Myomo (NYSEAMERICAN:MYO) Shares Up 9.1% – Still a Buy?

Myomo, Inc. (NYSEAMERICAN:MYO) shares were up 9.1% on Monday . The stock traded as high as $1.10 and last traded at $1.08. Approximately 1,103,161 shares were traded during trading, an increase of 65% from the average daily volume of 670,476 shares. The stock had previously closed at $0.99.

Wall Street Analysts Forecast Growth

Separately, Ascendiant Capital Markets cut their price objective on shares of Myomo from $10.50 to $10.00 and set a “buy” rating for the company in a research report on Friday, November 21st. Four research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $7.67.

Myomo Trading Up 9.1%

The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.10 and a current ratio of 2.49. The stock has a market cap of $41.52 million, a P/E ratio of -3.72 and a beta of 1.05. The stock has a 50-day moving average price of $0.92 and a 200-day moving average price of $1.26.

Myomo (NYSEAMERICAN:MYO) last announced its earnings results on Monday, November 10th. The company reported ($0.09) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.11) by $0.02. Myomo had a negative net margin of 28.86% and a negative return on equity of 61.14%. The business had revenue of $10.09 million for the quarter, compared to the consensus estimate of $9.44 million. On average, equities research analysts expect that Myomo, Inc. will post -0.18 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE increased its stake in Myomo by 93.6% in the third quarter. Bank of America Corp DE now owns 30,412 shares of the company’s stock valued at $27,000 after acquiring an additional 14,705 shares during the last quarter. R Squared Ltd purchased a new position in shares of Myomo during the 2nd quarter valued at about $29,000. Summit Financial Strategies Inc. lifted its position in Myomo by 50.0% in the 2nd quarter. Summit Financial Strategies Inc. now owns 15,000 shares of the company’s stock worth $32,000 after buying an additional 5,000 shares during the last quarter. Invesco Ltd. bought a new stake in Myomo in the 2nd quarter worth approximately $37,000. Finally, Intech Investment Management LLC purchased a new stake in Myomo in the second quarter worth approximately $38,000. 44.99% of the stock is currently owned by hedge funds and other institutional investors.

Myomo Company Profile

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.