TELA Bio (NASDAQ:TELA) Shares Down 5.4% - Here's Why

Shares of TELA Bio, Inc. (NASDAQ:TELA - Get Free Report) traded down 5.4% during trading on Monday . The company traded as low as $1.92 and last traded at $1.93. 53,161 shares were traded during trading, a decline of 75% from the average session volume of 214,063 shares. The stock had previously closed at $2.04.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on TELA. Canaccord Genuity Group decreased their price objective on shares of TELA Bio from $12.00 to $7.00 and set a "buy" rating for the company in a report on Friday, March 21st. Wall Street Zen lowered TELA Bio from a "hold" rating to a "sell" rating in a research note on Saturday, June 14th. Finally, Piper Sandler lowered TELA Bio from an "overweight" rating to a "neutral" rating and cut their price objective for the company from $5.00 to $2.00 in a report on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have given a buy rating to the company. According to data from MarketBeat, TELA Bio has a consensus rating of "Hold" and a consensus target price of $7.25.

TELA Bio Trading Down 3.4%

The firm has a market capitalization of $79.12 million, a price-to-earnings ratio of -1.42 and a beta of 0.90. The company has a quick ratio of 3.40, a current ratio of 4.22 and a debt-to-equity ratio of 2.28. The firm's 50 day moving average is $1.57 and its 200 day moving average is $1.93.

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 (EPS) for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The company had revenue of $18.52 million for the quarter, compared to analyst estimates of $17.35 million. TELA Bio had a negative return on equity of 402.45% and a negative net margin of 61.00%. Equities analysts forecast that TELA Bio, Inc. will post -1.37 earnings per share for the current year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Renaissance Technologies LLC boosted its position in TELA Bio by 185.5% during the 4th quarter. Renaissance Technologies LLC now owns 425,140 shares of the company's stock worth $1,284,000 after acquiring an additional 276,240 shares during the period. JPMorgan Chase & Co. lifted its position in shares of TELA Bio by 39,329.5% in the fourth quarter. JPMorgan Chase & Co. now owns 133,666 shares of the company's stock worth $404,000 after purchasing an additional 133,327 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of TELA Bio by 50.6% during the fourth quarter. Northern Trust Corp now owns 47,181 shares of the company's stock worth $142,000 after purchasing an additional 15,856 shares during the period. Jane Street Group LLC grew its position in TELA Bio by 30.5% during the fourth quarter. Jane Street Group LLC now owns 30,705 shares of the company's stock valued at $93,000 after purchasing an additional 7,174 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased 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 buying an additional 15,283 shares during the period. Hedge funds and other institutional investors 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.