Treace Medical Concepts, Inc. (NASDAQ:TMCI) Short Interest Down 39.5% in November

Treace Medical Concepts, Inc. (NASDAQ:TMCI) was the target of a significant decline in short interest in November. As of November 15th, there was short interest totalling 2,990,000 shares, a decline of 39.5% from the October 31st total of 4,940,000 shares. Approximately 6.5% of the shares of the stock are sold short. Based on an average daily trading volume, of 593,300 shares, the days-to-cover ratio is presently 5.0 days.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on TMCI. Stifel Nicolaus lifted their price target on Treace Medical Concepts from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, November 6th. UBS Group lifted their price target on Treace Medical Concepts from $6.50 to $7.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 7th. Finally, Truist Financial lowered their price target on Treace Medical Concepts from $7.50 to $6.00 and set a “hold” rating on the stock in a research note on Monday, October 14th. Six research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.40.

Insider Activity

In other Treace Medical Concepts news, CEO John T. Treace acquired 50,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was acquired at an average cost of $5.31 per share, for a total transaction of $265,500.00. Following the completion of the transaction, the chief executive officer now directly owns 6,523,095 shares of the company’s stock, valued at $34,637,634.45. This represents a 0.77 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 24.43% of the company’s stock.

Hedge Funds Weigh In On Treace Medical Concepts

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Franklin Resources Inc. acquired a new position in Treace Medical Concepts during the third quarter worth $212,000. Virtu Financial LLC acquired a new position in shares of Treace Medical Concepts in the 3rd quarter valued at $148,000. Barclays PLC lifted its stake in shares of Treace Medical Concepts by 352.2% in the 3rd quarter. Barclays PLC now owns 79,696 shares of the company’s stock valued at $460,000 after purchasing an additional 62,073 shares during the last quarter. Wolverine Trading LLC lifted its stake in shares of 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 purchasing an additional 1,946 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of Treace Medical Concepts by 4.2% in the 3rd quarter. State Street Corp now owns 997,453 shares of the company’s stock valued at $5,785,000 after purchasing an additional 39,907 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company’s stock.

Treace Medical Concepts Trading Down 0.5 %

NASDAQ TMCI traded down $0.04 on Friday, reaching $8.52. 177,281 shares of the company were exchanged, compared to its average volume of 815,779. The business’s fifty day moving average price is $6.18 and its 200 day moving average price is $6.21. The stock has a market capitalization of $530.80 million, a P/E ratio of -8.61 and a beta of 0.24. 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 has a fifty-two week low of $3.92 and a fifty-two week high of $15.98.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings data 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. The company had revenue of $45.09 million for 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%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.28) earnings per share. Analysts forecast that Treace Medical Concepts will post -0.92 earnings per share for the current year.

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.