Short Interest in Envoy Medical, Inc. (NASDAQ:COCH) Expands By 184.7%

Envoy Medical, Inc. (NASDAQ:COCH) was the target of a significant growth in short interest in February. As of February 13th, there was short interest totaling 1,225,895 shares, a growth of 184.7% from the January 29th total of 430,606 shares. Based on an average daily trading volume, of 3,018,108 shares, the days-to-cover ratio is currently 0.4 days. Approximately 4.5% of the company’s stock are short sold. Approximately 4.5% of the company’s stock are short sold. Based on an average daily trading volume, of 3,018,108 shares, the days-to-cover ratio is currently 0.4 days.

Insider Buying and Selling at Envoy Medical

In other news, major shareholder Glen A. Taylor bought 18,750,000 shares of the stock in a transaction that occurred on Thursday, February 12th. The shares were 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 owned 21,703,607 shares in the company, valued at approximately $8,681,442.80. This represents a 634.82% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mona Chetan Patel purchased 312,500 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was purchased at an average price of $0.40 per share, with a total value of $125,000.00. Following the purchase, the director owned 332,500 shares of the company’s stock, valued at approximately $133,000. The trade was a 1,562.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders acquired 20,433,650 shares of company stock valued at $8,173,460 in the last 90 days. Company 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 stock. Geode Capital Management LLC boosted its holdings in shares of Envoy Medical by 111.3% during the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock worth $65,000 after acquiring an additional 51,813 shares during the period. CIBC Bancorp USA Inc. bought a new position in shares of Envoy Medical during the third quarter worth approximately $60,000. Finally, Focus Partners Wealth bought a new position in shares of Envoy Medical during the first quarter worth approximately $276,000. 8.59% of the stock is currently owned by institutional investors and hedge funds.

Envoy Medical Price Performance

Shares of COCH opened at $0.72 on Thursday. The company’s 50-day moving average is $0.66 and its 200-day moving average is $0.86. The firm has a market capitalization of $20.66 million, a PE ratio of -0.51 and a beta of 2.10. Envoy Medical has a fifty-two week low of $0.36 and a fifty-two week high of $1.91.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of Envoy Medical to a “sell” rating in a research note on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a research note on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $9.50.

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.