Tenon Medical, Inc. (NASDAQ:TNON) Sees Large Drop in Short Interest

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 6,100 shares, a drop of 86.8% from the August 15th total of 46,100 shares. Based on an average trading volume of 20,100 shares, the days-to-cover ratio is currently 0.3 days. Approximately 1.3% of the company’s shares are short sold.

Tenon Medical Trading Up 71.6 %

NASDAQ TNON traded up $3.15 during trading hours on Friday, reaching $7.55. The company had a trading volume of 24,324,910 shares, compared to its average volume of 367,244. Tenon Medical has a 1-year low of $2.80 and a 1-year high of $37.60. The stock has a market capitalization of $3.70 million, a P/E ratio of -1.13 and a beta of 2.17. The stock has a 50-day moving average of $0.88 and a 200 day moving average of $0.86.

Tenon Medical (NASDAQ:TNON) last posted its quarterly earnings data on Tuesday, August 13th. The company reported ($1.02) earnings per share for the quarter. Tenon Medical had a negative return on equity of 4,819.46% and a negative net margin of 411.27%. The company had revenue of $0.90 million for the quarter.

Analyst Upgrades and Downgrades

Separately, Benchmark reaffirmed a “speculative buy” rating and set a $3.00 price target on shares of Tenon Medical in a research report on Wednesday, August 14th.

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.