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

TELA Bio, Inc. (NASDAQ:TELA - Get Free Report) was the recipient of a significant 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. Approximately 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 255,000 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Canaccord Genuity Group reduced their target price 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 decreased their target price for the stock from $5.00 to $2.00 in a research note on Friday, March 21st.

TELA Bio Price Performance

TELA Bio stock traded down $0.07 during midday trading on Friday, hitting $1.88. 100,225 shares of the company's stock were exchanged, compared to its average volume of 221,429. The company has a market cap of $74.36 million, a P/E ratio of -1.11 and a beta of 0.78. The stock has a 50-day moving average price of $1.13 and a two-hundred day moving average price of $2.11. The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. TELA Bio has a 52-week low of $0.86 and a 52-week high of $5.80.

TELA Bio (NASDAQ:TELA - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.25) earnings per share for the quarter, missing analysts' consensus estimates of ($0.21) by ($0.04). TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. The company had revenue of $18.52 million for the quarter, compared to the consensus estimate of $17.35 million. On average, equities research analysts forecast that TELA Bio will post -1.37 earnings per share for the current year.

Institutional Investors Weigh In On TELA Bio

A number of hedge funds have recently made changes to their positions in TELA. Renaissance Technologies LLC lifted its position in TELA Bio by 185.5% in the fourth quarter. Renaissance Technologies LLC now owns 425,140 shares of the company's stock worth $1,284,000 after buying an additional 276,240 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of TELA Bio by 39,329.5% in the 4th quarter. JPMorgan Chase & Co. now owns 133,666 shares of the company's stock worth $404,000 after acquiring an additional 133,327 shares in the last quarter. Cubist Systematic Strategies LLC raised its stake in shares of TELA Bio by 95.3% during the 4th quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company's stock worth $95,000 after acquiring an additional 15,283 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of TELA Bio by 78.4% during the 4th quarter. Geode Capital Management LLC now owns 311,405 shares of the company's stock valued at $941,000 after purchasing an additional 136,890 shares during the last quarter. Finally, Northern Trust Corp raised its stake in TELA Bio by 50.6% in the fourth quarter. Northern Trust Corp now owns 47,181 shares of the company's stock valued at $142,000 after buying an additional 15,856 shares during the last quarter. 94.35% of the stock is currently owned by hedge funds and other institutional investors.

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.