TELA Bio, Inc. (NASDAQ:TELA) Short Interest Up 55.5% in March

TELA Bio, Inc. (NASDAQ:TELA) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 694,100 shares, an increase of 55.5% from the March 15th total of 446,400 shares. Currently, 1.9% of the company’s stock are short sold. Based on an average trading volume of 273,500 shares, the short-interest ratio is presently 2.5 days.

TELA Bio Stock Down 0.1 %

Shares of TELA traded down $0.00 during midday trading on Friday, reaching $0.96. The stock had a trading volume of 76,557 shares, compared to its average volume of 228,535. The company has a market cap of $37.66 million, a price-to-earnings ratio of -0.57 and a beta of 0.98. The company’s fifty day simple moving average is $1.89 and its two-hundred day simple moving average is $2.48. TELA Bio has a 1-year low of $0.86 and a 1-year high of $6.50. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.01. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. The business had revenue of $17.65 million for the quarter, compared to analysts’ expectations of $23.17 million. Equities research analysts expect that TELA Bio will post -1.37 earnings per share for the current year.

Wall Street Analysts Forecast Growth

TELA has been the topic of several analyst reports. Piper Sandler cut TELA Bio from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $5.00 to $2.00 in a research note on Friday, March 21st. Canaccord Genuity Group cut their price target on TELA Bio from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, March 21st.

Institutional Investors Weigh In On TELA Bio

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Prudential Financial Inc. acquired a new stake in TELA Bio during the fourth quarter worth approximately $57,000. Commonwealth Equity Services LLC boosted its holdings in shares of TELA Bio by 91.1% during the fourth quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after purchasing an additional 13,555 shares during the last quarter. Walleye Capital LLC purchased a new stake in shares of TELA Bio in the fourth quarter valued at $91,000. Jane Street Group LLC increased its stake in TELA Bio by 30.5% in the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company’s stock valued at $93,000 after purchasing an additional 7,174 shares during the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in TELA Bio by 95.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after buying an additional 15,283 shares during the period. Hedge funds and other institutional investors own 94.35% of the company’s stock.

About TELA Bio

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.