Treace Medical Concepts (NASDAQ:TMCI) Earns Buy Rating from Analysts at Lake Street Capital

Lake Street Capital initiated coverage on shares of Treace Medical Concepts (NASDAQ:TMCI) in a research report issued to clients and investors on Tuesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $14.50 price target on the stock. Lake Street Capital’s target price would indicate a potential upside of 94.89% from the company’s previous close.

TMCI has been the subject of several other research reports. Stifel Nicolaus boosted their price target on shares of Treace Medical Concepts from $7.00 to $8.00 and gave the company a “hold” rating in a report on Wednesday, November 6th. Truist Financial boosted their target price on shares of Treace Medical Concepts from $7.00 to $8.40 and gave the company a “hold” rating in a research note on Wednesday, December 18th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $8.00 price target on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Six analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, Treace Medical Concepts presently has an average rating of “Hold” and an average price target of $8.98.

Treace Medical Concepts Price Performance

Shares of NASDAQ:TMCI opened at $7.44 on Tuesday. The company has a quick ratio of 2.98, a current ratio of 4.12 and a debt-to-equity ratio of 0.51. The firm has a 50-day simple moving average of $7.18 and a 200 day simple moving average of $6.54. Treace Medical Concepts has a fifty-two week low of $3.92 and a fifty-two week high of $15.98. The company has a market cap of $463.49 million, a PE ratio of -7.52 and a beta of 0.66.

Treace Medical Concepts (NASDAQ:TMCI) last announced its quarterly earnings results on Tuesday, November 5th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.27) by $0.02. Treace Medical Concepts had a negative return on equity of 51.12% and a negative net margin of 30.33%. The business had revenue of $45.09 million for the quarter, compared to analysts’ expectations of $43.48 million. During the same period in the prior year, the firm earned ($0.28) EPS. The business’s quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Treace Medical Concepts will post -0.92 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC bought a new stake in Treace Medical Concepts in the second quarter worth about $2,247,000. Lighthouse Investment Partners LLC bought a new stake in shares of Treace Medical Concepts in the 2nd quarter worth approximately $1,114,000. FMR LLC lifted its stake in Treace Medical Concepts by 228.5% during the third quarter. FMR LLC now owns 78,135 shares of the company’s stock valued at $453,000 after purchasing an additional 54,353 shares during the last quarter. HighTower Advisors LLC bought a new stake in Treace Medical Concepts during the third quarter worth approximately $58,000. Finally, Point72 Asset Management L.P. acquired a new position in Treace Medical Concepts in the second quarter worth approximately $2,412,000. 84.08% of the stock is currently owned by institutional investors.

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.