Short Interest in Myomo, Inc. (NYSEAMERICAN:MYO) Declines By 39.1%

Myomo, Inc. (NYSEAMERICAN:MYO) was the recipient of a large decline in short interest in the month of August. As of August 14th, there was short interest totaling 1,124,493 shares, a decline of 39.1% from the July 30th total of 1,847,205 shares. Currently, 3.2% of the shares of the company are sold short. Based on an average daily volume of 889,567 shares, the short-interest ratio is currently 1.3 days.

Myomo Trading Down 1.9%

Shares of NYSEAMERICAN MYO traded down $0.03 during midday trading on Monday, hitting $1.57. The stock had a trading volume of 59,018 shares, compared to its average volume of 604,208. The firm has a market cap of $62.19 million, a P/E ratio of -4.64 and a beta of 1.50. Myomo has a fifty-two week low of $0.60 and a fifty-two week high of $1.89. The company has a debt-to-equity ratio of 1.98, a current ratio of 2.31 and a quick ratio of 2.01. The company’s 50-day simple moving average is $1.23 and its 200 day simple moving average is $1.00.

Myomo (NYSEAMERICAN:MYO) last issued its earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.01. The firm had revenue of $11.70 million during the quarter, compared to the consensus estimate of $10.35 million. Myomo had a negative net margin of 33.53% and a negative return on equity of 138.85%. Research analysts anticipate that Myomo will post -0.33 EPS for the current year.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets raised their target price on Myomo from $9.50 to $10.00 and gave the company a “buy” rating in a report on Monday, June 8th. Two equities research analysts have rated the stock with a Buy rating, According to MarketBeat, Myomo currently has an average rating of “Buy” and an average price target of $10.00.

Insider Buying and Selling

In related news, insider Harry Kovelman sold 17,250 shares of the firm’s stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $1.73, for a total transaction of $29,842.50. Following the completion of the transaction, the insider owned 105,983 shares of the company’s stock, valued at $183,350.59. This trade represents a 14.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Thomas F. Kirk purchased 40,002 shares of the firm’s stock in a transaction on Friday, June 5th. The stock was acquired at an average price of $1.27 per share, for a total transaction of $50,802.54. Following the transaction, the director owned 693,865 shares of the company’s stock, valued at $881,208.55. The trade was a 6.12% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders own 12.14% of the company’s stock.

Institutional Trading of Myomo

A number of hedge funds have recently modified their holdings of the stock. Bank of America Corp DE raised 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 purchasing an additional 14,705 shares in the last quarter. Wells Fargo & Company MN boosted its stake in shares of Myomo by 103.1% during the fourth quarter. Wells Fargo & Company MN now owns 38,707 shares of the company’s stock valued at $35,000 after purchasing an additional 19,646 shares in the last quarter. Invesco Ltd. acquired a new stake in Myomo during the 2nd quarter worth approximately $37,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in Myomo in the second quarter valued at $38,000. Finally, Jane Street Group LLC acquired a new stake in shares of Myomo in the fourth quarter valued at about $64,000. Institutional investors and hedge funds own 44.99% of the company’s stock.

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.