Bank of New York Mellon Corp Grows Position in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Bank of New York Mellon Corp grew its stake in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) by 13.1% in the second quarter, Holdings Channel.com reports. The fund owned 161,413 shares of the company’s stock after purchasing an additional 18,721 shares during the period. Bank of New York Mellon Corp’s holdings in Treace Medical Concepts were worth $1,073,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. GAMMA Investing LLC raised its stake 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 buying an additional 4,508 shares during the last quarter. Nisa Investment Advisors LLC lifted its stake in shares of Treace Medical Concepts by 34,240.7% during the 2nd quarter. Nisa Investment Advisors LLC now owns 9,272 shares of the company’s stock worth $62,000 after purchasing an additional 9,245 shares during the period. CWM LLC lifted its holdings in shares of Treace Medical Concepts by 208.7% during the 2nd quarter. CWM LLC now owns 10,097 shares of the company’s stock worth $67,000 after acquiring an additional 6,826 shares during the period. Quest Partners LLC acquired a new stake in shares of Treace Medical Concepts in the fourth quarter worth approximately $68,000. Finally, Newbridge Financial Services Group Inc. boosted its position in shares of Treace Medical Concepts by 100.3% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 7,123 shares of the company’s stock worth $91,000 after acquiring an additional 3,567 shares during the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

Insiders Place Their Bets

In related news, CEO John T. Treace acquired 85,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average price of $6.00 per share, with a total value of $510,000.00. Following the completion of the transaction, the chief executive officer now owns 6,473,095 shares of the company’s stock, valued at $38,838,570. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director James T. Treace purchased 84,000 shares of Treace Medical Concepts stock in a transaction that occurred on Thursday, August 15th. The shares were acquired at an average price of $5.96 per share, for a total transaction of $500,640.00. Following the transaction, the director now directly owns 1,223,441 shares in the company, valued at $7,291,708.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO John T. Treace acquired 85,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was purchased at an average price of $6.00 per share, for a total transaction of $510,000.00. Following the completion of the transaction, the chief executive officer now directly owns 6,473,095 shares in the company, valued at approximately $38,838,570. The disclosure for this purchase can be found here. Insiders bought a total of 219,000 shares of company stock valued at $1,276,140 in the last quarter. Insiders own 24.43% of the company’s stock.

Treace Medical Concepts Trading Down 2.9 %

Shares of TMCI opened at $5.44 on Friday. The company has a current ratio of 3.86, a quick ratio of 2.93 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $337.32 million, a P/E ratio of -6.17 and a beta of 0.21. Treace Medical Concepts, Inc. has a 1-year low of $3.92 and a 1-year high of $15.98. The business’s 50-day moving average price is $6.46 and its 200 day moving average price is $8.05.

Treace Medical Concepts (NASDAQ:TMCI) last posted its quarterly earnings results on Tuesday, August 6th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.05). The company had revenue of $44.46 million for the quarter, compared to analysts’ expectations of $43.00 million. Treace Medical Concepts had a negative net margin of 32.08% and a negative return on equity of 49.53%. The company’s revenue was up 6.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.20) earnings per share. Analysts expect that Treace Medical Concepts, Inc. will post -0.92 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on TMCI. Morgan Stanley upped their price target on Treace Medical Concepts from $5.50 to $8.00 and gave the stock an “equal weight” rating in a research note on Monday, July 15th. Truist Financial dropped their target price on Treace Medical Concepts from $9.00 to $7.50 and set a “hold” rating on the stock in a research report on Wednesday, August 7th. Finally, UBS Group upped their price target on shares of Treace Medical Concepts from $6.50 to $7.00 and gave the company a “neutral” rating in a report on Wednesday, August 7th. Six investment analysts have rated the stock with a hold rating, According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $7.30.

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.