Myomo (NYSEAMERICAN:MYO) Trading Down 1% – Should You Sell?

Myomo, Inc. (NYSEAMERICAN:MYO) dropped 1% on Thursday . The company traded as low as $1.01 and last traded at $1.03. Approximately 399,062 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,469,673 shares. The stock had previously closed at $1.04.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Craig Hallum reaffirmed a “buy” rating on shares of Myomo in a research report on Tuesday, March 10th. Ascendiant Capital Markets lifted their target price on Myomo from $9.50 to $10.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Three research analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus target price of $7.50.

Myomo Price Performance

The business’s 50 day moving average price is $1.06 and its 200 day moving average price is $0.91. The stock has a market capitalization of $39.80 million, a P/E ratio of -2.86 and a beta of 1.47. The company has a debt-to-equity ratio of 1.21, a current ratio of 2.73 and a quick ratio of 2.36.

Insider Activity at Myomo

In related news, Director Joseph M. Jr. Manko bought 30,367 shares of the firm’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $0.89 per share, for a total transaction of $27,026.63. Following the purchase, the director owned 2,309,775 shares in the company, valued at approximately $2,055,699.75. This represents a 1.33% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas F. Kirk bought 40,002 shares of the firm’s stock in a transaction on Friday, June 5th. The shares were bought at an average price of $1.27 per share, with a total value of $50,802.54. Following the completion of the purchase, the director owned 693,865 shares in the company, valued at approximately $881,208.55. The trade was a 6.12% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased 341,205 shares of company stock worth $317,748 in the last 90 days. 12.14% of the stock is currently owned by corporate insiders.

Institutional Trading of Myomo

Large investors have recently modified their holdings of the company. Engineers Gate Manager LP lifted its holdings in Myomo by 62.8% in the second quarter. Engineers Gate Manager LP now owns 30,097 shares of the company’s stock valued at $65,000 after acquiring an additional 11,614 shares during the period. Bank of America Corp DE grew its stake in shares of Myomo by 93.6% during the 3rd quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock valued at $27,000 after purchasing an additional 14,705 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in shares of Myomo during the 1st quarter valued at about $75,000. Invesco Ltd. purchased a new stake in shares of Myomo during the 2nd quarter valued at about $37,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new stake in shares of Myomo during the 2nd quarter valued at about $38,000. Institutional investors own 44.99% of the company’s stock.

Myomo Company Profile

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.