Envoy Medical (NASDAQ:COCH) Major Shareholder Acquires $7,500,000.00 in Stock

Envoy Medical, Inc. (NASDAQ:COCH) major shareholder Glen Taylor acquired 18,750,000 shares of the business’s 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 of the company’s stock, valued at $8,681,442.80. This trade represents a 634.82% 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. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Envoy Medical Stock Down 2.9%

Envoy Medical stock opened at $0.74 on Friday. The firm has a market cap of $21.16 million, a P/E ratio of -0.52 and a beta of 2.10. The business has a fifty day moving average of $0.66 and a two-hundred day moving average of $0.89. Envoy Medical, Inc. has a twelve month low of $0.36 and a twelve month high of $1.91.

Institutional Trading of Envoy Medical

Several hedge funds and other institutional investors have recently bought and sold shares of COCH. Focus Partners Wealth purchased a new stake in Envoy Medical in the 1st quarter worth approximately $276,000. CIBC Bancorp USA Inc. purchased a new stake in shares of Envoy Medical during the 3rd quarter worth about $60,000. Finally, Geode Capital Management LLC increased its stake 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 purchasing an additional 51,813 shares in the last quarter. 8.59% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms recently commented on COCH. Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. Wall Street Zen raised Envoy Medical to a “sell” rating in a research report on Saturday, November 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price 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.