TELA Bio, Inc. (NASDAQ:TELA) Sees Significant Decrease in Short Interest

TELA Bio, Inc. (NASDAQ:TELA) was the target of a significant decrease in short interest in June. As of June 15th, there was short interest totaling 302,880 shares, a decrease of 59.5% from the May 31st total of 748,090 shares. Currently, 0.7% of the company’s stock are sold short. Based on an average daily volume of 114,154 shares, the days-to-cover ratio is presently 2.7 days.

Institutional Trading of TELA Bio

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Essex Woodlands Management Inc. lifted its stake in TELA Bio by 87.7% during the fourth quarter. Essex Woodlands Management Inc. now owns 7,714,709 shares of the company’s stock worth $9,103,000 after purchasing an additional 3,604,000 shares during the period. Perkins Capital Management Inc. raised its holdings in shares of TELA Bio by 67.6% in the 4th quarter. Perkins Capital Management Inc. now owns 1,397,418 shares of the company’s stock worth $1,649,000 after buying an additional 563,490 shares in the last quarter. Embree Financial Group boosted its stake in TELA Bio by 695.1% in the 4th quarter. Embree Financial Group now owns 111,318 shares of the company’s stock valued at $131,000 after buying an additional 97,318 shares in the last quarter. WealthTrust Axiom LLC grew its position in TELA Bio by 39.1% in the fourth quarter. WealthTrust Axiom LLC now owns 322,588 shares of the company’s stock valued at $381,000 after acquiring an additional 90,650 shares during the period. Finally, Susquehanna International Group LLP raised its stake in TELA Bio by 551.2% during the third quarter. Susquehanna International Group LLP now owns 85,763 shares of the company’s stock worth $128,000 after acquiring an additional 72,594 shares in the last quarter. Institutional investors own 94.35% of the company’s stock.

Analyst Ratings Changes

Several research firms recently commented on TELA. Canaccord Genuity Group decreased their price target on shares of TELA Bio from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Piper Sandler cut their target price on shares of TELA Bio from $1.25 to $1.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Citizens Jmp decreased their target price on shares of TELA Bio from $5.00 to $3.00 and set a “market outperform” rating for the company in a research note on Friday, March 27th. Lake Street Capital lowered their price target on shares of TELA Bio from $3.00 to $2.00 and set a “buy” rating on the stock in a report on Wednesday, March 25th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of TELA Bio in a research report on Tuesday, April 21st. Three equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $2.20.

TELA Bio Stock Up 2.7%

Shares of TELA stock opened at $0.75 on Wednesday. The firm has a market cap of $33.58 million, a PE ratio of -0.95 and a beta of 1.33. TELA Bio has a 12 month low of $0.50 and a 12 month high of $2.20. The stock has a 50 day moving average of $0.86 and a 200-day moving average of $0.87. The company has a quick ratio of 2.92, a current ratio of 3.61 and a debt-to-equity ratio of 8.82.

TELA Bio (NASDAQ:TELA) last announced its quarterly earnings data on Tuesday, May 12th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.07). TELA Bio had a negative return on equity of 1,320.81% and a negative net margin of 49.30%.The firm had revenue of $19.06 million during the quarter, compared to the consensus estimate of $18.60 million. On average, equities analysts predict that TELA Bio will post -0.69 EPS for the current year.

About TELA Bio

TELA Bio, Inc (NASDAQ: TELA) is a commercial‐stage medical technology company headquartered in Malvern, Pennsylvania. The company is focused on developing, manufacturing and commercializing regenerative medicine and advanced soft tissue repair solutions. By integrating proprietary biomaterials and processing technologies, TELA Bio aims to offer products that support the body’s natural healing processes in wound closure, hernia repair, reconstructive surgery and other surgical specialties.

The company’s product portfolio includes acellular dermal matrices, hemostatic agents and tissue scaffold systems.