Envoy Medical (NASDAQ:COCH) Stock Falls 3.5% - Should You Sell?

Key Points

• Envoy Medical shares fell 3.5% to $0.6840 in relatively light trading, with the company valued at approximately $52.8 million.
• Analyst sentiment is mixed, resulting in a consensus “Hold” rating and a $2.00 target price; ratings include one Buy, one Hold, and one Sell.
• The company slightly exceeded quarterly EPS expectations, reporting a $0.07 loss per share versus the projected $0.08 loss, while developing its fully implanted Acclaim hearing device.

Envoy Medical, Inc. (NASDAQ:COCH - Get Free Report) fell 3.5% on Wednesday. The company traded as low as $0.6804 and last traded at $0.6840. Approximately 31,275 shares traded hands during trading, a decline of 45% from the average session volume of 56,633 shares. The stock had previously closed at $0.7090.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on COCH. Loop Capital set a $2.00 target price on shares of Envoy Medical in a report on Monday, July 27th. Weiss Ratings restated a "sell (e+)" rating on shares of Envoy Medical in a research note on Tuesday, July 21st. Finally, HC Wainwright reduced their price objective on Envoy Medical from $2.50 to $2.00 and set a "buy" rating for the company in a research report on Friday, August 21st. One analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $2.00.

Envoy Medical Stock Performance

The stock has a market cap of $52.80 million, a PE ratio of -0.90 and a beta of 1.91. The firm has a 50-day moving average price of $0.71 and a 200-day moving average price of $0.70.

Envoy Medical (NASDAQ:COCH - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported ($0.07) EPS 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 analysts' expectations of $0.05 million. As a group, sell-side analysts anticipate that Envoy Medical, Inc. will post -0.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Envoy Medical

An institutional investor recently bought a new stake in Envoy Medical stock. DSG Capital Advisors LLC purchased a new stake in shares of Envoy Medical, Inc. (NASDAQ:COCH - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 625,000 shares of the company's stock, valued at approximately $416,000. DSG Capital Advisors LLC owned approximately 0.81% of Envoy Medical as of its most recent SEC filing. 8.59% of the stock is currently owned by institutional investors and hedge funds.

About Envoy Medical

Envoy Medical, Inc is a medical device company focused on developing implantable solutions for people with hearing loss. The company's technology is designed to provide an alternative to conventional hearing aids and other externally worn hearing devices by using an implanted system to capture and process sound.

Envoy Medical's principal product is the Acclaim fully implanted active middle ear implant. The device is designed to be implanted beneath the skin and use the body's natural anatomy to help transmit sound to the inner ear.

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.