Treace Medical Concepts (NASDAQ:TMCI) Stock Rating Lowered by Morgan Stanley

Treace Medical Concepts (NASDAQ:TMCI) was downgraded by analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Briefing.com reports. They presently have a $5.50 target price on the stock, down from their prior target price of $15.00. Morgan Stanley’s price target would suggest a potential upside of 23.60% from the stock’s previous close.

TMCI has been the subject of a number of other research reports. Truist Financial cut shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and cut their target price for the company from $17.00 to $7.00 in a research note on Wednesday. JPMorgan Chase & Co. cut Treace Medical Concepts from an “overweight” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $8.00 in a report on Wednesday. BTIG Research cut Treace Medical Concepts from a “buy” rating to a “neutral” rating in a report on Wednesday. Finally, Stifel Nicolaus cut Treace Medical Concepts from a “buy” rating to a “hold” rating and dropped their price target for the company from $15.00 to $6.00 in a report on Wednesday. Six research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $13.57.

Treace Medical Concepts Price Performance

TMCI stock traded down $6.67 during trading on Wednesday, hitting $4.45. The company had a trading volume of 4,105,144 shares, compared to its average volume of 501,954. The company has a fifty day moving average price of $12.00 and a two-hundred day moving average price of $11.73. Treace Medical Concepts has a fifty-two week low of $4.10 and a fifty-two week high of $27.70. The company has a market cap of $274.83 million, a P/E ratio of -5.26 and a beta of 0.37. The company has a current ratio of 4.40, a quick ratio of 3.76 and a debt-to-equity ratio of 0.38.

Treace Medical Concepts (NASDAQ:TMCI) last posted its earnings results on Tuesday, May 7th. The company reported ($0.30) earnings per share for the quarter, hitting the consensus estimate of ($0.30). The business had revenue of $51.11 million for the quarter, compared to analyst estimates of $49.07 million. Treace Medical Concepts had a negative net margin of 26.47% and a negative return on equity of 33.96%. The firm’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.23) EPS. Equities research analysts expect that Treace Medical Concepts will post -0.91 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Walleye Capital LLC boosted its position in shares of Treace Medical Concepts by 171.0% in the 3rd quarter. Walleye Capital LLC now owns 139,839 shares of the company’s stock worth $1,833,000 after purchasing an additional 88,239 shares during the last quarter. TimesSquare Capital Management LLC lifted its holdings in Treace Medical Concepts by 68.9% during the third quarter. TimesSquare Capital Management LLC now owns 1,433,429 shares of the company’s stock worth $18,792,000 after acquiring an additional 584,539 shares in the last quarter. Gabelli Funds LLC lifted its holdings in Treace Medical Concepts by 85.1% during the third quarter. Gabelli Funds LLC now owns 141,252 shares of the company’s stock worth $1,852,000 after acquiring an additional 64,959 shares in the last quarter. Qube Research & Technologies Ltd lifted its holdings in Treace Medical Concepts by 146.2% during the third quarter. Qube Research & Technologies Ltd now owns 160,284 shares of the company’s stock worth $2,101,000 after acquiring an additional 95,194 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in Treace Medical Concepts by 3.9% during the third quarter. Vanguard Group Inc. now owns 4,189,582 shares of the company’s stock worth $54,925,000 after acquiring an additional 155,835 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors.

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.