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Investor Confidence Declines As Tenon Medical Inc. (NASDAQ: TNON) Shares Lose -$0.01

In the last trading session, 1.24 million Tenon Medical Inc. (NASDAQ:TNON) shares changed hands as the company’s beta touched 1.74. With the company’s per share price at $0.19 changed hands at -$0.01 or -4.47% during last session, the market valuation stood at $4.50M. TNON’s last price was a discount, traded about -1536.84% off its 52-week high of $3.11. The share price had its 52-week low at $0.14, which suggests the last value was 26.32% up since then. When we look at Tenon Medical Inc.’s average trading volume, we note the 10-day average is 6.97 million shares, with the 3-month average coming to 1.67 million.

Analysts gave the Tenon Medical Inc. (TNON) stock a consensus recommendation rating of a Buy, calculated at a mean rating of 2.00. If we narrow down to specifics, the data shows that 0 out of 1 analysts rate the stock as a Sell, with a further 0 assigning it an Overweight rating. Of the remaining, 0 recommended TNON as a Hold, 1 felt it is a Buy and 0 rated the stock as Underweight. Tenon Medical Inc.’s EPS for the current quarter is expected to be -$0.32.

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Tenon Medical Inc. (NASDAQ:TNON) trade information

Instantly TNON was in red as seen at the end of in last trading. With action -27.67%, the performance over the past five days has been red. The drop to weekly highs of 0.3000 on Friday, 09/15/23 subtracted -4.47% to the stock’s daily price. The company’s shares are showing year-to-date downside of -87.97%, with the 5-day performance at -27.67% in the red. However, in the 30-day time frame, Tenon Medical Inc. (NASDAQ:TNON) is -5.94% down. Looking at the short shares, we see there were 53060.0 shares sold at short interest cover period of 0.12 days.

The consensus price target for the stock as assigned by Wall Street analysts is $3.00, meaning bulls need an upside of 93.67% from its current market value. According to analyst projections, TNON’s forecast low is $3.00 with $3.00 as the target high. To hit the forecast high, the stock’s price needs a -1478.95% plunge from its current level, while the stock would need to soar -1478.95% for it to hit the projected low.

Tenon Medical Inc. (TNON) estimates and forecasts

Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for Tenon Medical Inc. will fall -14.30%, while the growth in revenue is estimated to hit 47.10% for the next quarter. Year-over-year growth is forecast to reach 502.00% up from the last financial year.

Consensus estimates given by 1 financial analysts project the company’s revenue in the current quarter to hit an average of $1.24 million. 1 analysts are of the opinion that Tenon Medical Inc.’s revenue for the quarter ending Dec 2023 will be $1.74 million. The company’s revenue for the corresponding quarters a year ago was $208k and $277k respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 496.20%. The estimates for the next quarter sales put growth at 528.20%.

The 2023 estimates are for Tenon Medical Inc. earnings to decrease by -276.60%.

TNON Dividends

Tenon Medical Inc. is expected to release its next quarterly earnings report in October.

Tenon Medical Inc. (NASDAQ:TNON)’s Major holders

If we look at who the major shareholders are, we find that insiders hold 17.48% of Tenon Medical Inc. shares while 20.52% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 24.86%. There are 20.52% institutions holding the Tenon Medical Inc. stock share, with TMD Wealth Management, LLC the top institutional holder. As of Jun 29, 2023, the company held 15.84% of the shares, roughly 3.58 million TNON shares worth $0.68 million.

Walleye Capital LLC holds the second largest percentage of outstanding shares, with 1.99% or 0.45 million shares worth $85499.0 as of Jun 29, 2023.

Among Mutual Funds, the top two as of May 30, 2023 were Fidelity Extended Market Index Fund and Vanguard Russell 2000 Index Fund. With 29620.0 shares estimated at $5627.0 under it, the former controlled 0.13% of total outstanding shares. On the other hand, Vanguard Russell 2000 Index Fund held about 0.09% of the shares, roughly 20018.0 shares worth around $3803.0.

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