Myomo (NYSEAMERICAN:MYO) Posts Earnings Results, Beats Estimates By $0.04 EPS

Myomo (NYSEAMERICAN:MYO) released its earnings results on Tuesday. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.04, Zacks reports. The company had revenue of $7.52 million during the quarter, compared to analysts’ expectations of $7.30 million. Myomo had a negative return on equity of 94.02% and a negative net margin of 47.77%.

Myomo Trading Down 11.9 %

Shares of Myomo stock traded down $0.50 on Wednesday, reaching $3.70. The company’s stock had a trading volume of 523,885 shares, compared to its average volume of 401,227. The firm has a market cap of $106.63 million, a price-to-earnings ratio of -13.63 and a beta of 1.56. Myomo has a 52 week low of $0.50 and a 52 week high of $5.64.

Analysts Set New Price Targets

A number of research analysts recently weighed in on MYO shares. Lake Street Capital raised their price objective on Myomo from $7.00 to $7.50 and gave the company a “buy” rating in a research report on Tuesday, July 9th. Craig Hallum started coverage on Myomo in a research report on Wednesday, July 31st. They set a “buy” rating and a $7.00 price objective for the company. Finally, HC Wainwright reaffirmed a “buy” rating and set a $6.50 price objective on shares of Myomo in a research report on Thursday, May 9th.

Insiders Place Their Bets

In other Myomo news, Director Thomas F. Kirk bought 50,000 shares of Myomo stock in a transaction on Wednesday, May 29th. The stock was acquired at an average price of $3.50 per share, with a total value of $175,000.00. Following the acquisition, the director now owns 236,499 shares in the company, valued at $827,746.50. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 4.54% of the company’s stock.

About Myomo

Myomo, Inc, a wearable medical robotics company, designs, develops, and produces myoelectric orthotics for people with neuromuscular disorders in the United States, China, Germany, and internationally. The company offers MyoPro, a myoelectric-controlled upper limb brace or orthosis product used for supporting a patient's weak or paralyzed arm to enable and improve functional activities of daily living.