Envoy Medical (NASDAQ:COCH) Trading Up 9.4% - Should You Buy?

Key Points

• Envoy Medical shares rose 9.4% on Tuesday, trading as high as $0.79 with volume running about 60% above average.
• Recent analyst opinions are mixed, but the consensus rating is Hold with a consensus price target of $2.50; HC Wainwright has a Buy rating while Weiss Ratings reiterated a Sell.
• The company beat quarterly EPS expectations, reporting a loss of $0.11 per share versus the expected $0.14 loss, though revenue of $0.04 million came in below estimates.

Envoy Medical, Inc. (NASDAQ:COCH - Get Free Report) rose 9.4% during trading on Tuesday . The stock traded as high as $0.79 and last traded at $0.7587. 1,165,296 shares changed hands during trading, an increase of 60% from the average session volume of 729,197 shares. The stock had previously closed at $0.6937.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on COCH shares. Zacks Research raised shares of Envoy Medical to a "hold" rating in a research report on Wednesday, April 1st. HC Wainwright started coverage on shares of Envoy Medical in a report on Tuesday, March 31st. They issued a "buy" rating and a $2.50 price target on the stock. Finally, Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Envoy Medical in a research report on Friday, April 24th. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Envoy Medical has a consensus rating of "Hold" and a consensus price target of $2.50.

Envoy Medical Trading Up 9.4%

The company has a market cap of $58.33 million, a PE ratio of -0.75 and a beta of 1.88. The firm's 50-day simple moving average is $0.69 and its two-hundred day simple moving average is $0.68.

Envoy Medical (NASDAQ:COCH - Get Free Report) last posted 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 company had revenue of $0.04 million during the quarter, compared to analysts' expectations of $0.10 million. As a group, analysts predict that Envoy Medical, Inc. will post -0.3 EPS for the current year.

Hedge Funds Weigh In On Envoy Medical

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in COCH. CIBC Bancorp USA Inc. acquired a new stake in Envoy Medical during the 3rd quarter worth about $60,000. Geode Capital Management LLC increased its holdings in shares of Envoy Medical by 111.3% in the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company's stock valued at $65,000 after purchasing an additional 51,813 shares during the period. Focus Partners Wealth acquired a new position in shares of Envoy Medical in the first quarter valued at about $276,000. Finally, DSG Capital Advisors LLC purchased a new position in shares of Envoy Medical in the first quarter worth about $416,000. Hedge funds and other institutional investors own 8.59% of the company's stock.

About Envoy Medical

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.

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