Short Interest in Envoy Medical, Inc. (NASDAQ:COCH) Declines By 15.5%

Envoy Medical, Inc. (NASDAQ:COCH) saw a significant 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. Based on an average daily trading volume, of 315,688 shares, the days-to-cover ratio is currently 2.5 days. Approximately 3.0% of the shares of the company are sold short.

Envoy Medical Stock Performance

COCH opened at $0.71 on Thursday. Envoy Medical has a 52-week low of $0.36 and a 52-week high of $1.91. The firm has a market cap of $54.20 million, a P/E ratio of -0.58 and a beta of 2.08. The business’s fifty day moving average is $0.68 and its 200-day moving average is $0.76.

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

Wall Street Analyst Weigh In

A number of research analysts have issued reports on COCH shares. HC Wainwright started coverage on shares of Envoy Medical in a research report on Tuesday. They set a “buy” rating and a $2.50 target price on the stock. Weiss Ratings reiterated a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. Two equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $6.00.

Insider Buying and Selling

In other Envoy Medical news, CFO Robert Potashnick bought 212,500 shares of Envoy Medical stock in a transaction dated 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 completion of the transaction, the chief financial officer owned 212,500 shares in the company, valued at $85,000. The trade was a ? increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Charles Brynelsen purchased 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 12th. The stock was acquired at an average price of $0.40 per share, for a total transaction of $400,000.00. Following the completion of the purchase, the director directly owned 1,050,000 shares of the company’s stock, valued at $420,000. This represents a 2,000.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have purchased a total of 20,433,650 shares of company stock valued at $8,173,460 in the last 90 days. 5.70% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Envoy Medical

Several hedge funds and other institutional investors have recently made changes to their positions in the company. CIBC Bancorp USA Inc. bought a new stake in shares of Envoy Medical during the 3rd quarter worth approximately $60,000. Geode Capital Management LLC raised its position in Envoy Medical by 111.3% during the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after purchasing an additional 51,813 shares in the last quarter. Finally, Focus Partners Wealth acquired a new position in Envoy Medical during the first quarter valued at approximately $276,000. 8.59% of the stock is currently owned by institutional investors and hedge funds.

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.