Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 20.1% in June

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a significant decline in short interest during the month of June. As of June 15th, there was short interest totalling 4,057,300 shares, a decline of 20.1% from the May 31st total of 5,080,000 shares. Based on an average daily trading volume, of 1,252,300 shares, the days-to-cover ratio is presently 3.2 days. Currently, 9.3% of the company’s stock are short sold.

Insider Buying and Selling at Treace Medical Concepts

In related news, CEO John T. Treace acquired 150,000 shares of the stock in a transaction on Friday, May 10th. The stock was acquired at an average price of $4.58 per share, for a total transaction of $687,000.00. Following the completion of the purchase, the chief executive officer now owns 5,943,095 shares of the company’s stock, valued at $27,219,375.10. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Treace Medical Concepts news, CEO John T. Treace purchased 45,000 shares of the firm’s stock in a transaction dated Tuesday, June 11th. The stock was purchased at an average price of $5.88 per share, for a total transaction of $264,600.00. Following the completion of the purchase, the chief executive officer now directly owns 6,388,095 shares of the company’s stock, valued at $37,561,998.60. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO John T. Treace purchased 150,000 shares of the firm’s stock in a transaction dated Friday, May 10th. The stock was acquired at an average price of $4.58 per share, with a total value of $687,000.00. Following the purchase, the chief executive officer now directly owns 5,943,095 shares of the company’s stock, valued at $27,219,375.10. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 593,902 shares of company stock worth $2,930,422. 24.43% of the stock is owned by insiders.

Institutional Trading of Treace Medical Concepts

Hedge funds have recently bought and sold shares of the stock. Quest Partners LLC bought a new stake in Treace Medical Concepts during the fourth quarter valued at about $68,000. Newbridge Financial Services Group Inc. grew its holdings in Treace Medical Concepts by 100.3% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock valued at $91,000 after purchasing an additional 3,567 shares during the period. RiverPark Advisors LLC boosted its stake in shares of Treace Medical Concepts by 763.9% in 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. Trexquant Investment LP bought a new position in shares of Treace Medical Concepts in the fourth quarter worth about $132,000. Finally, Spouting Rock Asset Management LLC bought a new position in shares of Treace Medical Concepts in the third quarter worth about $148,000. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Stock Performance

Treace Medical Concepts stock traded up $0.01 during mid-day trading on Friday, reaching $6.65. 1,332,444 shares of the stock traded hands, compared to its average volume of 1,192,436. The stock has a market capitalization of $412.37 million, a PE ratio of -7.56 and a beta of 0.18. The company has a debt-to-equity ratio of 0.42, a current ratio of 3.98 and a quick ratio of 3.22. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $25.76. The business’s 50-day moving average is $6.94 and its 200-day moving average is $10.78.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.30). Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. The business had revenue of $51.11 million during the quarter, compared to analyst estimates of $49.07 million. During the same quarter in the previous year, the company posted ($0.23) earnings per share. Treace Medical Concepts’s revenue for the quarter was up 21.1% on a year-over-year basis. As a group, sell-side analysts predict that Treace Medical Concepts will post -0.89 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Morgan Stanley cut Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $15.00 to $5.50 in a research note on Wednesday, May 8th. Stifel Nicolaus cut Treace Medical Concepts from a “buy” rating to a “hold” rating and decreased their price target for the stock from $15.00 to $6.00 in a research note on Wednesday, May 8th. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research note on Wednesday, May 8th. JPMorgan Chase & Co. cut Treace Medical Concepts from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $15.00 to $8.00 in a research note on Wednesday, May 8th. Finally, Truist Financial cut Treace Medical Concepts from a “buy” rating to a “hold” rating and reduced their price objective for the company from $17.00 to $7.00 in a research report on Wednesday, May 8th. Seven research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Treace Medical Concepts has a consensus rating of “Hold” and a consensus price target of $12.21.

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.