TELA Bio (NASDAQ:TELA) Stock Price Down 1.4% – Here’s What Happened

TELA Bio, Inc. (NASDAQ:TELA)’s stock price dropped 1.4% during trading on Thursday . The company traded as low as $2.73 and last traded at $2.76. Approximately 78,765 shares traded hands during trading, a decline of 52% from the average daily volume of 163,540 shares. The stock had previously closed at $2.80.

Analysts Set New Price Targets

Separately, Piper Sandler cut their price target on shares of TELA Bio from $8.00 to $5.00 and set an “overweight” rating on the stock in a report on Friday, November 8th.

TELA Bio Stock Down 3.3 %

The company has a debt-to-equity ratio of 14.22, a quick ratio of 1.81 and a current ratio of 2.62. The company has a market capitalization of $105.17 million, a PE ratio of -1.58 and a beta of 1.00. The company’s 50-day moving average is $2.81 and its 200 day moving average is $2.95.

TELA Bio (NASDAQ:TELA) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.42) earnings per share for the quarter, missing the consensus estimate of ($0.37) by ($0.05). The firm had revenue of $18.96 million for the quarter, compared to the consensus estimate of $19.10 million. TELA Bio had a negative net margin of 60.49% and a negative return on equity of 556.18%. During the same period last year, the business earned ($0.45) EPS. As a group, analysts anticipate that TELA Bio, Inc. will post -1.37 EPS for the current year.

Institutional Trading of TELA Bio

A number of institutional investors have recently made changes to their positions in the stock. Embree Financial Group purchased a new stake in TELA Bio during the third quarter valued at $25,000. Squarepoint Ops LLC purchased a new stake in shares of TELA Bio during the 2nd quarter valued at about $132,000. Cubist Systematic Strategies LLC purchased a new stake in shares of TELA Bio during the 2nd quarter valued at about $302,000. Renaissance Technologies LLC bought a new position in shares of TELA Bio in the 2nd quarter worth approximately $368,000. Finally, GSA Capital Partners LLP boosted its holdings in shares of TELA Bio by 398.8% in the third quarter. GSA Capital Partners LLP now owns 112,205 shares of the company’s stock worth $284,000 after buying an additional 89,712 shares during the last quarter. Hedge funds and other institutional investors own 94.35% of the company’s stock.

TELA Bio Company Profile

TELA Bio, Inc, a commercial-stage medical technology company, focuses on providing soft-tissue reconstruction solutions that optimize clinical outcomes by prioritizing the preservation and restoration of the patient's anatomy. The company provides a portfolio of OviTex Reinforced Tissue Matrix (OviTex) products for hernia repair and abdominal wall reconstruction; and OviTex PRS Reinforced Tissue Matrix products to address the unmet needs in plastic and reconstructive surgery, as well as OviTex for Laparoscopic and Robotic Procedures, a sterile reinforced tissue matrix derived from ovine rumen with polypropylene fiber intended to be used in laparoscopic and robotic-assisted hernia surgical repairs.