Benchmark Trims Tenon Medical (NASDAQ:TNON) Target Price to $3.00

Tenon Medical (NASDAQ:TNON) had its price objective cut by equities research analysts at Benchmark from $5.00 to $3.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has a “speculative buy” rating on the stock. Benchmark’s price target points to a potential upside of 292.16% from the company’s current price.

Tenon Medical Stock Performance

NASDAQ:TNON traded down $0.04 on Monday, reaching $0.77. The company’s stock had a trading volume of 12,684 shares, compared to its average volume of 230,337. Tenon Medical has a 1-year low of $0.77 and a 1-year high of $23.00. The firm has a market cap of $2.85 million, a PE ratio of -0.08 and a beta of 2.24. The business’s 50-day moving average price is $1.09 and its two-hundred day moving average price is $1.23.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Spectrum Asset Management Inc. NB CA boosted its position in shares of Tenon Medical by 406.4% during the third quarter. Spectrum Asset Management Inc. NB CA now owns 1,082,606 shares of the company’s stock worth $168,000 after buying an additional 868,820 shares during the period. Walleye Capital LLC acquired a new position in shares of Tenon Medical during the second quarter worth about $124,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Tenon Medical during the second quarter worth about $61,000. BlackRock Inc. boosted its position in shares of Tenon Medical by 27.8% during the first quarter. BlackRock Inc. now owns 128,556 shares of the company’s stock worth $228,000 after buying an additional 27,982 shares during the period. Finally, Geode Capital Management LLC bought a new stake in Tenon Medical during the first quarter worth about $181,000. 22.74% of the stock is owned by institutional investors and hedge funds.

Tenon Medical Company Profile

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.