Envoy Medical, Inc. (NASDAQ:COCH) Sees Large Drop in Short Interest

Envoy Medical, Inc. (NASDAQ:COCH) was the recipient of a large drop in short interest in March. As of March 13th, there was short interest totaling 804,479 shares, a drop of 15.5% from the February 26th total of 951,778 shares. Currently, 3.0% of the shares of the stock are sold short. Based on an average daily volume of 315,688 shares, the days-to-cover ratio is presently 2.5 days.

Analyst Ratings Changes

Several brokerages recently issued reports on COCH. HC Wainwright started coverage on shares of Envoy Medical in a research note on Tuesday. They set a “buy” rating and a $2.50 price objective on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a research note on Tuesday, January 27th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Envoy Medical has a consensus rating of “Hold” and an average target price of $6.00.

Insider Activity

In other news, CFO Robert Potashnick bought 212,500 shares of Envoy Medical stock in a transaction on Thursday, February 12th. The shares were bought at an average cost of $0.40 per share, for a total transaction of $85,000.00. Following the acquisition, the chief financial officer owned 212,500 shares in the company, valued at approximately $85,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, major shareholder Glen A. Taylor purchased 18,750,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The shares were purchased at an average cost of $0.40 per share, for a total transaction of $7,500,000.00. Following the completion of the purchase, the insider directly owned 21,703,607 shares in the company, valued at $8,681,442.80. The trade was a 634.82% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 20,433,650 shares of company stock worth $8,173,460 in the last quarter. Corporate insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Envoy Medical

A number of institutional investors have recently bought and sold shares of COCH. Geode Capital Management LLC raised its stake in shares of Envoy Medical by 111.3% in the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after acquiring an additional 51,813 shares during the period. CIBC Bancorp USA Inc. purchased a new stake in Envoy Medical during the 3rd quarter worth $60,000. Finally, Focus Partners Wealth purchased a new stake in Envoy Medical during the 1st quarter worth $276,000. 8.59% of the stock is currently owned by hedge funds and other institutional investors.

Envoy Medical Trading Up 3.5%

NASDAQ COCH opened at $0.67 on Wednesday. The business’s 50-day moving average price is $0.68 and its 200 day moving average price is $0.76. Envoy Medical has a twelve month low of $0.36 and a twelve month high of $1.91. The company has a market capitalization of $51.13 million, a PE ratio of -0.55 and a beta of 2.08.

Envoy Medical (NASDAQ:COCH) last posted its quarterly earnings results on Monday, March 23rd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.02). The business had revenue of $0.08 million during the quarter, compared to the consensus estimate of $0.03 million. Equities analysts predict that Envoy Medical will post -1.21 EPS for the current year.

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.