Envoy Medical (NASDAQ:COCH) Posts Earnings Results

Envoy Medical (NASDAQ:COCH) posted its earnings results on Thursday. The company reported ($0.50) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.67) by $0.17, FiscalAI reports. The business had revenue of $0.07 million during the quarter, compared to the consensus estimate of $0.09 million.

Envoy Medical Price Performance

Shares of COCH traded up $0.05 during mid-day trading on Friday, reaching $7.15. 50,474 shares of the company’s stock traded hands, compared to its average volume of 21,609. The stock’s 50-day moving average is $6.82 and its two-hundred day moving average is $6.88. Envoy Medical has a 12 month low of $3.63 and a 12 month high of $9.54. The stock has a market cap of $55.20 million, a P/E ratio of -1.55 and a beta of 2.03.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on COCH shares. Loop Capital set a $20.00 price objective on Envoy Medical in a research report on Monday, July 27th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a research note on Monday, October 19th. HC Wainwright reiterated a “buy” rating on shares of Envoy Medical in a research report on Tuesday, October 13th. Finally, Lake Street Capital boosted their price objective on shares of Envoy Medical from $2.50 to $25.00 and gave the company a “buy” rating in a research report on Tuesday, October 27th. Two research analysts have 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. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $21.67.

About Envoy Medical

Envoy Medical is a medical technology company focused on developing fully implanted hearing devices for people with sensorineural hearing loss. Unlike conventional hearing aids and many cochlear implants, its technology is designed to be placed beneath the skin, with no external wearable sound processor.

The company’s lead product is the Acclaim Cochlear Implant, a fully implanted cochlear implant intended to address moderate-to-profound sensorineural hearing loss in adults. The system is designed to use the body’s natural anatomy to capture sound and convert it into electrical signals that stimulate the auditory nerve.