Treace Medical Concepts (NASDAQ:TMCI) Rating Lowered to Neutral at BTIG Research

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by stock analysts at BTIG Research from a “buy” rating to a “neutral” rating in a research note issued on Wednesday, MarketBeat.com reports.

Treace Medical Concepts Price Performance

Shares of Treace Medical Concepts stock opened at $11.12 on Wednesday. The company has a quick ratio of 3.76, a current ratio of 4.40 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $686.77 million, a price-to-earnings ratio of -13.73 and a beta of 0.37. Treace Medical Concepts has a twelve month low of $5.27 and a twelve month high of $27.70. The company has a 50-day simple moving average of $12.07 and a two-hundred day simple moving average of $11.72.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, February 27th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The business had revenue of $62.20 million during the quarter, compared to the consensus estimate of $60.56 million. Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.08) EPS. Analysts forecast that Treace Medical Concepts will post -0.91 EPS for the current year.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds and other institutional investors have recently made changes to their positions in the company. Van ECK Associates Corp grew its holdings in Treace Medical Concepts by 48.7% during the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock worth $54,000 after acquiring an additional 1,340 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Treace Medical Concepts by 20.3% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after acquiring an additional 1,376 shares in the last quarter. Arizona State Retirement System boosted its stake in Treace Medical Concepts by 17.1% during the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock worth $172,000 after acquiring an additional 1,910 shares in the last quarter. Gabelli Funds LLC boosted its stake in Treace Medical Concepts by 1.5% during the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock worth $1,828,000 after acquiring an additional 2,107 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its stake in Treace Medical Concepts by 1.9% during the third quarter. Bank of New York Mellon Corp now owns 166,350 shares of the company’s stock worth $2,181,000 after acquiring an additional 3,051 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.