Armistice Capital LLC Invests $36.41 Million in Treace Medical Concepts, Inc. (NASDAQ:TMCI)

Armistice Capital LLC bought a new position in shares of Treace Medical Concepts, Inc. (NASDAQ:TMCI) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 2,856,000 shares of the company’s stock, valued at approximately $36,414,000. Armistice Capital LLC owned about 4.63% of Treace Medical Concepts at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of TMCI. William Blair Investment Management LLC grew its position in shares of Treace Medical Concepts by 83.3% during the third quarter. William Blair Investment Management LLC now owns 1,786,001 shares of the company’s stock worth $23,414,000 after acquiring an additional 811,777 shares during the last quarter. Norges Bank purchased a new position in shares of Treace Medical Concepts during the fourth quarter worth approximately $8,725,000. TimesSquare Capital Management LLC grew its position in shares of 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 during the last quarter. Vanguard Group Inc. grew its position in shares of 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 during the last quarter. Finally, Roubaix Capital LLC purchased a new position in shares of Treace Medical Concepts during the fourth quarter worth approximately $1,566,000. 84.08% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Treace Medical Concepts

In other news, Director James T. Treace purchased 25,000 shares of the business’s stock in a transaction dated Friday, May 31st. The stock was acquired at an average price of $6.05 per share, with a total value of $151,250.00. Following the purchase, the director now directly owns 1,139,441 shares of the company’s stock, valued at approximately $6,893,618.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, Director James T. Treace bought 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 28th. The stock was purchased at an average price of $5.07 per share, with a total value of $253,500.00. Following the purchase, the director now owns 1,089,441 shares of the company’s stock, valued at approximately $5,523,465.87. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James T. Treace bought 25,000 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was purchased at an average cost of $6.05 per share, with a total value of $151,250.00. Following the purchase, the director now directly owns 1,139,441 shares in the company, valued at approximately $6,893,618.05. The disclosure for this purchase can be found here. Insiders bought 548,902 shares of company stock valued at $2,665,822 in the last 90 days. 24.43% of the stock is currently owned by insiders.

Analysts Set New Price Targets

TMCI has been the topic of a number of analyst reports. Truist Financial lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $17.00 to $7.00 in a research report on Wednesday, May 8th. Morgan Stanley lowered shares of Treace Medical Concepts from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $15.00 to $5.50 in a research report on Wednesday, May 8th. UBS Group lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $16.00 to $6.50 in a research report on Thursday, May 16th. BTIG Research lowered shares of Treace Medical Concepts from a “buy” rating to a “neutral” rating in a research report on Wednesday, May 8th. Finally, Stifel Nicolaus lowered shares of Treace Medical Concepts from a “buy” rating to a “hold” rating and lowered their price objective for the company from $15.00 to $6.00 in a research report on Wednesday, May 8th. Seven investment analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, Treace Medical Concepts has an average rating of “Hold” and a consensus target price of $12.21.

Treace Medical Concepts Price Performance

Treace Medical Concepts stock traded up $0.44 during midday trading on Wednesday, reaching $5.87. The company’s stock had a trading volume of 214,635 shares, compared to its average volume of 868,754. Treace Medical Concepts, Inc. has a fifty-two week low of $3.92 and a fifty-two week high of $26.63. The company has a debt-to-equity ratio of 0.42, a quick ratio of 3.22 and a current ratio of 3.98. The stock’s 50 day simple moving average is $9.12 and its 200 day simple moving average is $11.16. The firm has a market capitalization of $363.99 million, a PE ratio of -6.17 and a beta of 0.18.

Treace Medical Concepts (NASDAQ:TMCI) last released its earnings results on Tuesday, May 7th. The company reported ($0.30) EPS for the quarter, meeting analysts’ consensus estimates of ($0.30). The company had revenue of $51.11 million during the quarter, compared to the consensus estimate of $49.07 million. Treace Medical Concepts had a negative return on equity of 39.66% and a negative net margin of 27.93%. Treace Medical Concepts’s quarterly revenue was up 21.1% compared to the same quarter last year. During the same quarter last year, the company earned ($0.23) earnings per share. On average, equities research analysts forecast that Treace Medical Concepts, Inc. will post -0.87 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.