Treace Medical Concepts (NASDAQ:TMCI) Stock Rating Lowered by JPMorgan Chase & Co.

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by research analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. They currently have a $8.00 price target on the stock, down from their prior price target of $15.00. JPMorgan Chase & Co.‘s target price suggests a potential upside of 80.59% from the stock’s previous close.

Separately, BTIG Research cut shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $13.57.

Treace Medical Concepts Stock Up 6.2 %

Shares of NASDAQ:TMCI opened at $4.43 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 firm has a market cap of $273.60 million, a price-to-earnings ratio of -5.47 and a beta of 0.37. The stock’s 50-day moving average price is $11.64 and its two-hundred day moving average price is $11.62. 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 earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.30). Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The business had revenue of $51.11 million for the quarter, compared to analysts’ expectations of $49.07 million. During the same period last year, the company earned ($0.23) earnings per share. The company’s quarterly revenue was up 21.1% on a year-over-year basis. On average, research analysts forecast that Treace Medical Concepts will post -0.91 EPS for the current year.

Institutional Investors Weigh In On Treace Medical Concepts

Several institutional investors have recently bought and sold shares of the business. Van ECK Associates Corp raised its stake in shares of Treace Medical Concepts by 48.7% in the 3rd quarter. Van ECK Associates Corp now owns 4,093 shares of the company’s stock valued at $54,000 after acquiring an additional 1,340 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Treace Medical Concepts by 20.3% in 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 in the last quarter. Arizona State Retirement System increased its holdings in Treace Medical Concepts by 17.1% in the 3rd 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 in the last quarter. Gabelli Funds LLC raised its position in Treace Medical Concepts by 1.5% in the fourth quarter. Gabelli Funds LLC now owns 143,359 shares of the company’s stock valued at $1,828,000 after purchasing an additional 2,107 shares during the period. Finally, Bank of New York Mellon Corp lifted its stake 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 worth $2,181,000 after purchasing an additional 3,051 shares in the last quarter. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

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.