Eargo (NASDAQ:EAR) Reaches New 12-Month High After Analyst Upgrade

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Eargo, Inc. (NASDAQ:EAR)’s share price reached a new 52-week high during trading on Wednesday after Zacks Investment Research upgraded the stock from a hold rating to a buy rating. Zacks Investment Research now has a $60.00 price target on the stock. Eargo traded as high as $62.79 and last traded at $61.00, with a volume of 18885 shares traded. The stock had previously closed at $53.92.

According to Zacks, “Eargo Inc. is a medical device company. Its product and go-to-market approach address challenges of traditional hearing aid adoption. Eargo Inc. is based in SAN JOSE, Calif. “

Other analysts have also issued reports about the company. JPMorgan Chase & Co. began coverage on Eargo in a research note on Tuesday, November 10th. They issued an “overweight” rating and a $41.00 price target on the stock. Wells Fargo & Company increased their target price on shares of Eargo from $53.00 to $60.00 in a research report on Wednesday. ValuEngine cut shares of Eargo from a “hold” rating to a “sell” rating in a research report on Saturday, November 21st. Bank of America began coverage on shares of Eargo in a research report on Wednesday, November 11th. They issued a “buy” rating and a $43.00 price objective for the company. Finally, William Blair assumed coverage on shares of Eargo in a research note on Tuesday, November 10th. They issued an “outperform” rating for the company. One equities research analyst has rated the stock with a sell rating and five have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $51.00.

The firm’s fifty day simple moving average is $49.60.

Eargo (NASDAQ:EAR) last released its earnings results on Thursday, November 19th. The company reported $4.08 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.56) by $4.64. The company had revenue of $18.19 million for the quarter, compared to analyst estimates of $18.16 million. Research analysts expect that Eargo, Inc. will post -1.42 EPS for the current fiscal year.

Eargo Company Profile (NASDAQ:EAR)

Eargo, Inc, a consumer-focused medical device company, develops and sells hearing aids to assist people with hearing loss in the United States. It sells its products through online stores. The company was formerly known as Aria Innovations, Inc and changed its name to Eargo, Inc in November 2014. Eargo, Inc was founded in 2010 and is headquartered in San Jose, California.

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