TELA Bio (NASDAQ:TELA) Trading Down 7% – Here’s What Happened

Shares of TELA Bio, Inc. (NASDAQ:TELA) dropped 7% on Monday . The company traded as low as $0.7740 and last traded at $0.80. Approximately 169,571 shares were traded during trading, an increase of 64% from the average daily volume of 103,666 shares. The stock had previously closed at $0.86.

Analyst Upgrades and Downgrades

TELA has been the subject of a number of analyst reports. Piper Sandler reduced their price objective on TELA Bio from $1.25 to $1.00 and set a “neutral” rating for the company in a research report on Wednesday, March 25th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of TELA Bio in a research report on Tuesday, April 21st. Canaccord Genuity Group reduced their price objective on TELA Bio from $4.00 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, March 25th. Citizens Jmp reduced their price objective on TELA Bio from $5.00 to $3.00 and set a “market outperform” rating for the company in a research report on Friday, March 27th. Finally, Lake Street Capital reduced their price objective 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. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $2.20.

TELA Bio Trading Down 7.0%

The firm has a market capitalization of $35.82 million, a PE ratio of -1.01 and a beta of 1.33. The firm has a 50 day simple moving average of $0.82 and a 200 day simple moving average of $0.90. The company has a current ratio of 3.61, a quick ratio of 2.92 and a debt-to-equity ratio of 8.82.

TELA Bio (NASDAQ:TELA) last posted its earnings results on Tuesday, May 12th. The company reported ($0.21) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.07). The business had revenue of $19.06 million during the quarter, compared to the consensus estimate of $18.60 million. TELA Bio had a negative return on equity of 1,320.81% and a negative net margin of 49.30%. Equities analysts expect that TELA Bio, Inc. will post -0.69 earnings per share for the current fiscal year.

Institutional Trading of TELA Bio

A number of institutional investors and hedge funds have recently modified their holdings of the business. Essex Woodlands Management Inc. increased its holdings 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 worth $9,103,000 after purchasing an additional 3,604,000 shares in the last quarter. Perkins Capital Management Inc. increased its holdings in shares of TELA Bio by 1.5% in the 1st quarter. Perkins Capital Management Inc. now owns 1,418,328 shares of the company’s stock worth $879,000 after purchasing an additional 20,910 shares in the last quarter. WealthTrust Axiom LLC increased its holdings 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 worth $381,000 after purchasing an additional 90,650 shares in the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $152,000 after purchasing an additional 64,800 shares in the last quarter. Finally, Embree Financial Group increased its holdings in shares of TELA Bio by 695.1% in the 4th quarter. Embree Financial Group now owns 111,318 shares of the company’s stock worth $131,000 after purchasing an additional 97,318 shares in the last quarter. Institutional investors 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.