Tenon Medical (NASDAQ:TNON) PT Lowered to $3.00

Tenon Medical (NASDAQ:TNON) had its price target lowered by research analysts at Benchmark from $5.00 to $3.00 in a report released on Monday, Benzinga reports. The firm currently has a “speculative buy” rating on the stock. Benchmark’s target price would indicate a potential upside of 280.18% from the stock’s current price.

Tenon Medical Stock Up 8.7 %

TNON stock opened at $0.79 on Monday. The business has a 50 day moving average price of $1.08 and a 200 day moving average price of $1.24. The stock has a market cap of $2.94 million, a price-to-earnings ratio of -0.08 and a beta of 2.24. Tenon Medical has a fifty-two week low of $0.71 and a fifty-two week high of $23.00.

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

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in TNON. Spectrum Asset Management Inc. NB CA increased its position in 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 Tenon Medical during the second quarter worth approximately $124,000. Y Intercept Hong Kong Ltd acquired a new position in Tenon Medical during the second quarter worth approximately $61,000. Geode Capital Management LLC acquired a new position in Tenon Medical during the first quarter worth approximately $181,000. Finally, Vanguard Group Inc. increased its position in Tenon Medical by 225.1% during the third quarter. Vanguard Group Inc. now owns 73,145 shares of the company’s stock worth $96,000 after buying an additional 50,646 shares during the period. Institutional investors and hedge funds own 22.74% of the company’s stock.

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.