Wall Street Zen Downgrades TELA Bio (NASDAQ:TELA) to Sell

Wall Street Zen downgraded shares of TELA Bio (NASDAQ:TELA - Free Report) from a hold rating to a sell rating in a research report report published on Saturday.

Several other equities research analysts have also recently weighed in on TELA. Piper Sandler cut 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. Canaccord Genuity Group reduced their price objective on TELA Bio from $12.00 to $7.00 and set a "buy" rating for the company in a research note on Friday, March 21st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, TELA Bio has an average rating of "Hold" and an average price target of $7.25.

TELA Bio Stock Down 8.1%

TELA stock traded down $0.15 during trading on Friday, hitting $1.70. 166,026 shares of the company's stock were exchanged, compared to its average volume of 231,084. The business has a 50-day moving average price of $1.22 and a two-hundred day moving average price of $2.06. The stock has a market capitalization of $67.24 million, a price-to-earnings ratio of -1.01 and a beta of 0.78. TELA Bio has a 52-week low of $0.86 and a 52-week high of $5.59. The company has a current ratio of 2.62, a quick ratio of 1.81 and a debt-to-equity ratio of 14.22.

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

Institutional Investors Weigh In On TELA Bio

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Renaissance Technologies LLC increased its holdings in shares of TELA Bio by 185.5% in the fourth quarter. Renaissance Technologies LLC now owns 425,140 shares of the company's stock valued at $1,284,000 after purchasing an additional 276,240 shares during the period. JPMorgan Chase & Co. increased its holdings 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 valued at $404,000 after purchasing an additional 133,327 shares during the period. Northern Trust Corp increased its holdings in shares of 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 purchasing an additional 15,856 shares during the period. Jane Street Group LLC increased its holdings in shares of TELA Bio by 30.5% in 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 during the period. Finally, Cubist Systematic Strategies LLC increased its holdings in shares of TELA Bio by 95.3% in the fourth 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. 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.