TELA Bio, Inc. (NASDAQ:TELA) Short Interest Down 14.6% in April

TELA Bio, Inc. (NASDAQ:TELA) was the target of a large drop in short interest during the month of April. As of April 15th, there was short interest totalling 592,700 shares, a drop of 14.6% from the March 31st total of 694,100 shares. Approximately 1.6% of the shares of the company are sold short. Based on an average daily volume of 270,800 shares, the days-to-cover ratio is currently 2.2 days.

Institutional Investors Weigh In On TELA Bio

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Prudential Financial Inc. acquired a new stake in TELA Bio during the fourth quarter worth approximately $57,000. Commonwealth Equity Services LLC grew its holdings in shares of TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after purchasing an additional 13,555 shares in the last quarter. Walleye Capital LLC bought a new position in shares of TELA Bio in the fourth quarter worth $91,000. Jane Street Group LLC raised its stake in 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 in the last quarter. Finally, Cubist Systematic Strategies LLC lifted its position in TELA Bio by 95.3% during the fourth quarter. Cubist Systematic Strategies LLC now owns 31,313 shares of the company’s stock worth $95,000 after purchasing an additional 15,283 shares during the period. 94.35% of the stock is currently owned by institutional investors and hedge funds.

TELA Bio Stock Performance

Shares of NASDAQ TELA opened at $1.02 on Friday. The company has a debt-to-equity ratio of 14.22, a current ratio of 2.62 and a quick ratio of 1.81. The firm has a market cap of $40.35 million, a price-to-earnings ratio of -0.60 and a beta of 0.98. The stock’s fifty day moving average price is $1.52 and its two-hundred day moving average price is $2.37. TELA Bio has a one year low of $0.86 and a one year high of $6.50.

TELA Bio (NASDAQ:TELA) last released its quarterly earnings results on Thursday, March 20th. The company reported ($0.23) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.01. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. The business had revenue of $17.65 million for the quarter, compared to the consensus estimate of $23.17 million. On average, equities analysts forecast that TELA Bio will post -1.37 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented 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 on the stock in a report on Friday, March 21st. Piper Sandler lowered shares of TELA Bio from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $5.00 to $2.00 in a research note on Friday, March 21st.

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.