Short Interest in Tenon Medical, Inc. (NASDAQ:TNON) Drops By 76.7%

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large decrease in short interest during the month of April. As of April 15th, there was short interest totalling 140,700 shares, a decrease of 76.7% from the March 31st total of 602,800 shares. Based on an average daily volume of 6,840,000 shares, the days-to-cover ratio is presently 0.0 days. Currently, 2.3% of the shares of the company are short sold.

Tenon Medical Trading Up 0.4 %

Tenon Medical stock traded up $0.01 during trading on Monday, reaching $1.18. The company had a trading volume of 142,248 shares, compared to its average volume of 2,465,690. The firm’s 50-day simple moving average is $1.37 and its 200 day simple moving average is $2.01. Tenon Medical has a 52 week low of $0.91 and a 52 week high of $15.79. The firm has a market capitalization of $7.29 million, a price-to-earnings ratio of -0.04 and a beta of 1.16.

Analyst Upgrades and Downgrades

Separately, Alliance Global Partners initiated coverage on shares of Tenon Medical in a report on Wednesday, April 9th. They issued a “buy” rating and a $3.00 price objective on the stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Geode Capital Management LLC purchased a new stake in Tenon Medical in the 4th quarter worth approximately $34,000. Spectrum Asset Management Inc. NB CA increased its stake in shares of Tenon Medical by 155.9% in the fourth quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock worth $48,000 after purchasing an additional 15,625 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in shares of Tenon Medical during the 4th quarter valued at $51,000. 22.74% of the stock is owned by hedge funds and other institutional investors.

Tenon Medical Company Profile

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as transfixes the SI joints.