Envoy Medical (NASDAQ:COCH) Stock Gets Price Target Bump from Lake Street Capital

Key Points

• Lake Street Capital raised Envoy Medical’s price target tenfold, from $2.50 to $25.00, while maintaining a “buy” rating. The new target implies approximately 271% upside from the stock’s $6.74 price.
• Analyst sentiment remains mixed: two analysts rate the stock a Buy, one rates it Hold, and one rates it Sell. MarketBeat reports an overall “Hold” rating and an average target price of $21.67.
• Envoy Medical develops fully implanted hearing devices, led by its Acclaim Cochlear Implant. The company reported a quarterly loss of $0.70 per share, better than the $0.80 consensus estimate, while institutional investors own 8.59% of its shares.

Envoy Medical (NASDAQ:COCH - Get Free Report) had its target price lifted by investment analysts at Lake Street Capital from $2.50 to $25.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a "buy" rating on the stock. Lake Street Capital's price objective points to a potential upside of 271.09% from the stock's current price.

A number of other research analysts have also recently issued reports on the company. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Envoy Medical in a research note on Monday, October 19th. HC Wainwright reissued a "buy" rating on shares of Envoy Medical in a research note on Tuesday, October 13th. Finally, Loop Capital set a $20.00 target price on Envoy Medical in a research note on Monday, July 27th. Two analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $21.67.

Envoy Medical Price Performance

Shares of Envoy Medical stock traded up $0.24 during trading hours on Tuesday, reaching $6.74. The company had a trading volume of 36,010 shares, compared to its average volume of 39,205. The firm has a market cap of $520.03 million, a PE ratio of -8.74 and a beta of 1.97. Envoy Medical has a one year low of $3.63 and a one year high of $9.54. The business has a fifty day simple moving average of $6.93 and a 200 day simple moving average of $6.88.

Envoy Medical (NASDAQ:COCH - Get Free Report) last announced its quarterly earnings results on Monday, August 10th. The company reported ($0.70) EPS for the quarter, beating the consensus estimate of ($0.80) by $0.10. The firm had revenue of $0.05 million during the quarter, compared to the consensus estimate of $0.05 million. On average, research analysts forecast that Envoy Medical will post -0.31 EPS for the current year.

Institutional Trading of Envoy Medical

A hedge fund recently bought a new position in Envoy Medical stock. DSG Capital Advisors LLC acquired a new stake in shares of Envoy Medical, Inc. (NASDAQ:COCH - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 625,000 shares of the company's stock, valued at approximately $416,000. DSG Capital Advisors LLC owned about 0.81% of Envoy Medical at the end of the most recent reporting period. 8.59% of the stock is currently owned by hedge funds and other institutional investors.

About Envoy Medical

Envoy Medical is a medical technology company focused on developing fully implanted hearing devices for people with sensorineural hearing loss. Unlike conventional hearing aids and many cochlear implants, its technology is designed to be placed beneath the skin, with no external wearable sound processor.

The company's lead product is the Acclaim Cochlear Implant, a fully implanted cochlear implant intended to address moderate-to-profound sensorineural hearing loss in adults. The system is designed to use the body's natural anatomy to capture sound and convert it into electrical signals that stimulate the auditory nerve.

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