Truist Financial Cuts Treace Medical Concepts (NASDAQ:TMCI) Price Target to $8.00

Treace Medical Concepts (NASDAQ:TMCI) had its price target reduced by Truist Financial from $9.50 to $8.00 in a research note published on Friday,Benzinga reports. Truist Financial currently has a hold rating on the stock.

A number of other research analysts also recently issued reports on TMCI. BTIG Research raised shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price objective on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Finally, Lake Street Capital began coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 price objective on the stock. Five equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $9.93.

Treace Medical Concepts Stock Down 3.6 %

Shares of NASDAQ TMCI opened at $6.74 on Friday. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $11.95. The stock’s fifty day simple moving average is $8.73 and its two-hundred day simple moving average is $7.77. The stock has a market capitalization of $423.88 million, a PE ratio of -6.81 and a beta of 0.77. The company has a current ratio of 4.12, a quick ratio of 2.98 and a debt-to-equity ratio of 0.51.

Insider Activity

In other Treace Medical Concepts news, insider Sean F. Scanlan sold 50,000 shares of Treace Medical Concepts stock in a transaction on Monday, March 17th. The shares were sold at an average price of $7.97, for a total value of $398,500.00. Following the completion of the transaction, the insider now owns 364,081 shares of the company’s stock, valued at approximately $2,901,725.57. The trade was a 12.07 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 24.43% of the company’s stock.

Institutional Investors Weigh In On Treace Medical Concepts

A number of institutional investors have recently modified their holdings of TMCI. HighTower Advisors LLC purchased a new stake in shares of Treace Medical Concepts in the third quarter valued at approximately $58,000. Quantbot Technologies LP purchased a new stake in shares of Treace Medical Concepts during the fourth quarter worth about $69,000. Walleye Capital LLC acquired a new position in shares of Treace Medical Concepts during the 3rd quarter worth about $75,000. Wolverine Trading LLC lifted its stake in Treace Medical Concepts by 17.7% in the 3rd quarter. Wolverine Trading LLC now owns 12,946 shares of the company’s stock valued at $75,000 after buying an additional 1,946 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Treace Medical Concepts during the 4th quarter worth approximately $77,000. 84.08% of the stock is currently owned by institutional investors and hedge funds.

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.