Envoy Medical, Inc. (NASDAQ:COCH) Sees Significant Decline in Short Interest

Envoy Medical, Inc. (NASDAQ:COCH) saw a significant decline in short interest in the month of February. As of February 27th, there was short interest totaling 951,778 shares, a decline of 22.4% from the February 12th total of 1,225,895 shares. Approximately 3.5% of the shares of the company are sold short. Based on an average daily trading volume, of 506,448 shares, the short-interest ratio is presently 1.9 days. Based on an average daily trading volume, of 506,448 shares, the short-interest ratio is presently 1.9 days. Approximately 3.5% of the shares of the company are sold short.

Envoy Medical Stock Up 6.0%

COCH traded up $0.04 on Friday, hitting $0.79. 519,031 shares of the company traded hands, compared to its average volume of 405,291. Envoy Medical has a 12-month low of $0.36 and a 12-month high of $1.91. The company has a 50 day moving average of $0.66 and a 200-day moving average of $0.81. The stock has a market capitalization of $22.77 million, a PE ratio of -0.56 and a beta of 2.08.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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. Based on data from MarketBeat, Envoy Medical has a consensus rating of “Hold” and an average price target of $9.50.

Insider Activity at Envoy Medical

In other Envoy Medical news, CFO Robert Potashnick bought 212,500 shares of the stock in a transaction dated Thursday, February 12th. The shares were acquired at an average cost of $0.40 per share, for a total transaction of $85,000.00. Following the completion of the transaction, the chief financial officer owned 212,500 shares in the company, valued at approximately $85,000. The trade was a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, major shareholder Glen A. Taylor bought 18,750,000 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was acquired at an average cost of $0.40 per share, for a total transaction of $7,500,000.00. Following the completion of the acquisition, the insider directly 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 disclosure for this purchase is available in the SEC filing. Insiders have acquired a total of 20,433,650 shares of company stock valued at $8,173,460 over the last 90 days. 5.70% of the stock is owned by insiders.

Institutional Investors Weigh In On Envoy Medical

A number of hedge funds have recently added to or reduced their stakes in COCH. Focus Partners Wealth purchased a new stake in Envoy Medical in the 1st quarter valued at approximately $276,000. Geode Capital Management LLC raised its stake in shares of 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 buying an additional 51,813 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new stake in shares of Envoy Medical in the third quarter valued at approximately $60,000. Institutional investors and hedge funds 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.