Envoy Medical (NASDAQ:COCH) Issues Earnings Results, Beats Expectations By $0.03 EPS

Envoy Medical (NASDAQ:COCH) released its quarterly 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.

Envoy Medical Stock Performance

Shares of NASDAQ COCH traded up $0.00 during trading on Monday, hitting $0.65. 68,306 shares of the company were exchanged, compared to its average volume of 571,112. Envoy Medical has a 12-month low of $0.36 and a 12-month high of $1.91. The company has a fifty day moving average price of $0.71 and a 200-day moving average price of $0.71. The firm has a market capitalization of $49.97 million, a PE ratio of -0.53 and a beta of 1.92.

Insider Buying and Selling at Envoy Medical

In related news, Director Susan Kantor purchased 96,150 shares of Envoy Medical stock in a transaction dated Thursday, February 12th. The shares were acquired at an average price of $0.40 per share, for a total transaction of $38,460.00. Following the acquisition, the director directly owned 174,037 shares in the company, valued at approximately $69,614.80. The trade was a 123.45% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Robert Potashnick purchased 212,500 shares of Envoy Medical stock in a transaction dated Thursday, February 12th. The shares were bought at an average price of $0.40 per share, for a total transaction of $85,000.00. Following the acquisition, the chief financial officer owned 212,500 shares in the company, valued at approximately $85,000. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last 90 days, insiders have bought 20,433,650 shares of company stock worth $8,173,460. Corporate insiders own 7.10% of the company’s stock.

Institutional Trading of Envoy Medical

Hedge funds and other institutional investors have recently modified their holdings of the business. CIBC Bancorp USA Inc. acquired a new stake in shares of Envoy Medical during the 3rd quarter worth about $60,000. Geode Capital Management LLC increased 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 worth $65,000 after purchasing an additional 51,813 shares during the last quarter. Finally, Focus Partners Wealth acquired a new stake in shares of Envoy Medical during the 1st quarter worth about $276,000. 8.59% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

About Envoy Medical

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.