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

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a large decrease in short interest during 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. Currently, 6.5% of the company’s shares are short sold. Based on an average daily volume of 593,300 shares, the short-interest ratio is currently 5.0 days.

Treace Medical Concepts Stock Down 0.5 %

Shares of Treace Medical Concepts stock traded down $0.04 on Friday, reaching $8.52. 177,281 shares of the company were exchanged, compared to its average volume of 815,779. The stock’s 50 day moving average price is $6.18 and its 200-day moving average price is $6.21. The company has a debt-to-equity ratio of 0.51, a current ratio of 4.12 and a quick ratio of 2.98. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $15.98. The company has a market cap of $530.80 million, a P/E ratio of -8.61 and a beta of 0.24.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, topping 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 company had revenue of $45.09 million during the quarter, compared to analysts’ expectations of $43.48 million. During the same quarter in the previous year, the business posted ($0.28) EPS. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Treace Medical Concepts will post -0.92 EPS for the current year.

Wall Street Analyst Weigh In

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

Insider Activity

In other news, CEO John T. Treace acquired 50,000 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The shares were purchased at an average price of $5.31 per share, for a total transaction of $265,500.00. Following the acquisition, the chief executive officer now owns 6,523,095 shares of the company’s stock, valued at $34,637,634.45. This represents a 0.77 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

Several large investors have recently bought and sold shares of the business. GAMMA Investing LLC boosted its position in shares of Treace Medical Concepts by 3,441.2% during the 2nd quarter. GAMMA Investing LLC now owns 4,639 shares of the company’s stock worth $31,000 after acquiring an additional 4,508 shares in the last quarter. Quarry LP purchased a new stake in Treace Medical Concepts during the third quarter worth approximately $38,000. HighTower Advisors LLC acquired a new position in Treace Medical Concepts in the third quarter valued at approximately $58,000. Nisa Investment Advisors LLC increased its stake in Treace Medical Concepts by 34,240.7% in the second quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock valued at $62,000 after purchasing an additional 9,245 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. raised its holdings in Treace Medical Concepts by 243.4% during the third quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock worth $62,000 after purchasing an additional 7,522 shares in the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

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.