Short Interest in TELA Bio, Inc. (NASDAQ:TELA) Declines By 13.6%

TELA Bio, Inc. (NASDAQ:TELA - Get Free Report) was the target of a large decline in short interest during the month of May. As of May 15th, there was short interest totalling 580,700 shares, a decline of 13.6% from the April 30th total of 671,900 shares. Based on an average daily trading volume, of 255,000 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.6% of the company's stock are sold short.

Institutional Trading of TELA Bio

A number of large investors have recently bought and sold shares of the stock. Prudential Financial Inc. bought a new position in TELA Bio in the fourth quarter valued at about $57,000. Commonwealth Equity Services LLC grew its stake in TELA Bio by 91.1% in the fourth quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company's stock valued at $86,000 after purchasing an additional 13,555 shares in the last quarter. Walleye Capital LLC bought a new position in shares of TELA Bio during the 4th quarter worth approximately $91,000. Jane Street Group LLC boosted its stake in shares of TELA Bio by 30.5% during the 4th quarter. Jane Street Group LLC now owns 30,705 shares of the company's stock worth $93,000 after acquiring an additional 7,174 shares during the period. Finally, Cubist Systematic Strategies LLC boosted its stake in TELA Bio by 95.3% in the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company's stock valued at $95,000 after purchasing an additional 15,283 shares during the period. 94.35% of the stock is currently owned by institutional investors.

TELA Bio Stock Performance

Shares of TELA traded down $0.06 during midday trading on Friday, hitting $1.89. 117,298 shares of the stock traded hands, compared to its average volume of 230,362. TELA Bio has a 1-year low of $0.86 and a 1-year high of $5.80. The business's 50 day moving average price is $1.15 and its two-hundred day moving average price is $2.10. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. The firm has a market capitalization of $74.76 million, a PE ratio of -1.12 and a beta of 0.78.

TELA Bio (NASDAQ:TELA - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The business had revenue of $18.52 million during the quarter, compared to the consensus estimate of $17.35 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. Equities research analysts predict that TELA Bio will post -1.37 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Canaccord Genuity Group reduced their price target on shares of TELA Bio from $12.00 to $7.00 and set a "buy" rating for the company in a research report on Friday, March 21st. Piper Sandler cut shares of TELA Bio from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $5.00 to $2.00 in a research note on Friday, March 21st. Finally, Wall Street Zen raised shares of TELA Bio from a "sell" rating to a "hold" rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, TELA Bio currently has an average rating of "Moderate Buy" and an average target price of $7.25.

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.