Tenon Medical (NASDAQ:TNON) Shares Down 2.7% – What’s Next?

Tenon Medical, Inc. (NASDAQ:TNON)’s stock price fell 2.7% during trading on Friday . The company traded as low as $1.05 and last traded at $1.07. 208,725 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 2,492,256 shares. The stock had previously closed at $1.10.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on TNON. Alliance Global Partners initiated coverage on shares of Tenon Medical in a research report on Wednesday, April 9th. They issued a “buy” rating and a $3.00 price objective for the company. Citigroup reissued a “buy” rating on shares of Tenon Medical in a research note on Wednesday, May 14th.

Tenon Medical Trading Down 2.7%

The company’s 50 day moving average price is $1.26 and its 200-day moving average price is $1.61. The company has a market capitalization of $8.12 million, a PE ratio of -0.04 and a beta of 1.23.

Tenon Medical (NASDAQ:TNON) last posted its earnings results on Tuesday, May 13th. The company reported ($1.01) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.05. The business had revenue of $0.73 million for the quarter, compared to analyst estimates of $0.76 million. Tenon Medical had a negative net margin of 413.88% and a negative return on equity of 1,785.88%.

Hedge Funds Weigh In On Tenon Medical

A number of institutional investors have recently added to or reduced their stakes in TNON. Jane Street Group LLC acquired a new position in Tenon Medical in the 1st quarter worth $29,000. Geode Capital Management LLC bought a new stake in shares of Tenon Medical during the 4th quarter valued at about $34,000. Spectrum Asset Management Inc. NB CA grew its position in Tenon Medical by 155.9% in the 4th quarter. Spectrum Asset Management Inc. NB CA now owns 25,650 shares of the company’s stock worth $48,000 after purchasing an additional 15,625 shares during the last quarter. Finally, Renaissance Technologies LLC bought a new position in Tenon Medical in the 4th quarter worth about $51,000. 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 transfixes the SI joints.