Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Rises By 20.8%

Treace Medical Concepts, Inc. (NASDAQ:TMCI - Get Free Report) saw a large growth in short interest in February. As of February 28th, there was short interest totalling 2,730,000 shares, a growth of 20.8% from the February 13th total of 2,260,000 shares. Approximately 6.1% of the company's stock are short sold. Based on an average daily volume of 373,500 shares, the days-to-cover ratio is currently 7.3 days.

Treace Medical Concepts Stock Performance

TMCI stock traded up $0.03 during mid-day trading on Friday, hitting $8.25. The company had a trading volume of 439,501 shares, compared to its average volume of 732,653. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The firm has a market cap of $516.61 million, a PE ratio of -8.33 and a beta of 0.77. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $13.24. The stock's fifty day moving average price is $9.22 and its two-hundred day moving average price is $7.47.

Insider Transactions 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 transaction, the insider now directly owns 364,081 shares of the company's stock, valued at $2,901,725.57. This represents a 12.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 24.43% of the company's stock.

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Institutional Investors Weigh In On Treace Medical Concepts

Large investors have recently modified their holdings of the stock. Quarry LP bought a new position in Treace Medical Concepts during the third quarter valued at $38,000. Quantbot Technologies LP bought a new position in shares of Treace Medical Concepts during the 4th quarter worth $69,000. HighTower Advisors LLC purchased a new stake in Treace Medical Concepts in the 3rd quarter worth about $58,000. Dynamic Technology Lab Private Ltd bought a new stake in Treace Medical Concepts in the 4th quarter valued at about $77,000. Finally, Bayesian Capital Management LP purchased a new stake in Treace Medical Concepts during the fourth quarter valued at about $77,000. Hedge funds and other institutional investors own 84.08% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on TMCI shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $8.00 price objective on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Truist Financial decreased their price objective on shares of Treace Medical Concepts from $10.00 to $9.50 and set a "hold" rating for the company in a research note on Thursday, March 13th. BTIG Research upgraded Treace Medical Concepts from a "neutral" rating to a "buy" rating and set a $16.00 target price on the stock in a research note on Tuesday, February 4th. Finally, Lake Street Capital began coverage on Treace Medical Concepts in a report on Tuesday, December 31st. They issued a "buy" rating and a $14.50 target price for the company. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $10.14.

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.