Treace Medical Concepts (NASDAQ:TMCI) Lowered to Hold at Stifel Nicolaus

Stifel Nicolaus downgraded shares of Treace Medical Concepts (NASDAQ:TMCI) from a buy rating to a hold rating in a research note released on Wednesday morning, MarketBeat Ratings reports. Stifel Nicolaus currently has $6.00 price objective on the stock, down from their previous price objective of $15.00.

Other research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut shares of Treace Medical Concepts from an overweight rating to a neutral rating and reduced their price target for the company from $15.00 to $8.00 in a research report on Wednesday. BTIG Research lowered shares of Treace Medical Concepts from a buy rating to a neutral rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of Hold and an average price target of $13.57.

Treace Medical Concepts Stock Performance

Shares of NASDAQ:TMCI opened at $4.17 on Wednesday. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38. The company has a 50-day moving average price of $11.82 and a 200-day moving average price of $11.67. The company has a market cap of $257.54 million, a price-to-earnings ratio of -5.15 and a beta of 0.37. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $27.70.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting analysts’ consensus estimates of ($0.30). The business had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative return on equity of 33.96% and a negative net margin of 26.47%. Treace Medical Concepts’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.23) EPS. As a group, equities analysts anticipate 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 bought and sold shares of the stock. Bank of New York Mellon Corp boosted its holdings in shares of 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 valued at $2,181,000 after acquiring an additional 3,051 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Treace Medical Concepts by 20.3% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock valued at $107,000 after purchasing an additional 1,376 shares during the period. Kornitzer Capital Management Inc. KS grew its position in Treace Medical Concepts by 6.9% in the 3rd quarter. Kornitzer Capital Management Inc. KS now owns 677,733 shares of the company’s stock worth $8,885,000 after purchasing an additional 43,510 shares during the last quarter. Arizona State Retirement System increased its stake in shares of Treace Medical Concepts by 17.1% in the third quarter. Arizona State Retirement System now owns 13,097 shares of the company’s stock valued at $172,000 after purchasing an additional 1,910 shares during the period. Finally, Jump Financial LLC raised its holdings in shares of Treace Medical Concepts by 72.1% during the third quarter. Jump Financial LLC now owns 67,490 shares of the company’s stock valued at $885,000 after buying an additional 28,273 shares during the last quarter. 84.08% of the stock is currently owned by institutional investors and hedge funds.

Treace Medical Concepts Company Profile

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.