Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Declines By 17.9%

Treace Medical Concepts, Inc. (NASDAQ:TMCI - Get Free Report) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 2,240,000 shares, a decline of 17.9% from the February 28th total of 2,730,000 shares. Approximately 5.0% of the shares of the company are short sold. Based on an average daily trading volume, of 392,100 shares, the short-interest ratio is presently 5.7 days.

Insiders Place Their Bets

In other news, insider Sean F. Scanlan sold 50,000 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were 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 trade represents a 12.07 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.43% of the company's stock.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors have recently modified their holdings of TMCI. Quarry LP bought a new stake in shares of Treace Medical Concepts during the third quarter valued at approximately $38,000. Quantbot Technologies LP bought a new position in Treace Medical Concepts in the 4th quarter valued at $69,000. HighTower Advisors LLC acquired a new stake in shares of Treace Medical Concepts in the 3rd quarter valued at $58,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of Treace Medical Concepts during the fourth quarter worth $77,000. Finally, Bayesian Capital Management LP acquired a new position in shares of Treace Medical Concepts during the fourth quarter valued at $77,000. 84.08% of the stock is owned by institutional investors.

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Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Truist Financial lowered their price objective on Treace Medical Concepts from $10.00 to $9.50 and set a "hold" rating on the stock in a research note on Thursday, March 13th. Lake Street Capital assumed coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They set a "buy" rating and a $14.50 price objective for the company. BTIG Research raised Treace Medical Concepts from a "neutral" rating to a "buy" rating and set a $16.00 price objective for the company in a report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $8.00 target price on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Five 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 has an average rating of "Hold" and an average price target of $10.14.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock traded down $0.49 during trading on Thursday, reaching $7.83. The company's stock had a trading volume of 429,595 shares, compared to its average volume of 741,437. The stock has a 50-day moving average price of $9.18 and a two-hundred day moving average price of $7.65. The stock has a market capitalization of $490.31 million, a P/E ratio of -7.91 and a beta of 0.77. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. Treace Medical Concepts has a one year low of $3.92 and a one year high of $12.74.

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.