Treace Medical Concepts, Inc. (NASDAQ:TMCI) Sees Significant Decrease in Short Interest

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 2,240,000 shares, a decline of 17.9% from the February 28th total of 2,730,000 shares. Approximately 5.0% of the shares of the stock are short sold. Based on an average trading volume of 392,100 shares, the days-to-cover ratio is presently 5.7 days.

Analysts Set New Price Targets

A number of analysts recently weighed in on TMCI shares. Lake Street Capital initiated coverage on shares of Treace Medical Concepts in a report on Tuesday, December 31st. They set a “buy” rating and a $14.50 target price for the company. JPMorgan Chase & Co. reissued a “neutral” rating and set a $8.00 price objective on shares of Treace Medical Concepts in a research note on Tuesday, December 17th. Truist Financial decreased their target price on 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, BTIG Research raised Treace Medical Concepts from a “neutral” rating to a “buy” rating and set a $16.00 target price for the company in a report on Tuesday, February 4th. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $10.14.

Treace Medical Concepts Stock Down 1.4 %

Shares of TMCI stock traded down $0.11 on Wednesday, reaching $8.04. 125,112 shares of the company’s stock traded hands, compared to its average volume of 740,099. The company has a market capitalization of $503.39 million, a P/E ratio of -8.10 and a beta of 0.77. Treace Medical Concepts has a 12-month low of $3.92 and a 12-month high of $12.74. The company has a debt-to-equity ratio of 0.51, a quick ratio of 2.98 and a current ratio of 4.12. The business’s 50 day moving average price is $9.21 and its two-hundred day moving average price is $7.64.

Insiders Place Their Bets

In other news, insider Sean F. Scanlan sold 50,000 shares of Treace Medical Concepts stock in a transaction that occurred 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 transaction, the insider now owns 364,081 shares of the company’s stock, valued at $2,901,725.57. The trade was a 12.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 24.43% of the stock is owned by company insiders.

Hedge Funds Weigh In On Treace Medical Concepts

Institutional investors and hedge funds have recently bought and sold shares of the business. Intech Investment Management LLC acquired a new stake in shares of Treace Medical Concepts during the third quarter worth approximately $118,000. Charles Schwab Investment Management Inc. lifted 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 worth $2,268,000 after buying an additional 17,783 shares in the last quarter. FMR LLC boosted its stake in shares of Treace Medical Concepts by 228.5% during 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 during the period. Walleye Capital LLC purchased a new position in shares of Treace Medical Concepts during the 3rd quarter valued at $75,000. Finally, Verition Fund Management LLC grew its holdings in shares of Treace Medical Concepts by 10.6% during the 3rd quarter. Verition Fund Management LLC now owns 88,370 shares of the company’s stock valued at $513,000 after acquiring an additional 8,468 shares in the last quarter. Hedge funds and other institutional investors own 84.08% of the company’s stock.

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.