Glen Taylor Buys 18,750,000 Shares of Envoy Medical (NASDAQ:COCH) Stock

Envoy Medical, Inc. (NASDAQ:COCH) major shareholder Glen Taylor purchased 18,750,000 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were bought at an average price of $0.40 per share, with a total value of $7,500,000.00. Following the purchase, the insider directly owned 21,703,607 shares of the company’s stock, valued at approximately $8,681,442.80. The trade was a 634.82% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

Envoy Medical Price Performance

Envoy Medical stock traded up $0.08 during trading hours on Tuesday, hitting $0.68. The stock had a trading volume of 1,048,639 shares, compared to its average volume of 1,091,336. Envoy Medical, Inc. has a 1-year low of $0.36 and a 1-year high of $1.91. The stock has a market capitalization of $19.58 million, a price-to-earnings ratio of -0.48 and a beta of 2.10. The stock’s fifty day moving average is $0.67 and its two-hundred day moving average is $0.89.

Institutional Trading of Envoy Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in COCH. CIBC Bancorp USA Inc. acquired a new position in Envoy Medical during the 3rd quarter valued at approximately $60,000. Geode Capital Management LLC raised its position 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 during the period. Finally, Focus Partners Wealth purchased a new position in Envoy Medical during the 1st quarter worth approximately $276,000. Institutional investors own 8.59% of the company’s stock.

Analyst Ratings Changes

COCH has been the topic of several recent analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Envoy Medical in a report on Tuesday, January 27th. Wall Street Zen raised shares of Envoy Medical to a “sell” rating in a research note on Saturday, November 8th. One research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average 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.