Tenon Medical, Inc. (NASDAQ:TNON) Short Interest Up 94.1% in January

Tenon Medical, Inc. (NASDAQ:TNON) was the target of a significant increase in short interest during the month of January. As of January 15th, there was short interest totalling 125,000 shares, an increase of 94.1% from the December 31st total of 64,400 shares. Based on an average daily trading volume, of 544,500 shares, the short-interest ratio is currently 0.2 days. Currently, 4.0% of the shares of the company are short sold.

Tenon Medical Stock Performance

Shares of NASDAQ TNON traded up $0.01 during midday trading on Friday, reaching $1.62. The stock had a trading volume of 87,788 shares, compared to its average volume of 116,349. The stock has a 50-day moving average of $1.96 and a 200-day moving average of $2.34. The company has a market capitalization of $5.09 million, a price-to-earnings ratio of -0.06 and a beta of 1.90. Tenon Medical has a 12-month low of $1.52 and a 12-month high of $15.79.

Institutional Trading of Tenon Medical

A hedge fund recently raised its stake in Tenon Medical stock. Spectrum Asset Management Inc. NB CA lifted its position in Tenon Medical, Inc. (NASDAQ:TNON) by 155.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 25,650 shares of the company’s stock after purchasing an additional 15,625 shares during the period. Spectrum Asset Management Inc. NB CA owned about 0.82% of Tenon Medical worth $48,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 22.74% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Separately, Maxim Group reduced their target price on shares of Tenon Medical from $22.00 to $8.00 and set a “buy” rating for the company in a report on Friday, November 15th.

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.