Envoy Medical, Inc. (NASDAQ:COCH) Short Interest Down 22.4% in February
by Kim Johansen · The Markets DailyEnvoy Medical, Inc. (NASDAQ:COCH – Get Free Report) was the target of a significant decline in short interest in February. As of February 27th, there was short interest totaling 951,778 shares, a decline of 22.4% from the February 12th total of 1,225,895 shares. Currently, 3.5% of the company’s stock are short sold. Based on an average trading volume of 506,448 shares, the short-interest ratio is presently 1.9 days. Based on an average trading volume of 506,448 shares, the short-interest ratio is presently 1.9 days. Currently, 3.5% of the company’s stock are short sold.
Insider Buying and Selling at Envoy Medical
In related news, Director Charles Brynelsen acquired 1,000,000 shares of Envoy Medical stock in a transaction dated Thursday, February 12th. The shares were acquired at an average cost of $0.40 per share, for a total transaction of $400,000.00. Following the completion of the purchase, the director owned 1,050,000 shares in the company, valued at approximately $420,000. The trade was a 2,000.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Robert Potashnick bought 212,500 shares of the firm’s stock in a transaction that occurred 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 completion of the acquisition, the chief financial officer owned 212,500 shares of the company’s stock, valued at $85,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last ninety days, insiders have bought 20,433,650 shares of company stock valued at $8,173,460. Insiders own 5.70% of the company’s stock.
Institutional Investors Weigh In On Envoy Medical
Several hedge funds and other institutional investors have recently bought and sold shares of COCH. Geode Capital Management LLC lifted its position in Envoy Medical by 111.3% in the fourth quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock valued at $65,000 after acquiring an additional 51,813 shares during the last quarter. CIBC Bancorp USA Inc. acquired a new stake in shares of Envoy Medical during the third quarter worth about $60,000. Finally, Focus Partners Wealth purchased a new stake in shares of Envoy Medical in the 1st quarter valued at about $276,000. 8.59% of the stock is currently owned by institutional investors and hedge funds.
Envoy Medical Stock Up 6.0%
COCH traded up $0.04 on Friday, reaching $0.79. The company’s stock had a trading volume of 519,031 shares, compared to its average volume of 405,291. The company has a market capitalization of $22.77 million, a price-to-earnings ratio of -0.56 and a beta of 2.08. Envoy Medical has a fifty-two week low of $0.36 and a fifty-two week high of $1.91. The stock has a 50 day moving average of $0.66 and a two-hundred day moving average of $0.81.
Analysts Set New Price Targets
Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. One research analyst has rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $9.50.
Check Out Our Latest Report on Envoy Medical
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.