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

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

Myomo Stock Down 1.9%

MYO traded down $0.02 during trading hours on Wednesday, hitting $1.06. 331,813 shares of the company’s 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 firm has a 50 day moving average of $1.13 and a 200 day moving average of $0.92. The firm has a market cap of $40.96 million, a P/E ratio of -2.94 and a beta of 1.50. The company has a current ratio of 2.73, a quick ratio of 2.36 and a debt-to-equity ratio of 1.21.

Insider Activity at Myomo

In related news, Director Joseph M. Jr. Manko acquired 170,830 shares of the business’s stock in a transaction dated Thursday, May 14th. The shares were acquired at an average price of $0.86 per share, with a total value of $146,913.80. Following the completion of the transaction, the director owned 2,279,408 shares of the company’s stock, valued at $1,960,290.88. The trade was a 8.10% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Thomas F. Kirk acquired 43,401 shares of Myomo stock in a transaction dated Monday, May 18th. The stock was bought at an average price of $0.91 per share, for a total transaction of $39,494.91. Following the completion of the purchase, the director owned 628,863 shares of the company’s stock, valued at approximately $572,265.33. This represents a 7.41% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 341,205 shares of company stock valued at $317,748 in the last three months. 12.14% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Myomo

Several large investors have recently bought and sold shares of the stock. Rosalind Advisors Inc. raised its position in Myomo by 33.0% in the 2nd quarter. Rosalind Advisors Inc. now owns 3,595,788 shares of the company’s stock valued at $7,767,000 after purchasing an additional 892,127 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Myomo by 160.8% during the second quarter. Geode Capital Management LLC now owns 669,281 shares of the company’s stock worth $1,446,000 after buying an additional 412,631 shares during the period. Centiva Capital LP purchased a new stake in shares of Myomo during the third quarter worth approximately $190,000. XTX Topco Ltd acquired a new stake in Myomo in the fourth quarter valued at approximately $148,000. Finally, Nuveen LLC lifted its stake in Myomo by 66.4% in the fourth quarter. Nuveen LLC now owns 370,325 shares of the company’s stock worth $337,000 after acquiring an additional 147,784 shares during the last quarter. Hedge funds and other institutional investors own 44.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets lifted their price objective on Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus price target 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.