Myomo (NYSEAMERICAN:MYO) Announces Earnings Results, Beats Estimates By $0.01 EPS

Myomo (NYSEAMERICAN:MYO) announced its quarterly earnings data on Wednesday. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01, FiscalAI reports. Myomo had a negative return on equity of 119.60% and a negative net margin of 36.69%.The company had revenue of $11.70 million for the quarter, compared to the consensus estimate of $10.35 million.

Myomo Stock Down 1.9%

Shares of Myomo stock traded down $0.02 during trading on Wednesday, hitting $1.06. 342,615 shares of the stock traded hands, compared to its average volume of 571,546. The company has a current ratio of 2.73, a quick ratio of 2.36 and a debt-to-equity ratio of 1.21. The stock’s fifty day simple moving average is $1.13 and its 200 day simple moving average is $0.92. The firm has a market cap of $40.96 million, a P/E ratio of -2.94 and a beta of 1.50. Myomo has a 52-week low of $0.60 and a 52-week high of $2.01.

Insider Transactions at Myomo

In other Myomo news, Director Thomas F. Kirk bought 40,002 shares of the company’s stock in a transaction on Friday, June 5th. The shares were bought at an average cost of $1.27 per share, for a total transaction of $50,802.54. Following the acquisition, the director directly owned 693,865 shares in the company, valued at approximately $881,208.55. The trade was a 6.12% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Joseph M. Jr. Manko purchased 30,367 shares of Myomo stock in a transaction dated Friday, May 15th. The stock was acquired at an average price of $0.89 per share, with a total value of $27,026.63. Following the acquisition, the director owned 2,309,775 shares in the company, valued at approximately $2,055,699.75. This represents a 1.33% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders purchased 341,205 shares of company stock valued at $317,748. 12.14% of the stock is owned by insiders.

Institutional Trading of Myomo

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Engineers Gate Manager LP raised its position in shares of Myomo by 62.8% in the 2nd quarter. Engineers Gate Manager LP now owns 30,097 shares of the company’s stock worth $65,000 after acquiring an additional 11,614 shares in the last quarter. Bank of America Corp DE boosted its position in Myomo by 93.6% during the third quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock valued at $27,000 after purchasing an additional 14,705 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Myomo during the first quarter valued at about $75,000. Invesco Ltd. purchased a new position in Myomo in the second quarter valued at about $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in Myomo in the second quarter valued at about $38,000. Institutional investors own 44.99% of the company’s stock.

Wall Street Analyst Weigh In

Separately, Ascendiant Capital Markets boosted their target price on shares of Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $7.50.

About Myomo

Myomo, Inc (NYSE American: MYO) is a medical robotics company specializing in developing and commercializing powered orthotic devices designed to restore mobility and function for individuals with upper-limb weakness. The company’s flagship product, the MyoPro®, is an FDA-cleared, wearable robotic orthosis that leverages proprietary sensors and actuators to detect and amplify users’ own muscle signals, enabling patients with conditions such as stroke, spinal cord injury, muscular dystrophy and other neuromuscular disorders to perform daily activities with greater independence.

Myomo markets the MyoPro through a network of licensed orthotic and prosthetic professionals, clinics and hospitals across North America.