Envoy Medical (NASDAQ:COCH) Announces Earnings Results, Beats Estimates By $0.01 EPS

Envoy Medical (NASDAQ:COCH) posted its earnings results on Monday. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01, FiscalAI reports. The firm had revenue of $0.05 million during the quarter, compared to analyst estimates of $0.05 million.

Envoy Medical Stock Performance

Shares of COCH opened at $0.77 on Wednesday. The company has a 50-day simple moving average of $0.69 and a 200-day simple moving average of $0.68. Envoy Medical has a 52 week low of $0.36 and a 52 week high of $1.89. The firm has a market capitalization of $59.20 million, a P/E ratio of -1.01 and a beta of 1.90.

Analyst Upgrades and Downgrades

COCH has been the topic of several research analyst reports. Loop Capital set a $2.00 price target on Envoy Medical in a research report on Monday, July 27th. Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, July 21st. Finally, HC Wainwright restated a “buy” rating and set a $2.50 target price on shares of Envoy Medical in a research note on Wednesday, July 15th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Envoy Medical currently has an average rating of “Hold” and an average target price of $2.25.

Hedge Funds Weigh In On Envoy Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Envoy Medical in the 3rd quarter worth approximately $60,000. Geode Capital Management LLC increased its position in shares of Envoy Medical by 111.3% during the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after purchasing an additional 51,813 shares during the period. Finally, Focus Partners Wealth acquired a new position in shares of Envoy Medical in the first quarter valued at $276,000. 8.59% of the stock is currently owned by institutional investors.

Envoy Medical Company Profile

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.