Myomo (NYSEAMERICAN:MYO) Announces Quarterly Earnings Results

Myomo (NYSEAMERICAN:MYO) posted its earnings results on Monday. The company reported ($0.09) earnings per share for the quarter, hitting the consensus estimate of ($0.09), FiscalAI reports. The company had revenue of $11.35 million for the quarter, compared to analyst estimates of $10.40 million. Myomo had a negative net margin of 28.86% and a negative return on equity of 61.14%.

Myomo Stock Up 1.3%

Shares of NYSEAMERICAN:MYO traded up $0.01 during trading on Monday, hitting $0.81. 599,595 shares of the company’s stock traded hands, compared to its average volume of 490,388. The company has a current ratio of 2.49, a quick ratio of 2.10 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. Myomo has a 52 week low of $0.64 and a 52 week high of $6.30. The company has a market cap of $31.19 million, a price-to-earnings ratio of -2.80 and a beta of 1.17.

Institutional Trading of Myomo

Several hedge funds have recently bought and sold shares of the stock. Rosalind Advisors Inc. lifted its stake in Myomo by 33.0% in the second quarter. Rosalind Advisors Inc. now owns 3,595,788 shares of the company’s stock valued at $7,767,000 after buying an additional 892,127 shares in the last quarter. Geode Capital Management LLC increased its position 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 acquiring an additional 412,631 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Myomo during the third quarter worth $190,000. XTX Topco Ltd acquired a new stake in shares of Myomo during the fourth quarter worth $148,000. Finally, Nuveen LLC raised its holdings in shares of Myomo by 66.4% during 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 period. 44.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets decreased their price target on shares of Myomo from $10.50 to $10.00 and set a “buy” rating for the company in a report on Friday, November 21st. Four investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target 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.