Envoy Medical (NASDAQ:COCH) Trading 9.4% Higher – Should You Buy?

Envoy Medical, Inc. (NASDAQ:COCH)’s share price traded up 9.4% during trading on Tuesday . The stock traded as high as $0.79 and last traded at $0.7587. Approximately 1,165,296 shares were traded during mid-day trading, an increase of 60% from the average daily volume of 729,197 shares. The stock had previously closed at $0.6937.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. HC Wainwright assumed coverage on shares of Envoy Medical in a report on Tuesday, March 31st. They set a “buy” rating and a $2.50 target price for the company. Zacks Research raised shares of Envoy Medical to a “hold” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a research report on Friday, April 24th. One analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $2.50.

Envoy Medical Stock Performance

The stock has a market cap of $58.33 million, a PE ratio of -0.75 and a beta of 1.88. The company has a 50 day moving average of $0.69 and a two-hundred day moving average of $0.68.

Envoy Medical (NASDAQ:COCH) last issued its quarterly earnings results on Monday, May 11th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.03. The business had revenue of $0.04 million for the quarter, compared to analysts’ expectations of $0.10 million. As a group, equities research analysts anticipate that Envoy Medical, Inc. will post -0.3 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. DSG Capital Advisors LLC purchased a new stake in Envoy Medical in the 1st quarter worth $416,000. Focus Partners Wealth acquired a new stake in shares of Envoy Medical in the first quarter valued at about $276,000. CIBC Bancorp USA Inc. acquired a new stake in shares of Envoy Medical in the third quarter valued at about $60,000. Finally, Geode Capital Management LLC increased its stake 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 worth $65,000 after purchasing an additional 51,813 shares in the last quarter. 8.59% of the stock is owned by institutional investors and hedge funds.

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.