Envoy Medical (NASDAQ:COCH) Releases Earnings Results, Misses Estimates By $0.02 EPS

Envoy Medical (NASDAQ:COCH) announced its quarterly earnings data on Monday. The company reported ($0.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.24) by ($0.02), FiscalAI reports. The company had revenue of $0.08 million for the quarter, compared to analyst estimates of $0.03 million.

Envoy Medical Trading Down 0.4%

COCH traded down $0.00 during trading on Wednesday, hitting $0.68. 154,947 shares of the company’s stock were exchanged, compared to its average volume of 809,048. Envoy Medical has a 1 year low of $0.36 and a 1 year high of $1.91. The stock has a 50 day moving average price of $0.68 and a 200 day moving average price of $0.78. The firm has a market cap of $19.49 million, a P/E ratio of -0.55 and a beta of 2.08.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $9.50.

Insiders Place Their Bets

In related news, major shareholder Glen A. Taylor purchased 18,750,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was purchased at an average cost of $0.40 per share, for a total transaction of $7,500,000.00. Following the acquisition, the insider owned 21,703,607 shares in the company, valued at approximately $8,681,442.80. This trade represents a 634.82% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mona Chetan Patel acquired 312,500 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was bought at an average cost of $0.40 per share, for a total transaction of $125,000.00. Following the completion of the transaction, the director directly owned 332,500 shares of the company’s stock, valued at $133,000. This trade represents a 1,562.50% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 20,433,650 shares of company stock worth $8,173,460. 5.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Geode Capital Management LLC grew its holdings in Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock worth $65,000 after acquiring an additional 51,813 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Envoy Medical in the 3rd quarter valued at about $60,000. Finally, Focus Partners Wealth acquired a new stake in shares of Envoy Medical in the 1st quarter valued at about $276,000. Hedge funds and other institutional investors own 8.59% of the company’s stock.

About Envoy Medical

Envoy Medical (NASDAQ:COCH) is a medical device company focused on non-invasive neuromodulation therapies for dysphagia, a swallowing disorder that affects patients following neurological events or due to degenerative conditions. The company’s lead technology delivers targeted electrical stimulation designed to strengthen the muscles and neural pathways involved in the swallowing process.

Envoy Medical’s flagship therapy has received regulatory clearance from the U.S. Food and Drug Administration and is being introduced through rehabilitation centers, speech-language pathology clinics and acute care hospitals.