Eargo (NASDAQ:EAR) Upgraded to Hold by 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 analysts have also commented on EAR. JPMorgan Chase & Co. lowered Eargo from an “overweight” rating to an “underweight” rating and cut their target price for the company from $44.00 to $11.00 in a research note on Thursday, September 23rd. Wells Fargo & Company lowered 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 lowered 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 issued a buy rating to the stock. According to data from MarketBeat.com, Eargo currently has an average rating of “Hold” and a consensus price target of $25.50.

Shares of EAR stock traded up $0.78 during trading hours on Wednesday, reaching $7.29. 3,952,426 shares of the company’s stock were exchanged, compared to its average volume of 966,447. Eargo has a fifty-two week low of $6.20 and a fifty-two week high of $76.75. The stock has a market capitalization of $286.23 million and a P/E ratio of -5.83. The business has a fifty day moving average price of $18.79 and a 200-day moving average price of $32.81. The company has a quick ratio of 8.11, a current ratio of 8.24 and a debt-to-equity ratio of 0.09.

Eargo (NASDAQ:EAR) last issued its quarterly earnings results on Thursday, August 12th. The company reported ($0.36) EPS for the quarter, missing analysts’ consensus estimates of ($0.25) by ($0.11). Eargo had a negative return on equity of 39.32% and a negative net margin of 52.33%. The business had revenue of $22.88 million for the quarter, compared to analyst estimates of $22.14 million. As a group, research analysts expect that Eargo will post -1.58 EPS for the current fiscal year.

In other Eargo news, Director Nina Richardson sold 3,000 shares of the company’s stock in a transaction on Tuesday, September 14th. The stock was sold at an average price of $20.32, for a total value of $60,960.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Corporate insiders own 15.54% of the company’s stock.

A number of large investors have recently made changes to their positions in EAR. Nan Fung Group Holdings Ltd bought a new stake in shares of Eargo during the second quarter worth $115,209,000. BlackRock Inc. grew its holdings in shares of Eargo by 232.8% during the second 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. Millennium Management LLC grew its holdings in shares of Eargo by 764.3% during the second 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. Vanguard Group Inc. grew its holdings in shares of Eargo by 90.8% during the second 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. Finally, Victory Capital Management Inc. grew its holdings in shares of Eargo by 183.3% during the second quarter. Victory Capital Management Inc. now owns 938,520 shares of the company’s stock worth $37,457,000 after purchasing an additional 607,187 shares during the last quarter. Hedge funds and other institutional investors own 69.69% of the company’s stock.

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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