Movano Health (NASDAQ: MOVE) is currently trading at $0.86, reflecting a slight increase of 1.08% from the previous close. Despite this modest uptick, the stock has experienced significant volatility over the past year, with a 65.59% decline.
In Q3 2024, Movano Health reported an operating loss of $7.4 million, an improvement from the $9.1 million loss in Q3 2023. The company shipped 339 Evie Rings during this period, indicating progress in its direct-to-consumer business.
A significant milestone for Movano was the FDA 510(k) clearance for its EvieMED Ring in December 2024. This approval opens up a $40 billion healthcare B2B market opportunity, allowing the company to pursue clinical trials and remote patient monitoring initiatives.
However, the stock has faced challenges, including a 1-for-15 reverse stock split implemented on October 29, 2024, to regain Nasdaq compliance. Additionally, the company is investigating potential stock manipulation related to this reverse split.
Technical indicators suggest caution. The stock's 200-day simple moving average (SMA) is a critical level to watch, as it often serves as a support or resistance point. Currently, MOVE is trading below this average, indicating a bearish trend.
In summary, while Movano Health has made strides in product development and regulatory approvals, investors should remain cautious due to ongoing financial challenges and stock volatility.
