Tenon Medical (NASDAQ:TNON) Stock Price Down 21.6%

Tenon Medical, Inc. (NASDAQ:TNON – Get Rating) shares fell 21.6% during mid-day trading on Tuesday . The stock traded as low as $1.25 and last traded at $1.27. 169,448 shares changed hands during trading, a decline of 52% from the average session volume of 355,387 shares. The stock had previously closed at $1.62.

Wall Street Analyst Weigh In

Separately, Benchmark reaffirmed a “buy” rating and set a $6.00 price target on shares of Tenon Medical in a research note on Friday, March 10th.

Tenon Medical Price Performance

The firm has a market cap of $14.29 million and a price-to-earnings ratio of -0.62. The firm has a 50 day moving average price of $1.83 and a 200-day moving average price of $1.92.

Tenon Medical (NASDAQ:TNON – Get Rating) last issued its quarterly earnings results on Friday, March 10th. The company reported ($0.70) earnings per share (EPS) for the quarter. Tenon Medical had a negative net margin of 2,031.72% and a negative return on equity of 232.63%. The firm had revenue of $0.28 million for the quarter.

Hedge Funds Weigh In On Tenon Medical

Several hedge funds have recently added to or reduced their stakes in the stock. Spectrum Asset Management Inc. NB CA lifted its stake in Tenon Medical by 44.6% in the first quarter. Spectrum Asset Management Inc. NB CA now owns 188,786 shares of the company’s stock valued at $334,000 after buying an additional 58,273 shares during the period. Spectrum Asset Management Inc. NB CA acquired a new position in Tenon Medical in the fourth quarter valued at about $206,000. BlackRock Inc. lifted its stake in Tenon Medical by 27.8% in the first quarter. BlackRock Inc. now owns 128,556 shares of the company’s stock valued at $228,000 after buying an additional 27,982 shares during the period. Geode Capital Management LLC acquired a new position in Tenon Medical in the first quarter valued at about $181,000. Finally, Commerce Bank acquired a new position in Tenon Medical in the fourth quarter valued at about $120,000. Institutional investors and hedge funds own 7.60% of the company’s stock.

About Tenon Medical

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Tenon Medical, Inc, a medical device company, develops surgical implant systems to optimize sacroiliac joint fixation/fusion surgery and corresponding outcomes. It sells The CATAMARAN SIJ Fusion System that includes instruments and implants designed to prepare and fixate the SI-Joint for fusion in the United States and Puerto Rico.