Essex Investment Management Co. LLC Acquires 257,749 Shares of Myomo, Inc. (NYSEAMERICAN:MYO)

Essex Investment Management Co. LLC lifted its holdings in shares of Myomo, Inc. (NYSEAMERICAN:MYO) by 40.2% in the third quarter, according to its most recent filing with the SEC. The firm owned 899,135 shares of the company’s stock after acquiring an additional 257,749 shares during the period. Essex Investment Management Co. LLC owned approximately 2.97% of Myomo worth $3,606,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Bailard Inc. bought a new stake in Myomo in the second quarter valued at $109,000. Accel Wealth Management acquired a new stake in shares of Myomo during the 1st quarter worth about $135,000. PFG Advisors increased its position in shares of Myomo by 74.8% during the 1st quarter. PFG Advisors now owns 46,760 shares of the company’s stock worth $153,000 after purchasing an additional 20,016 shares in the last quarter. Herr Investment Group LLC lifted its holdings in Myomo by 67.9% during the 1st quarter. Herr Investment Group LLC now owns 1,645,827 shares of the company’s stock valued at $5,382,000 after purchasing an additional 665,330 shares during the last quarter. Finally, Rosalind Advisors Inc. boosted its holdings in shares of Myomo by 8.9% in the 2nd quarter. Rosalind Advisors Inc. now owns 2,664,999 shares of the company’s stock worth $8,555,000 after acquiring an additional 217,259 shares in the last quarter. 44.99% of the stock is currently owned by institutional investors and hedge funds.

Myomo Stock Performance

MYO traded up $0.05 during trading on Friday, reaching $3.87. The company had a trading volume of 151,177 shares, compared to its average volume of 347,766. The firm has a market cap of $116.99 million, a P/E ratio of -14.88 and a beta of 1.54. Myomo, Inc. has a 12 month low of $1.06 and a 12 month high of $5.64.

Myomo (NYSEAMERICAN:MYO) last posted its quarterly earnings data on Tuesday, August 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.04. 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 93.10% and a negative net margin of 44.75%. On average, sell-side analysts anticipate that Myomo, Inc. will post -0.17 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on MYO shares. Lake Street Capital upped their target price on shares of Myomo from $7.00 to $7.50 and gave the stock a “buy” rating in a research report on Tuesday, July 9th. Ascendiant Capital Markets upped their price objective on Myomo from $8.25 to $8.50 and gave the stock a “buy” rating in a report on Monday, August 19th. Craig Hallum began coverage on Myomo in a research note on Wednesday, July 31st. They issued a “buy” rating and a $7.00 target price for the company. Finally, HC Wainwright raised their price target on Myomo from $6.50 to $7.50 and gave the company a “buy” rating in a report on Monday, August 12th.

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.