Short Interest in Treace Medical Concepts, Inc. (NASDAQ:TMCI) Expands By 20.8%

Treace Medical Concepts, Inc. (NASDAQ:TMCI) saw a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 2,730,000 shares, an increase of 20.8% from the February 13th total of 2,260,000 shares. Based on an average daily trading volume, of 373,500 shares, the days-to-cover ratio is currently 7.3 days. Currently, 6.1% of the company’s shares are sold short.

Insiders Place Their Bets

In other news, insider Sean F. Scanlan sold 50,000 shares of the company’s 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 directly owns 364,081 shares in the company, valued at approximately $2,901,725.57. This represents a 12.07 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 24.43% of the stock is owned by insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Several institutional investors have recently modified their holdings of TMCI. Intech Investment Management LLC bought a new position in shares of Treace Medical Concepts during the third quarter worth about $118,000. Charles Schwab Investment Management Inc. grew its position in Treace Medical Concepts by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 391,033 shares of the company’s stock valued at $2,268,000 after buying an additional 17,783 shares in the last quarter. FMR LLC grew its position in Treace Medical Concepts by 228.5% in the 3rd quarter. FMR LLC now owns 78,135 shares of the company’s stock valued at $453,000 after buying an additional 54,353 shares in the last quarter. Walleye Capital LLC bought a new position in Treace Medical Concepts in the 3rd quarter valued at about $75,000. Finally, Verition Fund Management LLC grew its position in Treace Medical Concepts by 10.6% in the 3rd quarter. Verition Fund Management LLC now owns 88,370 shares of the company’s stock valued at $513,000 after buying an additional 8,468 shares in the last quarter. Institutional investors own 84.08% of the company’s stock.

Treace Medical Concepts Stock Down 2.6 %

Shares of NASDAQ:TMCI opened at $8.21 on Thursday. The stock has a market capitalization of $514.10 million, a price-to-earnings ratio of -8.29 and a beta of 0.77. Treace Medical Concepts has a 1-year low of $3.92 and a 1-year high of $13.24. The company’s fifty day moving average is $9.19 and its two-hundred day moving average is $7.44. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12.

Analysts Set New Price Targets

TMCI has been the subject of several analyst reports. Lake Street Capital initiated coverage on shares of Treace Medical Concepts in a research note on Tuesday, December 31st. They issued a “buy” rating and a $14.50 target price for the company. BTIG Research raised shares of Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Tuesday, February 4th. Truist Financial cut their price target on shares of Treace Medical Concepts from $10.00 to $9.50 and set a “hold” rating on the stock in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $8.00 price target on shares of Treace Medical Concepts in a report on Tuesday, December 17th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.14.

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.