Treace Medical Concepts (NASDAQ:TMCI) Trading 10.3% Higher - Time to Buy?

Treace Medical Concepts, Inc. (NASDAQ:TMCI - Get Free Report)'s stock price shot up 10.3% on Monday . The stock traded as high as $8.33 and last traded at $8.05. 125,303 shares were traded during trading, a decline of 48% from the average session volume of 239,803 shares. The stock had previously closed at $7.30.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on TMCI. Lake Street Capital began coverage on Treace Medical Concepts in a research report on Tuesday, December 31st. They set a "buy" rating and a $14.50 target price for the company. Stifel Nicolaus lifted their target price on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a "hold" rating in a research report on Wednesday, November 6th. JPMorgan Chase & Co. restated a "neutral" rating and set a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Finally, Truist Financial raised their price target on Treace Medical Concepts from $7.00 to $8.40 and gave the company a "hold" rating in a research note on Wednesday, December 18th. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $8.98.

Treace Medical Concepts Price Performance

The firm has a 50 day simple moving average of $7.69 and a 200-day simple moving average of $6.65. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The company has a market cap of $520.80 million, a PE ratio of -8.44 and a beta of 0.69.

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

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors and hedge funds have recently added to or reduced their stakes in TMCI. JPMorgan Chase & Co. grew its stake 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 acquiring an additional 861,689 shares during the last quarter. Franklin Resources Inc. purchased a new stake in shares of Treace Medical Concepts during the third quarter worth about $212,000. Virtu Financial LLC purchased a new stake in shares of Treace Medical Concepts during the third quarter worth about $148,000. Barclays PLC lifted its holdings in shares of Treace Medical Concepts by 352.2% during the third quarter. Barclays PLC now owns 79,696 shares of the company's stock worth $460,000 after purchasing an additional 62,073 shares during the period. Finally, Wolverine Trading LLC lifted its holdings in shares of Treace Medical Concepts by 17.7% during the third quarter. Wolverine Trading LLC now owns 12,946 shares of the company's stock worth $75,000 after purchasing an additional 1,946 shares during the period. Hedge funds and other institutional investors own 84.08% of the company's stock.

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.