Envoy Medical, Inc. (NASDAQ:COCH) Short Interest Up 45.8% in March

Envoy Medical, Inc. (NASDAQ:COCH) was the recipient of a significant increase in short interest in March. As of March 31st, there was short interest totaling 1,172,985 shares, an increase of 45.8% from the March 15th total of 804,479 shares. Based on an average daily trading volume, of 490,492 shares, the days-to-cover ratio is presently 2.4 days. Approximately 1.6% of the shares of the stock are short sold.

Envoy Medical Price Performance

COCH stock traded down $0.02 on Thursday, reaching $0.70. The company’s stock had a trading volume of 113,881 shares, compared to its average volume of 676,252. Envoy Medical has a 52 week low of $0.36 and a 52 week high of $1.91. The company has a market capitalization of $53.59 million, a P/E ratio of -0.57 and a beta of 2.07. The firm has a fifty day moving average of $0.69 and a two-hundred day moving average of $0.73.

Envoy Medical (NASDAQ:COCH) last issued its quarterly earnings data on Monday, March 23rd. The company reported ($0.26) earnings per share (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. As a group, equities analysts expect that Envoy Medical will post -1.21 EPS for the current fiscal year.

Insider Activity

In other news, Director Mona Chetan Patel acquired 312,500 shares of Envoy Medical stock in a transaction that occurred on Thursday, February 12th. The stock was purchased at an average cost of $0.40 per share, with a total value of $125,000.00. Following the completion of the acquisition, the director owned 332,500 shares in the company, valued at $133,000. This trade represents a 1,562.50% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Susan Kantor purchased 96,150 shares of the business’s stock in a transaction dated Thursday, February 12th. The stock was bought at an average cost of $0.40 per share, with a total value of $38,460.00. Following the completion of the acquisition, the director owned 174,037 shares of the company’s stock, valued at approximately $69,614.80. The trade was a 123.45% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders acquired a total of 20,433,650 shares of company stock valued at $8,173,460 in the last 90 days. Insiders own 7.10% of the company’s stock.

Institutional Investors Weigh In On Envoy Medical

A number of institutional investors and hedge funds have recently modified their holdings of COCH. Focus Partners Wealth acquired a new stake in shares of Envoy Medical during the 1st quarter valued at $276,000. CIBC Bancorp USA Inc. bought a new position in Envoy Medical during the third quarter valued at about $60,000. Finally, Geode Capital Management LLC raised its holdings 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 buying an additional 51,813 shares in the last quarter. Institutional investors and hedge funds own 8.59% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on COCH. Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. Zacks Research upgraded Envoy Medical to a “hold” rating in a research note on Wednesday, April 1st. Finally, HC Wainwright initiated coverage on Envoy Medical in a research note on Tuesday, March 31st. They set a “buy” rating and a $2.50 price objective on the stock. Two research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Envoy Medical has an average rating of “Hold” and an average price target of $6.00.

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.