Myomo, Inc. (NYSEAMERICAN:MYO) Short Interest Down 39.1% in August

Key Points

• Myomo’s short interest fell 39.1% to 1.12 million shares in August from 1.85 million shares in late July, representing about 3.2% of shares outstanding and 1.3 days of average trading volume.
• Analyst sentiment remains positive: Ascendiant Capital Markets raised its price target to $10.00 and maintained a “buy” rating, while institutional ownership stands at 44.99%.
• Myomo reported quarterly revenue of $11.70 million, ahead of estimates, and EPS of negative $0.09, beating expectations by $0.01; shares recently traded at $1.57, down 1.9%.

Myomo, Inc. (NYSEAMERICAN:MYO - Get Free Report) saw a significant drop in short interest in August. As of August 14th, there was short interest totaling 1,124,493 shares, a drop of 39.1% from the July 30th total of 1,847,205 shares. Approximately 3.2% of the company's shares are short sold. Based on an average trading volume of 889,567 shares, the short-interest ratio is currently 1.3 days.

Insiders Place Their Bets

In other Myomo news, insider Harry Kovelman sold 17,250 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $183,350.59. The trade was a 14.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas F. Kirk bought 40,002 shares of the stock in a transaction on Friday, June 5th. The stock was purchased at an average price of $1.27 per share, with a total value of $50,802.54. Following the completion of the acquisition, the director directly owned 693,865 shares in the company, valued at approximately $881,208.55. This trade represents a 6.12% increase in their position. The disclosure for this purchase is available in the SEC filing. 12.14% of the stock is owned by company insiders.

Institutional Investors Weigh In On Myomo

A number of large investors have recently added to or reduced their stakes in MYO. Rosalind Advisors Inc. raised its stake in Myomo by 33.0% during the second quarter. Rosalind Advisors Inc. now owns 3,595,788 shares of the company's stock worth $7,767,000 after purchasing an additional 892,127 shares during the period. Jefferies Financial Group Inc. acquired a new stake in shares of Myomo during the fourth quarter worth approximately $641,000. Geode Capital Management LLC grew its holdings in 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 acquiring an additional 412,631 shares in the last quarter. Centiva Capital LP bought a new stake in shares of Myomo in the 3rd quarter worth about $190,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in shares of Myomo during the fourth quarter worth about $169,000. 44.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Separately, Ascendiant Capital Markets increased their price target on shares of Myomo from $9.50 to $10.00 and gave the stock a "buy" rating in a report on Monday, June 8th. Two analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $10.00.

Myomo Stock Down 1.9%

Shares of NYSEAMERICAN:MYO traded down $0.03 during trading on Monday, hitting $1.57. The company's stock had a trading volume of 59,018 shares, compared to its average volume of 604,208. The company has a debt-to-equity ratio of 1.98, a quick ratio of 2.01 and a current ratio of 2.31. The company has a market capitalization of $62.19 million, a PE ratio of -4.64 and a beta of 1.50. The business has a 50 day moving average price of $1.23 and a two-hundred day moving average price of $1.00. Myomo has a fifty-two week low of $0.60 and a fifty-two week high of $1.89.

Myomo (NYSEAMERICAN:MYO - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.01. Myomo had a negative net margin of 33.53% and a negative return on equity of 138.85%. The firm had revenue of $11.70 million for the quarter, compared to analyst estimates of $10.35 million. As a group, research analysts expect that Myomo will post -0.33 EPS for the current fiscal year.

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.

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