,321,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of TMCI. Bank of New York Mellon Corp increased its holdings in shares of Treace Medical Concepts by 13.1% during the second quarter. Bank of New York Mellon Corp now owns 161,413 shares of the company's stock valued at $1,073,000 after acquiring an additional 18,721 shares in the last quarter. Rhumbline Advisers lifted its stake in shares of Treace Medical Concepts by 50.8% in the second quarter. Rhumbline Advisers now owns 92,849 shares of the company's stock worth $617,000 after buying an additional 31,281 shares in the last quarter. Meeder Advisory Services Inc. purchased a new stake in shares of Treace Medical Concepts during the second quarter valued at approximately $123,000. Renaissance Technologies LLC raised its stake in shares of Treace Medical Concepts by 16.4% in the second quarter. Renaissance Technologies LLC now owns 206,500 shares of the company's stock worth $1,373,000 after purchasing an additional 29,100 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in shares of Treace Medical Concepts during the second quarter valued at $160,000. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Treace Medical Concepts Stock Up 5.7 %

Shares of Treace Medical Concepts stock traded up $0.46 on Wednesday, reaching $8.47. 289,065 shares of the company were exchanged, compared to its average volume of 324,696. The stock's 50 day moving average price is $7.73 and its 200-day moving average price is $6.66. The company has a market cap of $527.66 million, a P/E ratio of -8.56 and a beta of 0.69. 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.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, beating analysts' consensus estimates of ($0.27) by $0.02. The business had revenue of $45.09 million for the quarter, compared to the consensus estimate of $43.48 million. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.28) EPS. As a group, equities analysts forecast that Treace Medical Concepts, Inc. will post -0.92 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on TMCI. Lake Street Capital started coverage on Treace Medical Concepts in a report on Tuesday, December 31st. They set a "buy" rating and a $14.50 price target on the stock. JPMorgan Chase & Co. reissued a "neutral" rating and set a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Truist Financial increased their price target on Treace Medical Concepts from $7.00 to $8.40 and gave the company a "hold" rating in a report on Wednesday, December 18th. Finally, Stifel Nicolaus raised their price target 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 investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $8.98.

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.