Tenon Medical, Inc. (NASDAQ:TNON) Shares Shorted: Short Interest Up 314.6% in September

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in 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 raised shares of Tenon Medical to a “hold” rating in a report on Saturday, August 29th. One equities research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Hold”.

Tenon Medical Trading Down 9.5%

Tenon Medical stock opened at $2.96 on Friday. Tenon Medical has a 12-month low of $2.40 and a 12-month high of $50.40. The firm has a market capitalization of $1.98 million, a price-to-earnings ratio of -0.07 and a beta of 1.36. The firm has a 50 day moving average of $5.52 and a 200 day moving average of $16.50.

Tenon Medical (NASDAQ:TNON) last announced its quarterly earnings data 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). The firm had revenue of $1.28 million during the quarter, compared to analysts’ expectations of $1.54 million. Tenon Medical had a negative return on equity of 907.60% and a negative net margin of 257.85%.

Insider Buying and Selling

In other Tenon Medical news, major shareholder Financial Lp Hrt sold 65,582 shares of the stock in a transaction dated Thursday, September 10th. The stock was sold at an average price of $5.56, for a total value of $364,635.92. Following the transaction, the insider owned 15,839 shares of the company’s stock, valued at approximately $88,064.84. This represents a 80.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last three months, insiders acquired 129,945 shares of company stock worth $500,468 and sold 136,599 shares worth $605,467. Company insiders own 17.71% of the company’s stock.

Tenon Medical Company Profile

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.