Vivani Medical (NASDAQ:VANI) Shares Down 2.3% - Here's What Happened

Vivani Medical, Inc. (NASDAQ:VANI - Get Free Report)'s stock price was down 2.3% during trading on Monday . The company traded as low as $1.28 and last traded at $1.29. Approximately 69,530 shares were traded during trading, a decline of 31% from the average daily volume of 100,555 shares. The stock had previously closed at $1.32.

Analyst Upgrades and Downgrades

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

Vivani Medical Trading Up 0.8%

The business has a fifty day simple moving average of $1.14 and a 200 day simple moving average of $1.13.

Vivani Medical (NASDAQ:VANI - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.10) by ($0.01). Equities research analysts expect that Vivani Medical, Inc. will post -0.41 EPS for the current fiscal year.

Insider Activity

In other news, Director Gregg Williams bought 44,400 shares of the firm's stock in a transaction on Monday, April 7th. The shares were bought at an average cost of $0.99 per share, for a total transaction of $43,956.00. Following the acquisition, the director directly owned 4,799,200 shares of the company's stock, valued at $4,751,208. This trade represents a 0.93% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders have bought a total of 80,662 shares of company stock valued at $80,766 over the last ninety days. Corporate insiders own 46.40% of the company's stock.

Institutional Trading of Vivani Medical

Several hedge funds have recently made changes to their positions in the company. Wealthedge Investment Advisors LLC acquired a new position in Vivani Medical in the fourth quarter valued at approximately $43,000. Jane Street Group LLC purchased a new stake in Vivani Medical in the fourth quarter valued at $66,000. Northern Trust Corp lifted 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 valued at $83,000 after purchasing an additional 11,540 shares during the last quarter. Finally, Connective Capital Management LLC grew its holdings in shares of Vivani Medical by 796.2% during the 1st quarter. Connective Capital Management LLC now owns 162,098 shares of the company's stock worth $170,000 after purchasing an additional 144,010 shares during the period. Hedge funds and other institutional investors own 6.78% of the company's stock.

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.