CochLear (OTCMKTS:CHEOY) Shares Gap Down – Here’s What Happened

CochLear Ltd. Unsponsored ADR (OTCMKTS:CHEOY) shares gapped down prior to trading on Thursday . The stock had previously closed at $48.37, but opened at $46.63. CochLear shares last traded at $46.63, with a volume of 168 shares changing hands.

Wall Street Analyst Weigh In

CHEOY has been the subject of several recent analyst reports. Canaccord Genuity Group downgraded shares of CochLear from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 18th. Zacks Research raised shares of CochLear from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Royal Bank Of Canada lowered shares of CochLear from an “outperform” rating to a “sector perform” rating and set a $117.00 price target on the stock. in a research note on Thursday, July 16th. Finally, Jefferies Financial Group cut shares of CochLear from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 22nd. Six analysts have rated the stock with a Hold rating, According to data from MarketBeat, CochLear has a consensus rating of “Hold” and a consensus price target of $117.00.

CochLear Stock Performance

The business has a 50 day moving average price of $45.60 and a 200-day moving average price of $46.56.

CochLear Company Profile

Cochlear Limited is an Australian medical device company that develops, manufactures and supplies implantable hearing solutions. Its products are designed for people with severe to profound hearing loss who may not receive sufficient benefit from conventional hearing aids.

The company’s portfolio includes cochlear implants, bone conduction hearing implants, and related sound processors, accessories, software and support services. Cochlear also provides rehabilitation resources, clinical support and ongoing product services intended to help recipients use and maintain their hearing systems.

Founded in 1981 and headquartered in Sydney, Australia, Cochlear serves customers through a global network spanning Australia, New Zealand, North America, Europe, Asia and other international markets.