Craig Hallum Initiates Coverage on Myomo (NYSEAMERICAN:MYO)

Stock analysts at Craig Hallum assumed coverage on shares of Myomo (NYSEAMERICAN:MYO) in a report issued on Wednesday, MarketBeat.com reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Craig Hallum’s target price points to a potential upside of 58.37% from the stock’s current price.

Several other brokerages also recently commented on MYO. Lake Street Capital raised their price objective on Myomo from $7.00 to $7.50 and gave the stock a “buy” rating in a research note on Tuesday, July 9th. HC Wainwright restated a “buy” rating and set a $6.50 price objective on shares of Myomo in a report on Thursday, May 9th.

Myomo Trading Down 7.1 %

Shares of MYO stock opened at $4.42 on Wednesday. Myomo has a 1 year low of $0.50 and a 1 year high of $5.64. The company has a market cap of $127.38 million, a PE ratio of -16.37 and a beta of 1.56.

Myomo (NYSEAMERICAN:MYO) last issued its earnings results on Wednesday, May 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The business had revenue of $3.75 million during the quarter. Myomo had a negative net margin of 47.77% and a negative return on equity of 94.02%. Research analysts predict that Myomo will post -0.18 EPS for the current year.

Insider Activity at Myomo

In other news, Director Thomas F. Kirk acquired 50,000 shares of the stock in a transaction dated 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 purchase, the director now directly owns 236,499 shares of the company’s stock, valued at $827,746.50. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 4.54% of the company’s stock.

Institutional Trading of Myomo

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Tower Research Capital LLC TRC boosted its holdings in shares of Myomo by 178.4% during the fourth quarter. Tower Research Capital LLC TRC now owns 9,257 shares of the company’s stock worth $46,000 after acquiring an additional 5,932 shares during the period. Summit Financial Strategies Inc. acquired a new position in Myomo in the 4th quarter valued at $50,000. Bailard Inc. acquired a new stake in shares of Myomo during the second quarter worth $109,000. Stratos Wealth Partners LTD. acquired a new position in shares of Myomo in the fourth quarter valued at about $125,000. Finally, PFG Advisors acquired a new position in shares of Myomo in the fourth quarter valued at about $134,000. Institutional investors own 44.99% of the company’s stock.

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.