UBS Group Trims Treace Medical Concepts (NASDAQ:TMCI) Target Price to $16.00

Treace Medical Concepts (NASDAQ:TMCI) had its price objective cut by UBS Group from $17.00 to $16.00 in a research note issued to investors on Wednesday, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on TMCI. BTIG Research cut Treace Medical Concepts from a buy rating to a neutral rating in a research note on Wednesday. Stifel Nicolaus cut shares of Treace Medical Concepts from a buy rating to a hold rating and lowered their target price for the stock from $15.00 to $6.00 in a research note on Wednesday. JPMorgan Chase & Co. lowered shares of Treace Medical Concepts from an overweight rating to a neutral rating and cut their price target for the company from $15.00 to $8.00 in a research note on Wednesday. Morgan Stanley downgraded shares of Treace Medical Concepts from an overweight rating to an equal weight rating and lowered their price objective for the stock from $15.00 to $5.50 in a research note on Wednesday. Finally, Truist Financial downgraded Treace Medical Concepts from a buy rating to a hold rating and cut their target price for the company from $17.00 to $7.00 in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Treace Medical Concepts presently has an average rating of Hold and a consensus target price of $13.57.

Treace Medical Concepts Stock Down 1.1 %

NASDAQ:TMCI opened at $4.38 on Wednesday. The company’s 50-day simple moving average is $11.45 and its 200-day simple moving average is $11.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.76 and a current ratio of 3.98. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $27.70. The stock has a market capitalization of $271.60 million, a P/E ratio of -4.98 and a beta of 0.37.

Treace Medical Concepts (NASDAQ:TMCI) last announced its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, meeting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 27.93% and a negative return on equity of 39.66%. The company had revenue of $51.11 million during the quarter, compared to the consensus estimate of $49.07 million. During the same period last year, the firm earned ($0.23) earnings per share. Treace Medical Concepts’s revenue was up 21.1% compared to the same quarter last year. On average, equities analysts anticipate that Treace Medical Concepts will post -0.88 earnings per share for the current fiscal year.

Institutional Trading of Treace Medical Concepts

Large investors have recently made changes to their positions in the business. Van ECK Associates Corp lifted its position in Treace Medical Concepts by 48.7% during the third quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after purchasing an additional 1,340 shares during the period. Quest Partners LLC purchased a new position in shares of Treace Medical Concepts during the 4th quarter valued at about $68,000. Newbridge Financial Services Group Inc. lifted its holdings in shares of Treace Medical Concepts by 100.3% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after buying an additional 3,567 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Treace Medical Concepts by 20.3% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,161 shares of the company’s stock worth $107,000 after buying an additional 1,376 shares during the last quarter. Finally, RiverPark Advisors LLC grew its holdings in Treace Medical Concepts by 763.9% during the first quarter. RiverPark Advisors LLC now owns 8,993 shares of the company’s stock worth $117,000 after acquiring an additional 7,952 shares during the period. 84.08% of the stock is owned by hedge funds and other institutional investors.

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.