It’s been a good recovery week for shares in the hearing device manufacturer.
The post The Cochlear (ASX: COH) share price is up 4% this last week appeared first on The Motley Fool Australia. –
The Cochlear Limited (ASX: COH) share price is having a great start to the new month after struggling through a less than ideal August.
Cochlear shares fell 4.97% over the course of last month, with the biggest catalyst for the drop being the company’s financial year 2021 earnings.
Fortunately, Cochlear’s stock ended August and started September on an upward trajectory. It has gained 4.47% over the course of this week.
Right now, the Cochlear share price is trading at $237.10, gaining 1.96% today alone.
Let’s take a look at what’s been happening lately.
What’s up with Cochlear this week?
Shares in the hearing device manufacturer appear to be recovering after a poor month’s performance in August.
It has pulled itself up by the bootstraps this week after posting lower than expected profits for the 2021 financial year and less than satisfactory guidance for the financial year 2022.
As The Motley Fool Australia reported at the time, despite the company reporting profits inside its previously given guidance, it fell short of the market’s expectations.
The Cochlear share price suffered as a result, falling 7.4% on the day it posted its earnings results. The following week, shares in the company continued their downwards trajectory, falling another 4.3%.
The market hasn’t heard any fresh news from Cochlear since. However, investor confidence in the ASX healthcare giant appears to have rebounded and its shares are recovering the lost ground.
Cochlear share price snapshot
The Cochlear share price has performed well on the ASX this year.
Including this week’s upturn, it has gained 24% since the start of 2021 and is 20% higher than it was this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.