Myomo (NYSEAMERICAN:MYO) Releases Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Myomo (NYSEAMERICAN:MYO) issued its earnings results on Wednesday. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.01, FiscalAI reports. The firm had revenue of $11.70 million during the quarter, compared to the consensus estimate of $10.35 million. Myomo had a negative net margin of 36.69% and a negative return on equity of 119.60%.

Myomo Stock Performance

Shares of MYO stock traded down $0.02 during mid-day trading on Wednesday, hitting $1.06. 331,813 shares of the stock were exchanged, compared to its average volume of 571,123. Myomo has a 12-month low of $0.60 and a 12-month high of $2.01. The company has a debt-to-equity ratio of 1.21, a quick ratio of 2.36 and a current ratio of 2.73. The stock has a market capitalization of $40.96 million, a price-to-earnings ratio of -2.94 and a beta of 1.50. The stock’s fifty day simple moving average is $1.13 and its two-hundred day simple moving average is $0.92.

Insider Transactions at Myomo

In other news, Director Joseph M. Jr. Manko purchased 30,367 shares of the company’s stock in a transaction that occurred on Friday, May 15th. The shares were purchased at an average price of $0.89 per share, for a total transaction of $27,026.63. Following the purchase, the director directly owned 2,309,775 shares of the company’s stock, valued at $2,055,699.75. This represents a 1.33% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas F. Kirk acquired 40,002 shares of Myomo stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $1.27 per share, with a total value of $50,802.54. Following the purchase, the director owned 693,865 shares of the company’s stock, valued at $881,208.55. The trade was a 6.12% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last three months, insiders purchased 341,205 shares of company stock valued at $317,748. Insiders own 12.14% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE raised its holdings in shares of Myomo by 93.6% in the third quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock valued at $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% during the fourth quarter. Wells Fargo & Company MN now owns 38,707 shares of the company’s stock worth $35,000 after buying an additional 19,646 shares during the last quarter. Invesco Ltd. purchased a new position in shares of Myomo during the second quarter worth about $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Myomo during the second quarter worth about $38,000. Finally, Jane Street Group LLC acquired a new position in Myomo in the 4th quarter valued at about $64,000. 44.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their price objective on Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a report on Monday, June 8th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Myomo presently has a consensus 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.