Eargo (NASDAQ:EAR) Upgraded at Zacks Investment Research

Eargo (NASDAQ:EAR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Eargo Inc. is a medical device company. Its product and go-to-market approach address challenges of traditional hearing aid adoption. Eargo Inc. is based in SAN JOSE, Calif. “

A number of other research firms also recently weighed in on EAR. JPMorgan Chase & Co. downgraded Eargo from an “overweight” rating to an “underweight” rating and decreased their price target for the company from $44.00 to $11.00 in a research note on Thursday, September 23rd. Wells Fargo & Company downgraded Eargo from an “overweight” rating to an “equal weight” rating and set a $10.00 target price for the company. in a research note on Thursday, September 23rd. Finally, William Blair downgraded Eargo from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 23rd. One analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $25.50.

EAR stock traded up $0.78 during mid-day trading on Wednesday, reaching $7.29. The company had a trading volume of 3,952,426 shares, compared to its average volume of 966,447. The company has a debt-to-equity ratio of 0.09, a current ratio of 8.24 and a quick ratio of 8.11. The stock has a 50 day simple moving average of $18.79 and a two-hundred day simple moving average of $32.81. The company has a market capitalization of $286.23 million and a price-to-earnings ratio of -5.83. Eargo has a 52 week low of $6.20 and a 52 week high of $76.75.

Eargo (NASDAQ:EAR) last posted its quarterly earnings results on Thursday, August 12th. The company reported ($0.36) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.25) by ($0.11). The company had revenue of $22.88 million during the quarter, compared to the consensus estimate of $22.14 million. Eargo had a negative net margin of 52.33% and a negative return on equity of 39.32%. On average, equities analysts predict that Eargo will post -1.58 EPS for the current year.

In related news, Director Nina Richardson sold 3,000 shares of Eargo stock in a transaction that occurred on Tuesday, September 14th. The stock was sold at an average price of $20.32, for a total transaction of $60,960.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 15.54% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in Eargo by 232.8% during the 2nd quarter. BlackRock Inc. now owns 3,216,117 shares of the company’s stock worth $128,355,000 after purchasing an additional 2,249,662 shares during the last quarter. Nan Fung Group Holdings Ltd acquired a new stake in Eargo during the 2nd quarter worth approximately $115,209,000. Vanguard Group Inc. lifted its holdings in Eargo by 90.8% during the 2nd quarter. Vanguard Group Inc. now owns 1,649,528 shares of the company’s stock worth $65,833,000 after purchasing an additional 784,948 shares during the last quarter. Alliancebernstein L.P. lifted its holdings in Eargo by 7.4% during the 2nd quarter. Alliancebernstein L.P. now owns 1,405,949 shares of the company’s stock worth $56,111,000 after purchasing an additional 97,134 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Eargo by 764.3% during the 2nd quarter. Millennium Management LLC now owns 1,060,491 shares of the company’s stock worth $42,324,000 after purchasing an additional 937,788 shares during the last quarter. 69.69% of the stock is owned by institutional investors and hedge funds.

Eargo Company Profile

Eargo, Inc, a 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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