Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Decreases By 39.5%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decrease in short interest in the month of November. As of November 15th, there was short interest totalling 2,990,000 shares, a decrease of 39.5% from the October 31st total of 4,940,000 shares. Approximately 6.5% of the shares of the stock are short sold. Based on an average trading volume of 593,300 shares, the short-interest ratio is presently 5.0 days.

Insider Buying and Selling

In related news, CEO John T. Treace acquired 50,000 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was bought at an average price of $5.31 per share, with a total value of $265,500.00. Following the purchase, the chief executive officer now directly owns 6,523,095 shares in the company, valued at $34,637,634.45. The trade was a 0.77 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 24.43% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of TMCI. Franklin Resources Inc. bought a new position in shares of Treace Medical Concepts during the 3rd quarter valued at approximately $212,000. Virtu Financial LLC bought a new position in shares of Treace Medical Concepts during the 3rd quarter worth $148,000. Barclays PLC boosted its position in Treace Medical Concepts by 352.2% during the third quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after purchasing an additional 62,073 shares in the last quarter. Wolverine Trading LLC boosted its holdings in Treace Medical Concepts by 17.7% in the third quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock worth $75,000 after acquiring an additional 1,946 shares in the last quarter. Finally, State Street Corp raised 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 purchasing an additional 39,907 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on TMCI. UBS Group raised their target price on Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Wednesday, August 7th. Stifel Nicolaus boosted their price target on Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Wednesday, November 6th. Finally, Truist Financial cut their target price on shares of Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research report on Monday, October 14th. Six equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $7.40.

Treace Medical Concepts Price Performance

Shares of TMCI stock traded up $0.28 during trading hours on Thursday, reaching $8.56. The stock had a trading volume of 266,137 shares, compared to its average volume of 818,555. The stock’s fifty day simple moving average is $6.06 and its 200 day simple moving average is $6.16. The firm has a market capitalization of $533.29 million, a PE ratio of -8.59 and a beta of 0.24. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, beating 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 business had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same quarter in the prior year, the company posted ($0.28) EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Treace Medical Concepts will post -0.92 EPS for the current year.

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.