Treace Medical Concepts (NASDAQ:TMCI) Coverage Initiated at Lake Street Capital

Stock analysts at Lake Street Capital assumed coverage on shares of Treace Medical Concepts (NASDAQ:TMCI) in a research report issued on Tuesday,Briefing.com Automated Import reports. The brokerage set a “buy” rating and a $14.50 price target on the stock. Lake Street Capital’s price target would suggest a potential upside of 110.76% from the company’s previous close.

TMCI has been the topic of a number of other reports. Truist Financial lifted their price objective on Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research report on Wednesday, December 18th. JPMorgan Chase & Co. restated a “neutral” rating and set a $8.00 target price on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Finally, Stifel Nicolaus upped their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday, November 6th. Six investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Treace Medical Concepts has an average rating of “Hold” and an average target price of $8.98.

Treace Medical Concepts Stock Down 1.4 %

Shares of TMCI stock opened at $6.88 on Tuesday. The company has a 50 day simple moving average of $7.11 and a two-hundred day simple moving average of $6.52. The stock has a market cap of $428.60 million, a P/E ratio of -6.95 and a beta of 0.66. Treace Medical Concepts has a 12 month low of $3.92 and a 12 month high of $15.98. 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 (NASDAQ:TMCI) last posted its quarterly earnings data on Tuesday, November 5th. The company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.27) by $0.02. The firm had revenue of $45.09 million during the quarter, compared to analyst estimates of $43.48 million. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. Treace Medical Concepts’s revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.28) EPS. On average, research analysts expect that Treace Medical Concepts will post -0.92 earnings per share for the current year.

Institutional Investors Weigh In On Treace Medical Concepts

Institutional investors and hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new position in shares of Treace Medical Concepts during the third quarter valued at about $38,000. HighTower Advisors LLC bought a new position in Treace Medical Concepts during the third quarter valued at approximately $58,000. Point72 Asia Singapore Pte. Ltd. grew its holdings in Treace Medical Concepts by 243.4% during the 3rd quarter. Point72 Asia Singapore Pte. Ltd. now owns 10,613 shares of the company’s stock valued at $62,000 after buying an additional 7,522 shares in the last quarter. Palumbo Wealth Management LLC bought a new stake in Treace Medical Concepts in the 3rd quarter worth approximately $75,000. Finally, Walleye Capital LLC purchased a new stake in shares of Treace Medical Concepts during the 3rd quarter worth approximately $75,000. Institutional investors own 84.08% of the company’s stock.

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.