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

Envoy Medical, Inc. (NASDAQ:COCH) was the target of a large growth in short interest in the month of 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 trading volume of 3,018,108 shares, the days-to-cover ratio is presently 0.4 days. Currently, 4.5% of the shares of the company are sold short. Currently, 4.5% of the shares of the company are sold short. Based on an average trading volume of 3,018,108 shares, the days-to-cover ratio is presently 0.4 days.

Envoy Medical Stock Performance

COCH traded up $0.02 during trading on Friday, reaching $0.72. The stock had a trading volume of 321,266 shares, compared to its average volume of 1,749,070. The business has a 50-day moving average of $0.66 and a 200-day moving average of $0.85. Envoy Medical has a one year low of $0.36 and a one year high of $1.91. The stock has a market cap of $20.85 million, a PE ratio of -0.51 and a beta of 2.10.

Analyst Upgrades and Downgrades

Several research firms recently commented on COCH. Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. Wall Street Zen upgraded Envoy Medical to a “sell” rating in a research report on Saturday, November 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, Envoy Medical has a consensus rating of “Hold” and a consensus price target of $9.50.

Insider Activity

In related news, Director Charles Brynelsen acquired 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The shares were bought at an average cost of $0.40 per share, for a total transaction of $400,000.00. Following the purchase, the director owned 1,050,000 shares in the company, valued at $420,000. This trade represents a 2,000.00% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Robert Potashnick bought 212,500 shares of the business’s stock in a transaction on Thursday, February 12th. The stock was bought at an average price of $0.40 per share, with a total value of $85,000.00. Following the purchase, the chief financial officer owned 212,500 shares in the company, valued at $85,000. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have bought 20,433,650 shares of company stock valued at $8,173,460. 5.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Focus Partners Wealth purchased a new position in shares of Envoy Medical during the first quarter worth approximately $276,000. CIBC Bancorp USA Inc. purchased a new position in Envoy Medical in the 3rd quarter worth $60,000. Finally, Geode Capital Management LLC raised 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 purchasing an additional 51,813 shares during the period. 8.59% of the stock is currently owned by institutional investors.

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.