Benchmark Lowers Tenon Medical (NASDAQ:TNON) Price Target to $3.00

Tenon Medical (NASDAQ:TNON) had its price target reduced by Benchmark from $5.00 to $3.00 in a research note published on Monday, Benzinga reports. They currently have a speculative buy rating on the stock.

Tenon Medical Stock Performance

Shares of TNON stock opened at $0.75 on Monday. The company has a market cap of $2.80 million, a P/E ratio of -0.08 and a beta of 2.24. The stock has a 50 day simple moving average of $1.06 and a two-hundred day simple moving average of $1.23. Tenon Medical has a fifty-two week low of $0.71 and a fifty-two week high of $23.00.

Tenon Medical (NASDAQ:TNON) last issued its earnings results on Tuesday, March 12th. The company reported ($0.68) earnings per share for the quarter. The business had revenue of $0.81 million during the quarter. Tenon Medical had a negative return on equity of 934.11% and a negative net margin of 532.14%.

Institutional Investors Weigh In On Tenon Medical

Hedge funds have recently added to or reduced their stakes in the business. Spectrum Asset Management Inc. NB CA increased its holdings in shares of Tenon Medical by 406.4% during the third quarter. Spectrum Asset Management Inc. NB CA now owns 1,082,606 shares of the company’s stock valued at $168,000 after acquiring an additional 868,820 shares in the last quarter. Walleye Capital LLC bought a new stake in shares of Tenon Medical during the second quarter valued at approximately $124,000. Y Intercept Hong Kong Ltd bought a new stake in shares of Tenon Medical during the second quarter valued at approximately $61,000. BlackRock Inc. increased its holdings in shares of Tenon Medical by 27.8% during the first quarter. BlackRock Inc. now owns 128,556 shares of the company’s stock valued at $228,000 after acquiring an additional 27,982 shares in the last quarter. Finally, Geode Capital Management LLC bought a new stake in shares of Tenon Medical during the first quarter valued at approximately $181,000. 22.74% of the stock is currently owned by institutional investors.

Tenon Medical Company Profile

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as stabilizes and transfixes the SI joints.