Truist Financial Forecasts Strong Price Appreciation for Treace Medical Concepts (NASDAQ:TMCI) Stock

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) had its price target upped by research analysts at Truist Financial from $7.00 to $8.40 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a "hold" rating on the stock. Truist Financial's price objective suggests a potential upside of 21.04% from the stock's current price.

Several other brokerages have also recently issued reports on TMCI. JPMorgan Chase & Co. restated a "neutral" rating and issued a $8.00 target price on shares of Treace Medical Concepts in a report on Tuesday. Stifel Nicolaus raised their price target on 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 analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $7.88.

Treace Medical Concepts Trading Down 6.8 %

Shares of Treace Medical Concepts stock traded down $0.51 during trading on Wednesday, reaching $6.94. 293,128 shares of the stock were exchanged, compared to its average volume of 787,156. 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 firm has a market cap of $432.34 million, a price-to-earnings ratio of -7.01 and a beta of 0.66. Treace Medical Concepts has a 1 year low of $3.92 and a 1 year high of $15.98. The stock's fifty day moving average is $6.87 and its 200 day moving average is $6.46.

Treace Medical Concepts (NASDAQ:TMCI - Get Free Report) last issued its quarterly 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 company had revenue of $45.09 million during the quarter, compared to analyst estimates of $43.48 million. During the same period last year, the business earned ($0.28) EPS. Treace Medical Concepts's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current fiscal year.

Institutional Trading of Treace Medical Concepts

Several hedge funds have recently bought and sold shares of TMCI. Wolverine Trading LLC lifted its position in shares of Treace Medical Concepts by 17.7% during the 3rd quarter. Wolverine Trading LLC now owns 12,946 shares of the company's stock valued at $75,000 after buying an additional 1,946 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Treace Medical Concepts by 11.9% during the second quarter. The Manufacturers Life Insurance Company now owns 20,252 shares of the company's stock valued at $135,000 after purchasing an additional 2,160 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Treace Medical Concepts by 59.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,685 shares of the company's stock worth $111,000 after purchasing an additional 6,227 shares during the period. Quarry LP purchased a new stake in shares of Treace Medical Concepts in the third quarter worth $38,000. Finally, Point72 Asia Singapore Pte. Ltd. raised its position in shares of Treace Medical Concepts by 243.4% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company's stock valued at $62,000 after purchasing an additional 7,522 shares during the period. 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.