Vivani Medical (NASDAQ:VANI) Trading Down 0.8% on Disappointing Earnings

Key Points

• Vivani Medical stock fell by 0.8% following a quarterly earnings report that missed estimates, posting a loss of ($0.12) per share compared to the consensus estimate of ($0.09).
• Despite the earnings miss, HC Wainwright has maintained a "buy" rating for Vivani Medical, with a target price of $4.00 per share.
• Institutional investors currently own 6.78% of Vivani Medical's stock, with significant recent acquisitions from various hedge funds increasing their stakes in the company.

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report) shares were down 0.8% on Wednesday following a dissappointing earnings announcement. The stock traded as low as $1.25 and last traded at $1.26. Approximately 65,580 shares traded hands during trading, a decline of 63% from the average daily volume of 178,442 shares. The stock had previously closed at $1.27.

The company reported ($0.12) EPS for the quarter, missing the consensus estimate of ($0.10) by ($0.02).

Analysts Set New Price Targets

Separately, HC Wainwright reiterated a "buy" rating and issued a $4.00 price target on shares of Vivani Medical in a report on Monday, May 19th.

Hedge Funds Weigh In On Vivani Medical

Institutional investors and hedge funds have recently made changes to their positions in the business. Northern Trust Corp grew its stake in shares of Vivani Medical by 19.1% in the 4th quarter. Northern Trust Corp now owns 71,915 shares of the company's stock worth $83,000 after buying an additional 11,540 shares in the last quarter. Jane Street Group LLC bought a new position in Vivani Medical during the 4th quarter valued at about $66,000. Wealthedge Investment Advisors LLC bought a new position in Vivani Medical during the 4th quarter valued at about $43,000. Panagora Asset Management Inc. bought a new position in Vivani Medical during the 2nd quarter valued at about $25,000. Finally, Connective Capital Management LLC grew its holdings in Vivani Medical by 796.2% during the 1st quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock valued at $170,000 after purchasing an additional 144,010 shares during the last quarter. 6.78% of the stock is owned by hedge funds and other institutional investors.

Vivani Medical Stock Performance

The company has a market capitalization of $74.05 million, a P/E ratio of -2.78 and a beta of 2.99. The firm's fifty day moving average is $1.34 and its 200 day moving average is $1.18.

Vivani Medical Company Profile

Vivani Medical, Inc, a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals.