Lake Street Capital Initiates Coverage on Envoy Medical (NASDAQ:COCH)

Key Points

• Lake Street Capital initiated coverage of Envoy Medical with a “buy” rating and a $2.50 price target, implying 284.02% potential upside from the prior close.
• Analyst sentiment remains mixed: two analysts rate the stock Buy, one Hold, and one Sell, resulting in a consensus “Hold” rating and an average price target of $2.17.
• Envoy Medical reported a quarterly loss of $0.07 per share, slightly better than estimates, while its lead product is the investigational fully implanted Acclaim cochlear implant designed to eliminate external components.

Stock analysts at Lake Street Capital assumed coverage on shares of Envoy Medical (NASDAQ:COCH - Get Free Report) in a note issued to investors on Tuesday, Briefing.com reports. The brokerage set a "buy" rating and a $2.50 price target on the stock. Lake Street Capital's target price points to a potential upside of 284.02% from the stock's previous close.

A number of other research firms also recently weighed in on COCH. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Envoy Medical in a research report on Tuesday, July 21st. Loop Capital set a $2.00 price target on shares of Envoy Medical in a report on Monday, July 27th. Finally, HC Wainwright decreased their price objective on shares of Envoy Medical from $2.50 to $2.00 and set a "buy" rating for the company in a report on Friday, August 21st. Two investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $2.17.

Envoy Medical Stock Performance

Envoy Medical stock opened at $0.65 on Tuesday. Envoy Medical has a fifty-two week low of $0.36 and a fifty-two week high of $1.89. The stock's 50 day simple moving average is $0.71 and its two-hundred day simple moving average is $0.70. The stock has a market cap of $50.25 million, a price-to-earnings ratio of -0.86 and a beta of 1.97.

Envoy Medical (NASDAQ:COCH - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.08) by $0.01. The firm had revenue of $0.05 million for the quarter, compared to the consensus estimate of $0.05 million. On average, analysts predict that Envoy Medical will post -0.31 earnings per share for the current year.

Institutional Trading of Envoy Medical

An institutional investor recently bought a new stake in Envoy Medical stock. DSG Capital Advisors LLC bought a new position in Envoy Medical, Inc. (NASDAQ:COCH - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The firm bought 625,000 shares of the company's stock, valued at approximately $416,000. DSG Capital Advisors LLC owned 0.81% of Envoy Medical as of its most recent filing with the SEC. Hedge funds and other institutional investors own 8.59% of the company's stock.

About Envoy Medical

Envoy Medical, Inc is a medical device company focused on developing fully implanted hearing solutions for people with hearing loss. The company's technology is designed to use the body's natural anatomy to capture sound and deliver hearing signals without the need for externally worn components.

Its lead product is the Acclaim Fully Implanted Cochlear Implant, an investigational device intended for adults with sensorineural hearing loss who may benefit from cochlear implantation. Unlike conventional cochlear implants, the Acclaim system is designed to be fully implanted, including its sound-sensing component, with the goal of allowing users to hear without an external sound processor.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.