Tenon Medical, Inc. (NASDAQ:TNON) Sees Significant Increase in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the recipient of a large growth in short interest in September. As of September 15th, there was short interest totaling 539,306 shares, a growth of 314.6% from the August 31st total of 130,094 shares. Based on an average daily trading volume, of 25,974,476 shares, the days-to-cover ratio is presently 0.0 days. Currently, 98.2% of the company’s stock are sold short.

Insider Buying and Selling

In other news, major shareholder Financial Lp Hrt acquired 67,925 shares of the firm’s stock in a transaction on Thursday, September 10th. The stock was bought at an average cost of $3.63 per share, with a total value of $246,567.75. Following the transaction, the insider directly owned 15,839 shares in the company, valued at approximately $57,495.57. This represents a -130.41% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In the last quarter, insiders have acquired 129,945 shares of company stock valued at $500,468 and have sold 136,599 shares valued at $605,467. 17.71% of the stock is owned by corporate insiders.

Tenon Medical Trading Up 5.7%

TNON stock traded up $0.17 during mid-day trading on Friday, hitting $3.13. 1,728,603 shares of the company were exchanged, compared to its average volume of 13,980,034. The company has a market capitalization of $2.10 million, a PE ratio of -0.07 and a beta of 1.36. Tenon Medical has a twelve month low of $2.40 and a twelve month high of $50.40. The firm has a fifty day simple moving average of $5.44 and a 200 day simple moving average of $16.41.

Tenon Medical (NASDAQ:TNON) last issued its earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($8.40) by ($3.95). Tenon Medical had a negative net margin of 257.85% and a negative return on equity of 907.60%. The company had revenue of $1.28 million during the quarter, compared to analyst estimates of $1.54 million.

Analyst Ratings Changes

Several research firms recently commented on TNON. Weiss Ratings reiterated a “sell (e+)” rating on shares of Tenon Medical in a research note on Friday, July 17th. Wall Street Zen upgraded Tenon Medical to a “hold” rating in a research note on Saturday, August 29th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold”.

About Tenon Medical

Tenon Medical, Inc is a medical device company focused on developing and commercializing products for the treatment of sacroiliac (SI) joint dysfunction. The company serves the spine and orthopedic markets, with an emphasis on minimally invasive procedures intended to stabilize and fuse the SI joint.

Tenon’s primary product is the Catamaran SI Joint Fusion System, an implant and delivery system designed to provide transfixation across the SI joint. The system is intended for use by surgeons performing SI joint fusion procedures and is supported by related instrumentation and procedural tools.

Based in Los Gatos, California, Tenon Medical has focused its commercial activities on the United States market.