Millennium Management LLC Sells 98,576 Shares of TELA Bio, Inc. (NASDAQ:TELA)

Millennium Management LLC lowered its position in shares of TELA Bio, Inc. (NASDAQ:TELA) by 62.0% during the fourth quarter, HoldingsChannel reports. The fund owned 60,476 shares of the company’s stock after selling 98,576 shares during the quarter. Millennium Management LLC’s holdings in TELA Bio were worth $183,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of TELA. Commonwealth Equity Services LLC grew its position in TELA Bio by 91.1% during the 4th quarter. Commonwealth Equity Services LLC now owns 28,441 shares of the company’s stock worth $86,000 after acquiring an additional 13,555 shares during the last quarter. Royce & Associates LP bought a new stake in TELA Bio during the 4th quarter worth $3,020,000. Perkins Capital Management Inc. grew its position in TELA Bio by 303.1% during the 4th quarter. Perkins Capital Management Inc. now owns 907,865 shares of the company’s stock worth $2,742,000 after acquiring an additional 682,665 shares during the last quarter. Prudential Financial Inc. bought a new stake in TELA Bio during the 4th quarter worth $57,000. Finally, JPMorgan Chase & Co. grew its position in TELA Bio by 39,329.5% during the 4th quarter. JPMorgan Chase & Co. now owns 133,666 shares of the company’s stock worth $404,000 after acquiring an additional 133,327 shares during the last quarter. Institutional investors own 94.35% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Piper Sandler lowered TELA Bio from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $5.00 to $2.00 in a research report on Friday, March 21st. Canaccord Genuity Group cut their target price on TELA Bio from $12.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, March 21st. Finally, Wall Street Zen raised TELA Bio from a “sell” rating to a “hold” rating in a report on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, TELA Bio has a consensus rating of “Moderate Buy” and an average price target of $7.25.

TELA Bio Stock Down 1.1%

Shares of TELA opened at $1.85 on Friday. The company has a market capitalization of $73.18 million, a PE ratio of -1.09 and a beta of 0.78. TELA Bio, Inc. has a 12 month low of $0.86 and a 12 month high of $5.60. The stock’s 50-day moving average price is $1.21 and its two-hundred day moving average price is $2.07. The company has a current ratio of 2.62, a quick ratio of 1.81 and a debt-to-equity ratio of 14.22.

TELA Bio (NASDAQ:TELA) last announced its earnings results on Thursday, May 8th. The company reported ($0.25) EPS for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The company had revenue of $18.52 million for the quarter, compared to analyst estimates of $17.35 million. TELA Bio had a negative return on equity of 556.18% and a negative net margin of 60.49%. On average, analysts anticipate that TELA Bio, Inc. will post -1.37 EPS for the current year.

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.