Eargo, Inc.’s (NASDAQ:EAR) Lock-Up Period Will Expire on April 14th

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Eargo’s (NASDAQ:EAR) lock-up period is set to end on Wednesday, April 14th. Eargo had issued 7,851,852 shares in its public offering on October 16th. The total size of the offering was $141,333,336 based on an initial share price of $18.00. After the end of the company’s lock-up period, restrictions preventing major shareholders and company insiders from selling shares in the company will be lifted.

A number of research analysts have recently issued reports on the company. Zacks Investment Research upgraded Eargo from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research report on Tuesday, February 9th. Wells Fargo & Company increased their price target on Eargo from $53.00 to $60.00 in a report on Wednesday, January 13th. Five research analysts have rated the stock with a buy rating, The stock presently has an average rating of “Buy” and an average target price of $55.75.

Shares of NASDAQ EAR opened at $49.49 on Wednesday. The firm’s 50-day moving average is $53.51. Eargo has a 1-year low of $32.58 and a 1-year high of $76.75.

Eargo (NASDAQ:EAR) last posted its quarterly earnings results on Thursday, February 25th. The company reported ($0.39) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.18). The company had revenue of $22.38 million during the quarter, compared to analyst estimates of $22.20 million. Sell-side analysts forecast that Eargo will post -0.97 EPS for the current fiscal year.

Several large investors have recently modified their holdings of EAR. Lazard Asset Management LLC bought a new stake in shares of Eargo during the fourth quarter worth about $45,000. RMR Wealth Builders acquired a new position in Eargo during the 4th quarter valued at about $45,000. Citigroup Inc. bought a new stake in Eargo during the 4th quarter worth approximately $67,000. Strs Ohio purchased a new stake in shares of Eargo in the fourth quarter worth approximately $85,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Eargo in the fourth quarter worth approximately $202,000.

About Eargo

Eargo, Inc, a consumer-focused medical device company, develops and sells hearing aids to assist people with hearing loss in the United States. It sells its products through online stores. The company was formerly known as Aria Innovations, Inc and changed its name to Eargo, Inc in November 2014. Eargo, Inc was founded in 2010 and is headquartered in San Jose, California.

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