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Myomo, Inc. (MYO) Moves 5.5% Higher: Will This Strength Last?

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Myomo, Inc. (MYO) shares soared 5.5% in the last trading session to close at $10.75. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 13.1% gain over the past four weeks.

The stock scored a strong price increase driven by the optimism surrounding the company’s solid performance in its first-quarter 2021 results, wherein both earnings and revenues surpassed the Zacks Consensus Estimate. Management’s projection of the addition of pipeline during the second quarter of 2021 to be nearly equal to the number of additions during the first quarter has also contributed to the price appreciation. Market is also optimistic about the company’s expectation of revenue growth (on a year-over-year basis) in the second quarter to be in-line with the first quarter’s growth rate.

This company is expected to post quarterly loss of $0.62 per share in its upcoming report, which represents a year-over-year change of +44.6%. Revenues are expected to be $2.04 million, up 137.7% from the year-ago quarter.

While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

For Myomo, Inc., the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on MYO going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


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