Treace Medical Concepts, Inc. Reports Significant Decrease in Short Interest

Treace Medical Concepts, Inc. (NASDAQ:TMCI) experienced a notable reduction in short interest for the month of March. As of March 15th, the total short interest was reported to be 2,240,000 shares, which marks a decrease of 17.9% from the previous total of 2,730,000 shares recorded on February 28th. Given the average daily trading volume of 392,100 shares, the current short-interest ratio stands at 5.7 days. Presently, 5.0% of the company's shares are sold short.

Treace Medical Concepts Stock Performance

On a recent trading day, TMCI shares opened at $8.38. The company’s financial metrics include a debt-to-equity ratio of 0.51, a quick ratio of 2.98, and a current ratio of 4.12. Treace Medical Concepts holds a market cap of $524.50 million, with a price-to-earnings ratio of -8.48 and a beta of 0.77. Over the past year, the stock has hit a low of $3.92 and a high of $13.24, with a 50-day moving average price of $9.23 and a 200-day moving average price of $7.62.

Wall Street Analyst Opinions

Several research analysts have recently issued their opinions regarding Treace Medical Concepts. Lake Street Capital launched coverage on the stock with a "buy" rating and set a price target of $14.50 on December 31st. BTIG Research upgraded Treace Medical from a "neutral" rating to a "buy" rating, setting a price target of $16.00 on February 4th. Meanwhile, Truist Financial lowered their price target from $10.00 to $9.50 and assigned a "hold" rating on March 13th. Additionally, JPMorgan Chase & Co. reiterated a "neutral" rating with an $8.00 price target on December 17th. Currently, five analysts recommend holding the stock, while two suggest buying, leading to a consensus rating of "Hold" and an average price target of $10.14 according to MarketBeat.

Insider Transactions at Treace Medical Concepts

In notable insider activity, Sean F. Scanlan, an insider, sold 50,000 shares on March 17th. The transaction was completed at an average price of $7.97, resulting in a total sale value of $398,500. Notably, after this sale, Scanlan now holds 364,081 shares, worth approximately $2,901,725.57, marking a 12.07% decrease in ownership. This transaction was disclosed in a filing with the Securities and Exchange Commission (SEC). Currently, insiders own 24.43% of the company's stock.

Institutional Ownership Changes

Several institutional investors have recently altered their holdings in Treace Medical Concepts. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake by 4.5% in the fourth quarter, owning a total of 28,001 shares now valued at $208,000 after acquiring an additional 1,216 shares. Rhumbline Advisers boosted its position by 2.0% during the same period, bringing their total to 66,073 shares, valued at $492,000 after adding 1,300 shares. Wolverine Trading LLC increased its holdings by 17.7%, owning 12,946 shares now valued at $75,000. Fuller & Thaler Asset Management Inc. raised their stake by 2.6% and owns 83,285 shares worth $620,000. Lastly, Ballentine Partners LLC expanded its stake by 10.2%, owning 25,009 shares valued at $186,000. Currently, 84.08% of Treace Medical Concepts' stock is owned by institutional investors and hedge funds.

About Treace Medical Concepts

Treace Medical Concepts, Inc. is a medical technology firm specializing in the design, manufacture, and marketing of medical devices in the United States. The company is known for its Lapiplasty 3D bunion correction system, which aims to surgically correct all three planes of bunion deformity through its unique combination of instruments, implants, and surgical methods.

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