Short Interest in Envoy Medical, Inc. (NASDAQ:COCH) Declines By 22.4%

Envoy Medical, Inc. (NASDAQ:COCH) was the target of a large decline in short interest during 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. Currently, 3.5% of the company’s stock are sold short. Based on an average daily trading volume, of 506,448 shares, the days-to-cover ratio is currently 1.9 days. Based on an average daily trading volume, of 506,448 shares, the days-to-cover ratio is currently 1.9 days. Currently, 3.5% of the company’s stock are sold short.

Analysts Set New Price Targets

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Envoy Medical in a report on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $9.50.

Insider Buying and Selling at Envoy Medical

In other Envoy Medical news, Director Susan Kantor bought 96,150 shares of Envoy Medical stock in a transaction on Thursday, February 12th. The stock was purchased at an average cost of $0.40 per share, for a total transaction of $38,460.00. Following the completion of the purchase, the director directly owned 174,037 shares of the company’s stock, valued at $69,614.80. The trade was a 123.45% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Glen A. Taylor bought 18,750,000 shares of the firm’s stock in a transaction on Thursday, February 12th. The stock was acquired at an average cost of $0.40 per share, with a total value of $7,500,000.00. Following the completion of the transaction, the insider directly owned 21,703,607 shares of the company’s stock, valued at approximately $8,681,442.80. This represents a 634.82% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 20,433,650 shares of company stock worth $8,173,460 over the last quarter. Insiders own 5.70% of the company’s stock.

Institutional Investors Weigh In On Envoy Medical

Hedge funds have recently bought and sold shares of the company. Focus Partners Wealth bought a new position in shares of Envoy Medical in the first quarter worth about $276,000. CIBC Bancorp USA Inc. bought a new position in Envoy Medical in the 3rd quarter worth approximately $60,000. Finally, Geode Capital Management LLC increased its position in Envoy Medical by 111.3% in 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 during the period. 8.59% of the stock is currently owned by institutional investors.

Envoy Medical Trading Down 7.2%

Envoy Medical stock traded down $0.07 during trading hours on Tuesday, reaching $0.84. 629,233 shares of the company were exchanged, compared to its average volume of 836,967. Envoy Medical has a 12 month low of $0.36 and a 12 month high of $1.91. The firm has a market cap of $24.07 million, a price-to-earnings ratio of -0.60 and a beta of 2.08. The stock has a 50-day moving average of $0.67 and a 200 day moving average of $0.81.

Envoy Medical Company Profile

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.