CochLear (OTCMKTS:CHEOY) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Shares experienced unusually-high trading volume of about 83,506 on Tuesday (a 110% increase from the prior session); the stock last traded at $60.24 versus a prior close of $61.16.
• Royal Bank of Canada upgraded Cochlear to a moderate buy, and MarketBeat shows a consensus Buy rating (two Strong Buy, one Buy, two Hold).
• The stock is trading well below key technicals, with the 50-day SMA at $71.11 and the 200-day SMA at $83.91, indicating weakness relative to recent averages.

Shares of CochLear Ltd. Unsponsored ADR (OTCMKTS:CHEOY - Get Free Report) saw unusually-strong trading volume on Tuesday . Approximately 83,506 shares changed hands during mid-day trading, an increase of 110% from the previous session's volume of 39,787 shares.The stock last traded at $60.24 and had previously closed at $61.16.

Wall Street Analyst Weigh In

Separately, Royal Bank Of Canada raised shares of CochLear from a "hold" rating to a "moderate buy" rating in a research report on Monday, January 19th. Two equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy".

CochLear Price Performance

The company's 50 day simple moving average is $71.11 and its 200 day simple moving average is $83.91.

About CochLear

Cochlear Limited provides implantable hearing solutions for children and adults worldwide. It offers cochlear implant systems, sound processor upgrades, bone conduction systems, accessories, and other products. Cochlear Limited was founded in 1981 and is headquartered in Sydney, Australia.

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