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

TELA Bio, Inc. (NASDAQ:TELA) saw a large decrease in short interest during the month of November. As of November 15th, there was short interest totalling 335,900 shares, a decrease of 29.8% from the October 31st total of 478,700 shares. Based on an average daily trading volume, of 223,100 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analyst Weigh In

TELA has been the subject of a number of research reports. Lake Street Capital reduced their price target on shares of TELA Bio from $14.00 to $8.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. Canaccord Genuity Group reiterated a “buy” rating and issued a $12.00 price objective on shares of TELA Bio in a research report on Friday, October 4th. JMP Securities dropped their target price on shares of TELA Bio from $15.00 to $12.00 and set a “market outperform” rating for the company in a report on Tuesday, August 13th. Finally, Piper Sandler reduced their price target on shares of TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, November 8th.

TELA Bio Trading Up 3.6 %

Shares of TELA Bio stock traded up $0.11 during trading hours on Friday, reaching $3.14. 74,993 shares of the company’s stock were exchanged, compared to its average volume of 193,925. The firm has a market capitalization of $123.68 million, a price-to-earnings ratio of -1.86 and a beta of 0.97. The company has a current ratio of 2.62, a quick ratio of 1.81 and a debt-to-equity ratio of 14.22. TELA Bio has a 52-week low of $2.30 and a 52-week high of $7.84. The company has a fifty day moving average of $2.75 and a 200-day moving average of $3.81.

TELA Bio (NASDAQ:TELA) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.05). The business 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 556.18% and a negative net margin of 60.49%. During the same period in the previous year, the business posted ($0.45) earnings per share. Sell-side analysts forecast that TELA Bio will post -1.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other TELA Bio news, CEO Antony Koblish acquired 88,888 shares of the business’s stock in a transaction on Thursday, October 24th. The stock was purchased at an average price of $2.25 per share, for a total transaction of $199,998.00. Following the completion of the transaction, the chief executive officer now owns 458,897 shares of the company’s stock, valued at $1,032,518.25. The trade was a 24.02 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Paul Talmo bought 22,222 shares of the firm’s stock in a transaction on Thursday, October 24th. The shares were bought at an average price of $2.25 per share, for a total transaction of $49,999.50. Following the completion of the transaction, the chief technology officer now directly owns 91,082 shares in the company, valued at approximately $204,934.50. This represents a 32.27 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders bought 182,220 shares of company stock worth $409,995. 6.00% of the stock is owned by insiders.

Hedge Funds Weigh In On TELA Bio

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 DIFC Ltd acquired a new stake in TELA Bio during the second quarter worth about $25,000. Vanguard Group Inc. raised its holdings in TELA Bio by 0.7% in the first quarter. Vanguard Group Inc. now owns 1,006,052 shares of the company’s stock valued at $5,704,000 after buying an additional 7,199 shares during the period. Embree Financial Group acquired a new position in TELA Bio during the third quarter valued at approximately $25,000. Ground Swell Capital LLC acquired a new position in TELA Bio during the second quarter valued at approximately $53,000. Finally, Perkins Capital Management Inc. increased its position in shares of TELA Bio by 10.2% in the third quarter. Perkins Capital Management Inc. now owns 225,200 shares of the company’s stock worth $570,000 after acquiring an additional 20,850 shares in the last quarter. Institutional investors and hedge funds 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.