Envoy Medical (NASDAQ:COCH) Shares Down 3.5% – What’s Next?

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

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the company. Loop Capital set a $2.00 target price on Envoy Medical in a report on Monday, July 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a report on Tuesday, July 21st. Finally, HC Wainwright decreased their price target 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 research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $2.00.

Envoy Medical Trading Up 0.7%

The stock has a market capitalization of $51.33 million, a price-to-earnings ratio of -0.88 and a beta of 1.97. The firm’s fifty day moving average price is $0.71 and its 200 day moving average price is $0.70.

Envoy Medical (NASDAQ:COCH) last announced its earnings results on Monday, August 10th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.01. The firm had revenue of $0.05 million during the quarter, compared to analysts’ expectations of $0.05 million. On average, analysts forecast that Envoy Medical, Inc. will post -0.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Envoy Medical

A hedge fund recently bought a new stake in Envoy Medical stock. DSG Capital Advisors LLC purchased a new stake in Envoy Medical, Inc. (NASDAQ:COCH) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund 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. Institutional investors own 8.59% of the company’s stock.

Envoy Medical Company Profile

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.