Myomo (NYSEAMERICAN:MYO) Posts Earnings Results, Meets Expectations

Myomo (NYSEAMERICAN:MYO) issued its quarterly earnings results on Monday. The company reported ($0.09) EPS for the quarter, hitting the consensus estimate of ($0.09), FiscalAI reports. Myomo had a negative return on equity of 61.14% and a negative net margin of 28.86%.The firm had revenue of $11.35 million during the quarter, compared to analysts’ expectations of $10.40 million.

Myomo Price Performance

Shares of Myomo stock traded up $0.01 on Monday, hitting $0.81. 728,903 shares of the company were exchanged, compared to its average volume of 490,816. The company has a quick ratio of 2.10, a current ratio of 2.49 and a debt-to-equity ratio of 0.17. The company has a 50-day moving average price of $0.87 and a 200 day moving average price of $0.93. The stock has a market capitalization of $31.19 million, a price-to-earnings ratio of -2.80 and a beta of 1.17. Myomo has a 1-year low of $0.64 and a 1-year high of $6.30.

Hedge Funds Weigh In On Myomo

A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its stake in Myomo by 93.6% during the third quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock worth $27,000 after buying an additional 14,705 shares during the last quarter. Wells Fargo & Company MN grew its holdings in shares of Myomo by 103.1% in the fourth quarter. Wells Fargo & Company MN now owns 38,707 shares of the company’s stock valued at $35,000 after purchasing an additional 19,646 shares during the period. Invesco Ltd. purchased a new stake in shares of Myomo in the second quarter valued at about $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Myomo during the second quarter worth about $38,000. Finally, Jane Street Group LLC acquired a new stake in Myomo during the fourth quarter worth about $64,000. Hedge funds and other institutional investors own 44.99% of the company’s stock.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets lowered their target price on shares of Myomo from $10.50 to $10.00 and set a “buy” rating on the stock in a research note on Friday, November 21st. Four analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Myomo presently has an average rating of “Buy” and a consensus target price of $7.67.

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.