Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Expands By 1,517.7%

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 130,094 shares, an increase of 1,517.7% from the August 15th total of 8,042 shares. Currently, 23.7% of the company’s shares are short sold. Based on an average daily trading volume, of 6,364,686 shares, the short-interest ratio is currently 0.0 days.

Insider Buying and Selling

In related news, major shareholder Financial Lp Hrt bought 18,357 shares of the firm’s stock in a transaction on Friday, August 28th. The shares were bought at an average price of $5.58 per share, with a total value of $102,432.06. Following the completion of the transaction, the insider directly owned 1,730 shares of the company’s stock, valued at $9,653.40. This represents a -110.40% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last 90 days, insiders have bought 21,805 shares of company stock valued at $117,211 and have sold 10,674 shares valued at $67,043. 17.71% of the stock is owned by insiders.

Hedge Funds Weigh In On Tenon Medical

Several hedge funds and other institutional investors have recently added to or reduced their stakes in TNON. Jane Street Group LLC acquired a new position in shares of Tenon Medical in the first quarter worth $29,000. Geode Capital Management LLC increased its position in shares of Tenon Medical by 34.6% during the fourth quarter. Geode Capital Management LLC now owns 66,640 shares of the company’s stock worth $63,000 after acquiring an additional 17,137 shares during the period. Finally, DRW Securities LLC acquired a new stake in shares of Tenon Medical in the fourth quarter valued at $98,000. Hedge funds and other institutional investors own 22.74% of the company’s stock.

Tenon Medical Stock Performance

Shares of TNON traded up $2.86 during mid-day trading on Thursday, hitting $5.30. 124,974,764 shares of the company’s stock were exchanged, compared to its average volume of 1,306,638. The company has a market cap of $3.55 million, a price-to-earnings ratio of -0.12 and a beta of 1.36. Tenon Medical has a fifty-two week low of $2.40 and a fifty-two week high of $50.40. The stock’s 50-day moving average is $6.40 and its 200-day moving average is $18.38.

Tenon Medical (NASDAQ:TNON) last announced its quarterly earnings data on Thursday, August 13th. The company reported ($12.35) earnings per share for the quarter, missing analysts’ consensus estimates of ($8.40) by ($3.95). The business had revenue of $1.28 million during the quarter, compared to analyst estimates of $1.54 million. Tenon Medical had a negative net margin of 257.85% and a negative return on equity of 907.60%.

Analyst Upgrades and Downgrades

TNON has been the subject of a number of recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. Alliance Global Partners restated a “buy” rating on shares of Tenon Medical in a report on Wednesday, May 13th. Finally, Wall Street Zen upgraded shares of Tenon Medical to a “hold” rating in a report on Saturday, August 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold”.

Tenon Medical Company Profile

Tenon Medical, Inc is a development-stage medical device company focused on the research, development and commercialization of next-generation surgical biologic adhesives and sealants. The company’s proprietary platform is designed to create tissue-compatible adhesives that can serve as alternatives or complements to traditional sutures and staples, with the goal of improving surgical efficiency, reducing postoperative complications and enhancing patient outcomes.

Tenon Medical’s product pipeline centers on protein-based polymer formulations that cross-link in situ to form a flexible, yet durable, bond with native tissue.