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

TELA Bio, Inc. (NASDAQ:TELA - Get Free Report) saw a large decrease in short interest during the month of October. As of October 31st, there was short interest totalling 478,700 shares, a decrease of 68.9% from the October 15th total of 1,540,000 shares. Based on an average daily trading volume, of 258,700 shares, the days-to-cover ratio is currently 1.9 days.

TELA Bio Trading Up 5.8 %

Shares of TELA Bio stock traded up $0.17 during trading on Tuesday, hitting $3.11. The stock had a trading volume of 239,089 shares, compared to its average volume of 196,403. TELA Bio has a 1 year low of $2.30 and a 1 year high of $7.84. The stock has a 50 day simple moving average of $2.65 and a 200 day simple moving average of $3.97. The company has a quick ratio of 2.52, a current ratio of 3.41 and a debt-to-equity ratio of 14.22. The company has a market capitalization of $76.86 million, a PE ratio of -1.88 and a beta of 0.97.

TELA Bio (NASDAQ:TELA - Get Free Report) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.42) EPS for the quarter, missing analysts' consensus estimates of ($0.37) by ($0.05). The firm had revenue of $18.96 million during the quarter, compared to analyst estimates of $19.10 million. TELA Bio had a negative return on equity of 344.73% and a negative net margin of 60.49%. During the same quarter in the prior year, the company posted ($0.45) EPS. On average, research analysts expect that TELA Bio will post -1.39 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on the stock. Lake Street Capital cut their price objective on shares of TELA Bio from $14.00 to $8.00 and set a "buy" rating on the stock in a research report on Tuesday, August 13th. Canaccord Genuity Group reissued a "buy" rating and issued a $12.00 price objective on shares of TELA Bio in a report on Friday, October 4th. Piper Sandler cut their target price on TELA Bio from $8.00 to $5.00 and set an "overweight" rating on the stock in a research note on Friday. Finally, JMP Securities decreased their price target on TELA Bio from $15.00 to $12.00 and set a "market outperform" rating for the company in a research note on Tuesday, August 13th.

Insider Activity

In related news, CTO Paul Talmo purchased 22,222 shares of the company's stock in a transaction that occurred on Thursday, October 24th. The stock was acquired at an average price of $2.25 per share, for a total transaction of $49,999.50. Following the completion of the purchase, the chief technology officer now owns 91,082 shares in the company, valued at approximately $204,934.50. This represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Roberto Cuca acquired 64,444 shares of TELA Bio stock in a transaction that occurred on Thursday, October 24th. The shares were purchased at an average cost of $2.25 per share, for a total transaction of $144,999.00. Following the completion of the purchase, the chief financial officer now directly owns 155,388 shares of the company's stock, valued at $349,623. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Paul Talmo bought 22,222 shares of the stock in a transaction on Thursday, October 24th. The shares were acquired at an average price of $2.25 per share, with a total value of $49,999.50. Following the purchase, the chief technology officer now owns 91,082 shares of the company's stock, valued at $204,934.50. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders acquired 182,220 shares of company stock worth $409,995. 6.00% of the stock is currently owned by insiders.

Institutional Investors Weigh In On TELA Bio

A number of large investors have recently bought and sold shares of TELA. Nantahala Capital Management LLC raised its holdings in TELA Bio by 122.8% during the second quarter. Nantahala Capital Management LLC now owns 2,445,667 shares of the company's stock valued at $11,495,000 after buying an additional 1,347,801 shares in the last quarter. Paradigm Capital Management Inc. NY lifted its holdings in TELA Bio by 143.8% in the 2nd quarter. Paradigm Capital Management Inc. NY now owns 1,256,200 shares of the company's stock worth $5,904,000 after purchasing an additional 740,935 shares during the last quarter. AIGH Capital Management LLC boosted its position in TELA Bio by 17.1% during the second quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company's stock worth $7,786,000 after purchasing an additional 241,400 shares during the period. First Light Asset Management LLC grew its holdings in TELA Bio by 7.8% during the first quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company's stock valued at $15,615,000 after purchasing an additional 199,387 shares during the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in shares of TELA Bio in the third quarter valued at approximately $362,000. 94.35% of the stock is currently owned by institutional investors.

TELA Bio Company Profile

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.