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

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large growth in short interest in the month of 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. Currently, 98.2% of the shares of the stock are sold short. Based on an average trading volume of 25,974,476 shares, the short-interest ratio is currently 0.0 days.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on TNON shares. Wall Street Zen raised shares of Tenon Medical to a “hold” rating in a research note on Saturday, August 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Tenon Medical in a report on Friday, July 17th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold”.

Tenon Medical Price Performance

Shares of NASDAQ TNON opened at $2.96 on Friday. The stock has a market cap of $1.98 million, a P/E 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 has a 1 year low of $2.40 and a 1 year high of $50.40.

Tenon Medical (NASDAQ:TNON) last posted its quarterly earnings results on Thursday, August 13th. The company reported ($12.35) earnings per share (EPS) for the quarter, missing the consensus estimate of ($8.40) by ($3.95). The company 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 at Tenon Medical

In other Tenon Medical news, major shareholder Financial Lp Hrt acquired 67,925 shares of the stock in a transaction that occurred on Thursday, September 10th. The shares were bought at an average price of $3.63 per share, for a total transaction of $246,567.75. Following the completion of the transaction, the insider owned 15,839 shares of the company’s stock, valued at approximately $57,495.57. This represents a -130.41% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Over 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. 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.