Renaissance Technologies LLC Makes New $368,000 Investment in TELA Bio, Inc. (NASDAQ:TELA)

Renaissance Technologies LLC bought a new position in TELA Bio, Inc. (NASDAQ:TELA) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 78,300 shares of the company’s stock, valued at approximately $368,000. Renaissance Technologies LLC owned about 0.32% of TELA Bio at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of TELA. AIGH Capital Management LLC increased its position in TELA Bio by 17.1% in the 2nd quarter. AIGH Capital Management LLC now owns 1,656,655 shares of the company’s stock worth $7,786,000 after purchasing an additional 241,400 shares during the last quarter. First Light Asset Management LLC increased its position in TELA Bio by 7.8% in the 1st quarter. First Light Asset Management LLC now owns 2,754,028 shares of the company’s stock worth $15,615,000 after purchasing an additional 199,387 shares during the last quarter. HighMark Wealth Management LLC acquired a new position in TELA Bio in the 1st quarter worth about $1,099,000. Pentwater Capital Management LP increased its position in TELA Bio by 29.6% in the 2nd quarter. Pentwater Capital Management LP now owns 400,000 shares of the company’s stock worth $1,880,000 after purchasing an additional 91,358 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in TELA Bio by 107.6% in the 1st quarter. Russell Investments Group Ltd. now owns 94,940 shares of the company’s stock worth $538,000 after purchasing an additional 49,204 shares during the last quarter. 94.35% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on TELA. Lake Street Capital lowered their price objective on TELA Bio from $14.00 to $8.00 and set a “buy” rating on the stock in a report on Tuesday, August 13th. Piper Sandler lowered their price objective on TELA Bio from $10.00 to $8.00 and set an “overweight” rating on the stock in a report on Tuesday, August 13th. JMP Securities lowered their price objective on TELA Bio from $15.00 to $12.00 and set a “market outperform” rating on the stock in a report on Tuesday, August 13th. Finally, Canaccord Genuity Group reissued a “buy” rating and set a $12.00 price objective on shares of TELA Bio in a report on Friday, October 4th.

TELA Bio Stock Performance

TELA opened at $2.44 on Friday. The firm has a market capitalization of $60.29 million, a P/E ratio of -1.42 and a beta of 0.99. The stock’s 50 day moving average price is $2.89 and its two-hundred day moving average price is $4.33. The company has a quick ratio of 2.52, a current ratio of 3.41 and a debt-to-equity ratio of 14.22. TELA Bio, Inc. has a 12-month low of $2.30 and a 12-month high of $7.84.

TELA Bio (NASDAQ:TELA) last released its earnings results on Monday, August 12th. The company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.45) by ($0.06). The business had revenue of $16.09 million during the quarter, compared to analyst estimates of $19.00 million. TELA Bio had a negative net margin of 65.04% and a negative return on equity of 252.57%. During the same period last year, the business earned ($0.46) EPS. On average, equities analysts forecast that TELA Bio, Inc. will post -1.39 earnings per share for the current year.

TELA Bio 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.