Tenon Medical Stock Market Value
| TNON Stock | USD 1.99 0.06 2.93% |
| Symbol | Tenon |
Tenon Medical Price To Book Ratio
Is Health Care Equipment & Supplies space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Tenon Medical. If investors know Tenon will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Tenon Medical listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Earnings Share 287.92 | Revenue Per Share 9.442 | Quarterly Revenue Growth 0.213 | Return On Assets (1.10) | Return On Equity (15.99) |
The market value of Tenon Medical is measured differently than its book value, which is the value of Tenon that is recorded on the company's balance sheet. Investors also form their own opinion of Tenon Medical's value that differs from its market value or its book value, called intrinsic value, which is Tenon Medical's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Tenon Medical's market value can be influenced by many factors that don't directly affect Tenon Medical's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Tenon Medical's value and its price as these two are different measures arrived at by different means. Investors typically determine if Tenon Medical is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Tenon Medical's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.
Tenon Medical 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Tenon Medical's stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Tenon Medical.
| 11/19/2023 |
| 12/13/2024 |
If you would invest 0.00 in Tenon Medical on November 19, 2023 and sell it all today you would earn a total of 0.00 from holding Tenon Medical or generate 0.0% return on investment in Tenon Medical over 390 days. Tenon Medical is related to or competes with Avita Medical, Sight Sciences, Treace Medical, Neuropace, Inogen, Pulmonx Corp, and Apyx Medical. Tenon Medical, Inc., a medical device company, develops surgical implant systems to optimize sacroiliac joint fixationfu... More
Tenon Medical Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Tenon Medical's stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Tenon Medical upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 6.61 | |||
| Information Ratio | (0) | |||
| Maximum Drawdown | 90.53 | |||
| Value At Risk | (14.29) | |||
| Potential Upside | 20.7 |
Tenon Medical Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Tenon Medical's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Tenon Medical's standard deviation. In reality, there are many statistical measures that can use Tenon Medical historical prices to predict the future Tenon Medical's volatility.| Risk Adjusted Performance | 0.0136 | |||
| Jensen Alpha | (0.06) | |||
| Total Risk Alpha | (1.77) | |||
| Sortino Ratio | (0.01) | |||
| Treynor Ratio | 0.0511 |
Tenon Medical Backtested Returns
Tenon Medical owns Efficiency Ratio (i.e., Sharpe Ratio) of -0.22, which indicates the firm had a -0.22% return per unit of risk over the last 3 months. Tenon Medical exposes twenty-eight different technical indicators, which can help you to evaluate volatility embedded in its price movement. Please validate Tenon Medical's Risk Adjusted Performance of 0.0136, coefficient of variation of 17497.85, and Semi Deviation of 6.46 to confirm the risk estimate we provide. The entity has a beta of 1.27, which indicates a somewhat significant risk relative to the market. As the market goes up, the company is expected to outperform it. However, if the market returns are negative, Tenon Medical will likely underperform. At this point, Tenon Medical has a negative expected return of -1.79%. Please make sure to validate Tenon Medical's value at risk, as well as the relationship between the skewness and day typical price , to decide if Tenon Medical performance from the past will be repeated at some point in the near future.
Auto-correlation | 0.73 |
Good predictability
Tenon Medical has good predictability. Overlapping area represents the amount of predictability between Tenon Medical time series from 19th of November 2023 to 1st of June 2024 and 1st of June 2024 to 13th of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Tenon Medical price movement. The serial correlation of 0.73 indicates that around 73.0% of current Tenon Medical price fluctuation can be explain by its past prices.
| Correlation Coefficient | 0.73 | |
| Spearman Rank Test | 0.78 | |
| Residual Average | 0.0 | |
| Price Variance | 1.3 |
Tenon Medical lagged returns against current returns
Autocorrelation, which is Tenon Medical stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Tenon Medical's stock expected returns. We can calculate the autocorrelation of Tenon Medical returns to help us make a trade decision. For example, suppose you find that Tenon Medical has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Tenon Medical regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Tenon Medical stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Tenon Medical stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Tenon Medical stock over time.
Current vs Lagged Prices |
| Timeline |
Tenon Medical Lagged Returns
When evaluating Tenon Medical's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Tenon Medical stock have on its future price. Tenon Medical autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Tenon Medical autocorrelation shows the relationship between Tenon Medical stock current value and its past values and can show if there is a momentum factor associated with investing in Tenon Medical.
Regressed Prices |
| Timeline |
Pair Trading with Tenon Medical
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Tenon Medical position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Tenon Medical will appreciate offsetting losses from the drop in the long position's value.Moving together with Tenon Stock
Moving against Tenon Stock
| 0.75 | VREX | Varex Imaging Corp | PairCorr |
| 0.73 | MD | Mednax Inc | PairCorr |
| 0.71 | ECOR | Electrocore LLC | PairCorr |
| 0.68 | OM | Outset Medical | PairCorr |
| 0.67 | DOCS | Doximity | PairCorr |
The ability to find closely correlated positions to Tenon Medical could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Tenon Medical when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Tenon Medical - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Tenon Medical to buy it.
The correlation of Tenon Medical is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Tenon Medical moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Tenon Medical moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Tenon Medical can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Tenon Medical Correlation, Tenon Medical Volatility and Tenon Medical Alpha and Beta module to complement your research on Tenon Medical. To learn how to invest in Tenon Stock, please use our How to Invest in Tenon Medical guide.You can also try the Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Tenon Medical technical stock analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, stock market cycles, or different charting patterns.