Vivani Medical (NASDAQ:VANI) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Vivani Medical (NASDAQ:VANI) announced its quarterly earnings results on Thursday. The company reported ($0.11) EPS for the quarter, beating the consensus estimate of ($0.12) by $0.01, FiscalAI reports.

Vivani Medical Stock Up 4.8%

NASDAQ:VANI traded up $0.07 during trading hours on Friday, reaching $1.42. 140,349 shares of the company’s stock were exchanged, compared to its average volume of 154,763. The firm has a market capitalization of $89.81 million, a price-to-earnings ratio of -3.16 and a beta of 3.15. The company has a 50-day moving average of $1.47 and a 200 day moving average of $1.32. Vivani Medical has a 1-year low of $0.91 and a 1-year high of $1.92.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on VANI shares. Zacks Research upgraded shares of Vivani Medical from a “strong sell” rating to a “hold” rating in a research report on Wednesday. Weiss Ratings reissued a “sell (d-)” rating on shares of Vivani Medical in a research report on Tuesday, October 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $4.00 price objective on shares of Vivani Medical in a report on Tuesday, September 2nd. One research analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $4.00.

Insider Buying and Selling

In other Vivani Medical news, Director Gregg Williams bought 3,703,703 shares of Vivani Medical stock in a transaction dated Monday, October 27th. The stock was acquired at an average cost of $1.62 per share, with a total value of $5,999,998.86. Following the completion of the acquisition, the director owned 21,350,815 shares of the company’s stock, valued at approximately $34,588,320.30. This represents a 20.99% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have acquired 7,509,920 shares of company stock valued at $10,380,455 in the last quarter. Insiders own 46.40% of the company’s stock.

About Vivani Medical

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.