Ascendiant Capital Markets Increases Myomo (NYSEAMERICAN:MYO) Price Target to $8.50

Myomo (NYSEAMERICAN:MYO) had its price target hoisted by Ascendiant Capital Markets from $8.25 to $8.50 in a report published on Monday, MarketBeat.com reports. The firm currently has a buy rating on the stock.

A number of other equities research analysts have also weighed in on MYO. HC Wainwright lifted their price objective on Myomo from $6.50 to $7.50 and gave the stock a buy rating in a research report on Monday, August 12th. Lake Street Capital boosted their price objective on shares of Myomo from $7.00 to $7.50 and gave the company a buy rating in a research report on Tuesday, July 9th. Finally, Craig Hallum initiated coverage on shares of Myomo in a report on Wednesday, July 31st. They issued a buy rating and a $7.00 price objective for the company.

Myomo Stock Performance

Shares of Myomo stock opened at $3.86 on Monday. Myomo has a 12-month low of $0.57 and a 12-month high of $5.64. The firm has a market capitalization of $111.25 million, a price-to-earnings ratio of -14.30 and a beta of 1.56.

Myomo (NYSEAMERICAN:MYO) last posted its earnings results on Tuesday, August 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.04. Myomo had a negative net margin of 47.77% and a negative return on equity of 94.02%. The company had revenue of $7.52 million during the quarter, compared to analyst estimates of $7.30 million. Research analysts expect that Myomo will post -0.18 earnings per share for the current fiscal year.

Insider Transactions at Myomo

In other news, Director Thomas F. Kirk purchased 50,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 29th. The shares were bought at an average cost of $3.50 per share, for a total transaction of $175,000.00. Following the completion of the transaction, the director now directly owns 236,499 shares of the company’s stock, valued at approximately $827,746.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.54% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC raised its stake in Myomo by 178.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,257 shares of the company’s stock valued at $46,000 after buying an additional 5,932 shares during the last quarter. Summit Financial Strategies Inc. purchased a new position in shares of Myomo in the 4th quarter worth about $50,000. Bailard Inc. purchased a new position in shares of Myomo in the 2nd quarter worth about $109,000. Accel Wealth Management bought a new position in Myomo in the 1st quarter worth about $135,000. Finally, PFG Advisors grew its position in Myomo by 74.8% during the 1st quarter. PFG Advisors now owns 46,760 shares of the company’s stock valued at $153,000 after purchasing an additional 20,016 shares during the last quarter. 44.99% of the stock is owned by hedge funds and other institutional investors.

Myomo Company Profile

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.