Myomo (NYSEAMERICAN:MYO) Shares Down 1% – Should You Sell?

Myomo, Inc. (NYSEAMERICAN:MYO)’s stock price dropped 1% during mid-day trading on Thursday . The stock traded as low as $1.01 and last traded at $1.03. Approximately 399,062 shares were traded during mid-day trading, a decline of 73% from the average session volume of 1,469,673 shares. The stock had previously closed at $1.04.

Wall Street Analysts Forecast Growth

MYO has been the topic of several analyst reports. Ascendiant Capital Markets boosted their target price on Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a research report on Monday, June 8th. Craig Hallum reaffirmed a “buy” rating on shares of Myomo in a research note on Tuesday, March 10th. Three investment analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, Myomo presently has an average rating of “Buy” and an average price target of $7.50.

Myomo Price Performance

The company has a current ratio of 2.73, a quick ratio of 2.36 and a debt-to-equity ratio of 1.21. The company has a market capitalization of $39.80 million, a PE ratio of -2.86 and a beta of 1.47. The stock’s 50-day moving average is $1.05 and its two-hundred day moving average is $0.91.

Insider Activity at Myomo

In other Myomo news, Director Thomas F. Kirk acquired 40,002 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was bought at an average price of $1.27 per share, for a total transaction of $50,802.54. Following the acquisition, the director directly owned 693,865 shares in the company, valued at $881,208.55. The trade was a 6.12% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Joseph M. Jr. Manko acquired 30,367 shares of the business’s stock in a transaction on Friday, May 15th. The stock was acquired at an average cost of $0.89 per share, for a total transaction of $27,026.63. Following the transaction, the director directly owned 2,309,775 shares in the company, valued at $2,055,699.75. The trade was a 1.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last quarter, insiders bought 341,205 shares of company stock worth $317,748. Company insiders own 12.14% of the company’s stock.

Hedge Funds Weigh In On Myomo

A number of hedge funds have recently added to or reduced their stakes in MYO. Rosalind Advisors Inc. boosted its holdings in shares of Myomo by 1.3% in the fourth quarter. Rosalind Advisors Inc. now owns 3,839,772 shares of the company’s stock valued at $3,494,000 after purchasing an additional 48,984 shares during the period. Jefferies Financial Group Inc. bought a new position in shares of Myomo during the 4th quarter worth $641,000. Geode Capital Management LLC grew its position in shares of Myomo by 160.8% during the 2nd quarter. Geode Capital Management LLC now owns 669,281 shares of the company’s stock worth $1,446,000 after buying an additional 412,631 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Myomo by 47.8% during the fourth quarter. AQR Capital Management LLC now owns 434,376 shares of the company’s stock valued at $395,000 after buying an additional 140,427 shares during the period. Finally, State Street Corp increased its stake in shares of Myomo by 5.1% during the fourth quarter. State Street Corp now owns 399,853 shares of the company’s stock valued at $364,000 after buying an additional 19,563 shares during the period. 44.99% of the stock is currently owned by 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.