Envoy Medical (NASDAQ:COCH) Announces Earnings Results, Beats Estimates By $0.03 EPS

Envoy Medical (NASDAQ:COCHGet Free Report) posted its earnings results on Monday. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03, Zacks reports. The firm had revenue of $0.04 million during the quarter, compared to analyst estimates of $0.10 million.

Envoy Medical Stock Down 2.1%

NASDAQ COCH traded down $0.01 during midday trading on Wednesday, hitting $0.67. The company had a trading volume of 30,197 shares, compared to its average volume of 562,036. The stock has a market cap of $51.20 million, a price-to-earnings ratio of -0.66 and a beta of 1.92. The firm has a fifty day simple moving average of $0.70 and a two-hundred day simple moving average of $0.71. Envoy Medical has a fifty-two week low of $0.36 and a fifty-two week high of $1.91.

Insider Buying and Selling

In related news, Director Susan Kantor purchased 96,150 shares of the firm’s stock in a transaction on Thursday, February 12th. The shares were bought at an average cost of $0.40 per share, for a total transaction of $38,460.00. Following the transaction, the director directly owned 174,037 shares of the company’s stock, valued at approximately $69,614.80. This trade represents a 123.45% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, major shareholder Glen A. Taylor purchased 18,750,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was bought at an average price of $0.40 per share, for a total transaction of $7,500,000.00. Following the completion of the transaction, the insider directly owned 21,703,607 shares in the company, valued at approximately $8,681,442.80. The trade was a 634.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders acquired 20,433,650 shares of company stock worth $8,173,460. 7.10% of the stock is currently owned by corporate insiders.

Institutional Trading of Envoy Medical

Institutional investors have recently made changes to their positions in the business. CIBC Bancorp USA Inc. acquired a new stake in shares of Envoy Medical during the 3rd quarter valued at about $60,000. Geode Capital Management LLC boosted its position in shares of Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after acquiring an additional 51,813 shares in the last quarter. Finally, Focus Partners Wealth acquired a new stake in shares of Envoy Medical during the 1st quarter valued at about $276,000. 8.59% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently issued reports on COCH shares. Zacks Research upgraded shares of Envoy Medical to a “hold” rating in a research note on Wednesday, April 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a research report on Friday, April 24th. Finally, HC Wainwright initiated coverage on shares of Envoy Medical in a research report on Tuesday, March 31st. They issued a “buy” rating and a $2.50 price target on the stock. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $6.00.

Read Our Latest Research Report on Envoy Medical

About Envoy Medical

(Get Free Report)

Envoy Medical (NASDAQ:COCH) is a medical device company focused on non-invasive neuromodulation therapies for dysphagia, a swallowing disorder that affects patients following neurological events or due to degenerative conditions. The company’s lead technology delivers targeted electrical stimulation designed to strengthen the muscles and neural pathways involved in the swallowing process.

Envoy Medical’s flagship therapy has received regulatory clearance from the U.S. Food and Drug Administration and is being introduced through rehabilitation centers, speech-language pathology clinics and acute care hospitals.

See Also

Earnings History for Envoy Medical (NASDAQ:COCH)

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