Tenon Medical (NASDAQ:TNON) PT Lowered to $3.00

Tenon Medical (NASDAQ:TNON) had its target price cut by Benchmark from $5.00 to $3.00 in a report issued on Monday, Benzinga reports. They currently have a speculative buy rating on the stock.

Tenon Medical Stock Down 9.4 %

TNON stock opened at $0.73 on Monday. Tenon Medical has a 52-week low of $0.71 and a 52-week high of $23.00. The stock’s 50 day moving average is $1.09 and its two-hundred day moving average is $1.23. The company has a market capitalization of $2.71 million, a PE ratio of -0.07 and a beta of 2.24.

Tenon Medical (NASDAQ:TNON) last issued its quarterly earnings results on Tuesday, March 12th. The company reported ($0.68) earnings per share for the quarter. Tenon Medical had a negative net margin of 532.14% and a negative return on equity of 934.11%. The firm had revenue of $0.81 million during the quarter.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in Tenon Medical by 95.5% during the 3rd quarter. BlackRock Inc. now owns 89,459 shares of the company’s stock worth $117,000 after acquiring an additional 43,706 shares during the period. Vanguard Group Inc. increased its position in Tenon Medical by 225.1% in the 3rd quarter. Vanguard Group Inc. now owns 73,145 shares of the company’s stock worth $96,000 after purchasing an additional 50,646 shares during the last quarter. State Street Corp acquired a new position in Tenon Medical in the 3rd quarter worth about $42,000. Charles Schwab Investment Management Inc. bought a new stake in shares of Tenon Medical during the 4th quarter worth about $27,000. Finally, Renaissance Technologies LLC bought a new stake in shares of Tenon Medical during the 1st quarter worth about $73,000. Institutional investors and hedge funds own 22.74% of the company’s stock.

About Tenon Medical

Tenon Medical, Inc, a medical device company, engages in the development of surgical implant systems to treat severe lower back pain in the United States and Puerto Rico. The company offers CATAMARAN SI-Joint Fusion System to fuse sacroiliac joints (SI-Joints) to treat SI-Joint dysfunction that often causes severe lower back pain; and features fixation device that passes through the axial and sagittal planes of the ilium and sacrum, as well as stabilizes and transfixes the SI joints.