TELA Bio, Inc. (NASDAQ:TELA) Sees Large Decline in Short Interest

TELA Bio, Inc. (NASDAQ:TELA) saw a significant decrease in short interest in the month of June. As of June 15th, there was short interest totaling 302,880 shares, a decrease of 59.5% from the May 31st total of 748,090 shares. Based on an average daily trading volume, of 114,154 shares, the days-to-cover ratio is presently 2.7 days. Currently, 0.7% of the shares of the stock are short sold.

TELA Bio Price Performance

NASDAQ:TELA traded up $0.02 during trading hours on Monday, reaching $0.76. 8,241 shares of the company traded hands, compared to its average volume of 181,845. The firm’s 50-day moving average is $0.86 and its 200-day moving average is $0.88. The stock has a market cap of $34.03 million, a P/E ratio of -0.97 and a beta of 1.33. The company has a debt-to-equity ratio of 8.82, a current ratio of 3.61 and a quick ratio of 2.92. TELA Bio has a 1-year low of $0.50 and a 1-year high of $2.20.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings results on Tuesday, May 12th. The company reported ($0.21) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.07). TELA Bio had a negative return on equity of 1,320.81% and a negative net margin of 49.30%.The company had revenue of $19.06 million for the quarter, compared to analysts’ expectations of $18.60 million. Equities research analysts expect that TELA Bio will post -0.69 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Perkins Capital Management Inc. boosted its stake in shares of TELA Bio by 1.5% during the 1st quarter. Perkins Capital Management Inc. now owns 1,418,328 shares of the company’s stock worth $879,000 after purchasing an additional 20,910 shares during the last quarter. XTX Topco Ltd purchased a new stake in shares of TELA Bio during the fourth quarter worth about $48,000. WealthTrust Axiom LLC raised its position in shares of TELA Bio by 39.1% in the fourth quarter. WealthTrust Axiom LLC now owns 322,588 shares of the company’s stock valued at $381,000 after buying an additional 90,650 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of TELA Bio by 101.4% in the fourth quarter. Renaissance Technologies LLC now owns 128,700 shares of the company’s stock valued at $152,000 after buying an additional 64,800 shares during the last quarter. Finally, Essex Woodlands Management Inc. lifted its stake in shares of TELA Bio by 87.7% during the fourth quarter. Essex Woodlands Management Inc. now owns 7,714,709 shares of the company’s stock valued at $9,103,000 after buying an additional 3,604,000 shares during the period. Institutional investors and hedge funds own 94.35% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently issued reports on TELA. Canaccord Genuity Group reduced their price target on shares of TELA Bio from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Citizens Jmp dropped their price objective on TELA Bio from $5.00 to $3.00 and set a “market outperform” rating for the company in a research note on Friday, March 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of TELA Bio in a report on Tuesday, April 21st. Lake Street Capital decreased their target price on TELA Bio from $3.00 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday, March 25th. Finally, Piper Sandler decreased their target price on TELA Bio from $1.25 to $1.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 25th. Three analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $2.20.

About TELA Bio

TELA Bio, Inc (NASDAQ: TELA) is a commercial‐stage medical technology company headquartered in Malvern, Pennsylvania. The company is focused on developing, manufacturing and commercializing regenerative medicine and advanced soft tissue repair solutions. By integrating proprietary biomaterials and processing technologies, TELA Bio aims to offer products that support the body’s natural healing processes in wound closure, hernia repair, reconstructive surgery and other surgical specialties.

The company’s product portfolio includes acellular dermal matrices, hemostatic agents and tissue scaffold systems.