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

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

Vivani Medical Stock Performance

Shares of NASDAQ:VANI traded down $0.15 on Thursday, hitting $1.39. The stock had a trading volume of 190,911 shares, compared to its average volume of 154,050. The firm’s 50 day moving average price is $1.46 and its 200-day moving average price is $1.32. Vivani Medical has a twelve month low of $0.91 and a twelve month high of $1.92. The company has a market capitalization of $87.60 million, a price-to-earnings ratio of -3.08 and a beta of 3.15.

Analyst Ratings Changes

VANI has been the subject of a number of research reports. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Vivani Medical in a research note on Tuesday, October 14th. HC Wainwright reiterated a “buy” rating and issued a $4.00 target price on shares of Vivani Medical in a research note on Tuesday, September 2nd. Finally, Zacks Research cut Vivani Medical from a “hold” rating to a “strong sell” rating in a research report on Tuesday, October 14th. One equities research analyst has rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Vivani Medical presently has an average rating of “Reduce” and a consensus target price of $4.00.

Insider Buying and Selling

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

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.