UBS Group Cuts Treace Medical Concepts (NASDAQ:TMCI) Price Target to $5.85

Treace Medical Concepts (NASDAQ:TMCI) had its price target cut by stock analysts at UBS Group from $6.50 to $5.85 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. UBS Group’s price target would suggest a potential upside of 51.36% from the stock’s current price.

Several other research firms have also recently commented on TMCI. Stifel Nicolaus lowered their target price on shares of Treace Medical Concepts from $9.00 to $6.00 and set a “hold” rating on the stock in a research note on Friday, August 8th. JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $5.00 price target (down from $8.00) on shares of Treace Medical Concepts in a research note on Friday. BTIG Research reaffirmed a “neutral” rating on shares of Treace Medical Concepts in a report on Friday. Truist Financial dropped their target price on shares of Treace Medical Concepts from $8.00 to $7.00 and set a “hold” rating on the stock in a report on Wednesday, October 15th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Treace Medical Concepts in a report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $9.06.

Treace Medical Concepts Stock Performance

TMCI traded down $2.37 during trading hours on Friday, hitting $3.87. The company’s stock had a trading volume of 4,570,958 shares, compared to its average volume of 388,777. The company has a 50-day simple moving average of $6.71 and a 200 day simple moving average of $6.43. The company has a current ratio of 3.52, a quick ratio of 2.51 and a debt-to-equity ratio of 0.55. The firm has a market capitalization of $244.15 million, a PE ratio of -4.89 and a beta of 0.68. Treace Medical Concepts has a fifty-two week low of $3.40 and a fifty-two week high of $10.79.

Treace Medical Concepts (NASDAQ:TMCI) last released its quarterly earnings results on Tuesday, January 9th. The company reported ($0.22) earnings per share (EPS) for the quarter. The business had revenue of $33.06 million during the quarter. Treace Medical Concepts had a negative return on equity of 46.76% and a negative net margin of 23.01%. As a group, sell-side analysts expect that Treace Medical Concepts will post -0.92 EPS for the current year.

Hedge Funds Weigh In On Treace Medical Concepts

Hedge funds have recently modified their holdings of the stock. Farther Finance Advisors LLC bought a new stake in shares of Treace Medical Concepts in the 2nd quarter valued at approximately $28,000. Osaic Holdings Inc. raised its stake in shares of Treace Medical Concepts by 328.3% in the second quarter. Osaic Holdings Inc. now owns 4,793 shares of the company’s stock valued at $28,000 after purchasing an additional 3,674 shares in the last quarter. CWM LLC increased its stake in Treace Medical Concepts by 126.0% in the first quarter. CWM LLC now owns 8,706 shares of the company’s stock valued at $73,000 after acquiring an additional 4,853 shares during the period. XTX Topco Ltd acquired a new stake in Treace Medical Concepts in the 1st quarter valued at $88,000. Finally, Captrust Financial Advisors bought a new stake in Treace Medical Concepts during the second quarter worth about $62,000. 84.08% of the stock is owned by institutional investors and hedge funds.

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.