TELA Bio, Inc. (NASDAQ:TELA) Short Interest Up 19.6% in March

TELA Bio, Inc. (NASDAQ:TELA) saw a large increase in short interest in the month of March. As of March 31st, there was short interest totaling 690,940 shares, an increase of 19.6% from the March 15th total of 577,693 shares. Based on an average trading volume of 238,908 shares, the days-to-cover ratio is presently 2.9 days. Approximately 1.6% of the shares of the company are short sold.

TELA Bio Stock Performance

Shares of TELA stock opened at $0.68 on Friday. The stock has a market cap of $30.55 million, a PE ratio of -0.82 and a beta of 0.99. The business has a 50-day simple moving average of $0.74 and a 200-day simple moving average of $1.03. The company has a quick ratio of 3.59, a current ratio of 4.20 and a debt-to-equity ratio of 8.82. TELA Bio has a 52-week low of $0.50 and a 52-week high of $2.20.

TELA Bio (NASDAQ:TELA) last issued its quarterly earnings data on Tuesday, March 24th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.02. The business had revenue of $20.87 million during the quarter, compared to analysts’ expectations of $21.04 million. TELA Bio had a negative return on equity of 433.58% and a negative net margin of 48.37%. On average, equities analysts expect that TELA Bio will post -1.37 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have commented on TELA shares. Lake Street Capital lowered their price target on TELA Bio from $3.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Weiss Ratings reissued a “sell (e+)” rating on shares of TELA Bio in a report on Thursday, January 22nd. Canaccord Genuity Group decreased their price objective on TELA Bio from $4.00 to $2.00 and set a “buy” rating for the company in a report on Wednesday, March 25th. Piper Sandler decreased their price objective on TELA Bio from $1.25 to $1.00 and set a “neutral” rating for the company in a report on Wednesday, March 25th. Finally, Citizens Jmp decreased their price objective on TELA Bio from $5.00 to $3.00 and set a “market outperform” rating for the company in a report on Friday, March 27th. Three equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $2.20.

Hedge Funds Weigh In On TELA Bio

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd purchased a new position in shares of TELA Bio in the 4th quarter valued at about $48,000. WealthTrust Axiom LLC increased its stake in shares of TELA Bio by 39.1% in the 4th quarter. WealthTrust Axiom LLC now owns 322,588 shares of the company’s stock valued at $381,000 after purchasing an additional 90,650 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of TELA Bio by 101.4% in the 4th quarter. Renaissance Technologies LLC now owns 128,700 shares of the company’s stock valued at $152,000 after purchasing an additional 64,800 shares in the last quarter. Essex Woodlands Management Inc. increased its stake in shares of TELA Bio by 87.7% in the 4th quarter. Essex Woodlands Management Inc. now owns 7,714,709 shares of the company’s stock valued at $9,103,000 after purchasing an additional 3,604,000 shares in the last quarter. Finally, Perkins Capital Management Inc. increased its stake in shares of TELA Bio by 67.6% in the 4th quarter. Perkins Capital Management Inc. now owns 1,397,418 shares of the company’s stock valued at $1,649,000 after purchasing an additional 563,490 shares in the last quarter. Institutional investors and hedge funds own 94.35% of the company’s stock.

About TELA Bio

TELA Bio, Inc (NASDAQ: TELA) is a commercial‐stage medical technology company headquartered in Malvern, Pennsylvania. The company is focused on developing, manufacturing and commercializing regenerative medicine and advanced soft tissue repair solutions. By integrating proprietary biomaterials and processing technologies, TELA Bio aims to offer products that support the body’s natural healing processes in wound closure, hernia repair, reconstructive surgery and other surgical specialties.

The company’s product portfolio includes acellular dermal matrices, hemostatic agents and tissue scaffold systems.