Treace Medical Concepts, Inc. (NASDAQ:TMCI – Get Free Report)’s stock price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $14.38, but opened at $12.64. Treace Medical Concepts shares last traded at $13.06, with a volume of 281,727 shares trading hands.
The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $62.20 million for the quarter, compared to analyst estimates of $60.56 million. Treace Medical Concepts had a negative return on equity of 37.68% and a negative net margin of 27.28%. The business’s revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.08) earnings per share.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Treace Medical Concepts from $30.00 to $14.00 and set an “overweight” rating for the company in a report on Monday, November 13th. Stifel Nicolaus lowered their target price on shares of Treace Medical Concepts from $28.00 to $11.00 and set a “buy” rating for the company in a research note on Friday, November 10th. Finally, Truist Financial raised their price objective on shares of Treace Medical Concepts from $12.00 to $16.00 and gave the company a “buy” rating in a research note on Friday, December 22nd. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Treace Medical Concepts presently has a consensus rating of “Moderate Buy” and an average price target of $19.58.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently made changes to their positions in the company. Altshuler Shaham Ltd acquired a new position in Treace Medical Concepts in the 4th quarter valued at about $25,000. Pinebridge Investments L.P. acquired a new position in Treace Medical Concepts in the 2nd quarter valued at about $33,000. UBS Group AG raised its stake in Treace Medical Concepts by 79.1% in the 3rd quarter. UBS Group AG now owns 1,442 shares of the company’s stock valued at $32,000 after purchasing an additional 637 shares during the last quarter. Tower Research Capital LLC TRC raised its stake in Treace Medical Concepts by 72.8% in the 2nd quarter. Tower Research Capital LLC TRC now owns 1,785 shares of the company’s stock valued at $46,000 after purchasing an additional 752 shares during the last quarter. Finally, TD Capital Management LLC acquired a new position in shares of Treace Medical Concepts during the 4th quarter valued at about $57,000. Institutional investors and hedge funds own 61.85% of the company’s stock.
Treace Medical Concepts Stock Performance
The stock’s 50 day moving average price is $13.48 and its 200 day moving average price is $12.36. The company has a current ratio of 5.64, a quick ratio of 4.76 and a debt-to-equity ratio of 0.38. The company has a market cap of $810.48 million, a price-to-earnings ratio of -18.20 and a beta of 0.28.
Treace Medical Concepts Company Profile
Treace Medical Concepts, Inc, a medical technology company, designs, manufactures, and markets medical devices for physicians, surgeons, ambulatory surgery centers, and hospitals 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.