Lake Street Capital Begins Coverage on Myomo (NYSEAMERICAN:MYO)

Lake Street Capital began coverage on shares of Myomo (NYSEAMERICAN:MYO) in a research report report published on Monday, MarketBeat.com reports. The brokerage issued a buy rating and a $7.00 price objective on the stock.

Separately, HC Wainwright restated a buy rating and issued a $6.50 target price on shares of Myomo in a research note on Thursday, May 9th.

Myomo Price Performance

Shares of Myomo stock opened at $4.06 on Monday. Myomo has a 1-year low of $0.43 and a 1-year high of $5.58. The stock has a market cap of $117.01 million, a price-to-earnings ratio of -15.04 and a beta of 1.51.

Myomo (NYSEAMERICAN:MYO) last issued its quarterly earnings results on Thursday, March 7th. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). Myomo had a negative return on equity of 94.02% and a negative net margin of 47.77%. The business had revenue of $4.76 million for the quarter, compared to analyst estimates of $4.70 million. On average, sell-side analysts forecast that Myomo will post -0.18 earnings per share for the current year.

Insider Buying and Selling

In other Myomo news, Director Thomas F. Kirk acquired 50,000 shares of Myomo stock in a transaction that occurred on Thursday, March 14th. The stock was acquired at an average cost of $3.50 per share, for a total transaction of $175,000.00. Following the purchase, the director now owns 186,499 shares of the company’s stock, valued at $652,746.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Herr Investment Group LLC grew its position in shares of Myomo by 67.9% during the 1st quarter. Herr Investment Group LLC now owns 1,645,827 shares of the company’s stock valued at $5,382,000 after purchasing an additional 665,330 shares in the last quarter. PFG Advisors grew its position in shares of Myomo by 74.8% during the 1st quarter. PFG Advisors now owns 46,760 shares of the company’s stock valued at $153,000 after purchasing an additional 20,016 shares in the last quarter. Essex Investment Management Co. LLC grew its position in shares of Myomo by 537.9% during the 1st quarter. Essex Investment Management Co. LLC now owns 602,744 shares of the company’s stock valued at $1,971,000 after purchasing an additional 508,249 shares in the last quarter. Rosalind Advisors Inc. grew its position in Myomo by 27.5% in the first quarter. Rosalind Advisors Inc. now owns 2,447,740 shares of the company’s stock worth $8,004,000 after acquiring an additional 527,830 shares in the last quarter. Finally, Accel Wealth Management purchased a new position in Myomo in the first quarter worth $135,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Myomo Company Profile

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States, China, Germany, and internationally. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis product used for supporting a patient's weak or paralyzed arm to enable and improve functional activities of daily living.