Treace Medical Concepts (NASDAQ:TMCI) Upgraded by BTIG Research to Buy Rating

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) was upgraded by research analysts at BTIG Research from a "neutral" rating to a "buy" rating in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The brokerage currently has a $16.00 price objective on the stock. BTIG Research's target price indicates a potential upside of 56.10% from the company's previous close.

Other equities research analysts have also issued research reports about the stock. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $8.00 price target on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Lake Street Capital initiated coverage on Treace Medical Concepts in a research note on Tuesday, December 31st. They issued a "buy" rating and a $14.50 target price on the stock. Truist Financial upped their price target on Treace Medical Concepts from $7.00 to $8.40 and gave the company a "hold" rating in a research report on Wednesday, December 18th. Finally, Stifel Nicolaus increased 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. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $9.99.

Treace Medical Concepts Trading Down 0.3 %

TMCI stock traded down $0.03 during trading on Tuesday, hitting $10.25. 422,334 shares of the company traded hands, compared to its average volume of 438,641. The company has a 50-day moving average of $8.30 and a 200-day moving average of $6.93. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. Treace Medical Concepts has a 1 year low of $3.92 and a 1 year high of $15.98. The firm has a market capitalization of $638.58 million, a PE ratio of -10.35 and a beta of 0.75.

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

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in Treace Medical Concepts by 215.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 1,262,235 shares of the company's stock worth $7,321,000 after buying an additional 861,689 shares in the last quarter. State Street Corp grew its stake in shares of Treace Medical Concepts by 4.2% in the third quarter. State Street Corp now owns 997,453 shares of the company's stock worth $5,785,000 after acquiring an additional 39,907 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of Treace Medical Concepts by 4.8% during the third quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company's stock valued at $2,268,000 after purchasing an additional 17,783 shares during the last quarter. Bank of New York Mellon Corp lifted its position in Treace Medical Concepts by 2.6% during the fourth quarter. Bank of New York Mellon Corp now owns 125,945 shares of the company's stock valued at $937,000 after purchasing an additional 3,215 shares during the period. Finally, Squarepoint Ops LLC boosted its holdings in Treace Medical Concepts by 300.6% in the second quarter. Squarepoint Ops LLC now owns 118,047 shares of the company's stock worth $785,000 after purchasing an additional 88,577 shares during the last quarter. 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.