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

Envoy Medical (NASDAQ:COCH) issued its quarterly earnings data on Monday. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.14) by $0.03, Zacks reports.

Envoy Medical Trading Up 0.7%

COCH stock traded up $0.00 on Monday, hitting $0.65. The company’s stock had a trading volume of 65,667 shares, compared to its average volume of 571,100. The firm has a 50 day moving average of $0.71 and a two-hundred day moving average of $0.71. Envoy Medical has a 1 year low of $0.36 and a 1 year high of $1.91. The stock has a market cap of $49.97 million, a price-to-earnings ratio of -0.53 and a beta of 1.92.

Insider Buying and Selling

In other news, Director Charles Brynelsen acquired 1,000,000 shares of the company’s stock in a transaction on Thursday, February 12th. The shares were bought at an average cost of $0.40 per share, with a total value of $400,000.00. Following the purchase, the director owned 1,050,000 shares of the company’s stock, valued at $420,000. This represents a 2,000.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert Potashnick acquired 212,500 shares of the company’s stock in a transaction on Thursday, February 12th. The stock was purchased at an average cost of $0.40 per share, for a total transaction of $85,000.00. Following the completion of the purchase, the chief financial officer directly owned 212,500 shares in the company, valued at $85,000. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 20,433,650 shares of company stock worth $8,173,460 in the last ninety days. Insiders own 7.10% of the company’s stock.

Hedge Funds Weigh In On Envoy Medical

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

Analysts Set New Price Targets

COCH has been the subject of several recent analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a research report on Friday, April 24th. 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 for the company. Finally, Zacks Research upgraded shares of Envoy Medical to a “hold” rating in a research report on Wednesday, April 1st. Two equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Envoy Medical currently has an average rating of “Hold” and a consensus target price of $6.00.

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.