Tenon Medical, Inc. (NASDAQ:TNON) Shares Shorted: Short Interest Up 314.6% in September

Tenon Medical, Inc. (NASDAQ:TNON) saw a significant increase in short interest in the month of September. As of September 15th, there was short interest totaling 539,306 shares, an increase of 314.6% from the August 31st total of 130,094 shares. Based on an average daily trading volume, of 25,974,476 shares, the days-to-cover ratio is presently 0.0 days. Approximately 98.2% of the company’s shares are short sold.

Insiders Place Their Bets

In other news, major shareholder Financial Lp Hrt bought 67,925 shares of the stock in a transaction that occurred on Thursday, September 10th. The stock was acquired at an average price of $3.63 per share, with a total value of $246,567.75. Following the completion of the purchase, the insider directly owned 15,839 shares of the company’s stock, valued at approximately $57,495.57. This represents a -130.41% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available at this link. Over the last ninety days, insiders have acquired 129,945 shares of company stock worth $500,468 and have sold 136,599 shares worth $605,467. 17.71% of the stock is owned by corporate insiders.

Tenon Medical Price Performance

Shares of Tenon Medical stock traded up $0.17 during trading on Friday, reaching $3.13. 1,728,603 shares of the company traded hands, compared to its average volume of 13,980,034. The firm has a market capitalization of $2.10 million, a PE ratio of -0.07 and a beta of 1.36. Tenon Medical has a 1-year low of $2.40 and a 1-year high of $50.40. The company has a 50 day moving average price of $5.44 and a 200-day moving average price of $16.41.

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

Analyst Ratings Changes

Several research firms have recently weighed in on TNON. Weiss Ratings reissued a “sell (e+)” rating on shares of Tenon Medical in a research report on Friday, July 17th. Wall Street Zen upgraded Tenon Medical to a “hold” rating in a research report on Saturday, August 29th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Hold”.

Tenon Medical Company Profile

Tenon Medical, Inc is a medical device company focused on developing and commercializing products for the treatment of sacroiliac (SI) joint dysfunction. The company serves the spine and orthopedic markets, with an emphasis on minimally invasive procedures intended to stabilize and fuse the SI joint.

Tenon’s primary product is the Catamaran SI Joint Fusion System, an implant and delivery system designed to provide transfixation across the SI joint. The system is intended for use by surgeons performing SI joint fusion procedures and is supported by related instrumentation and procedural tools.

Based in Los Gatos, California, Tenon Medical has focused its commercial activities on the United States market.