Envoy Medical, Inc. (NASDAQ:COCH) Short Interest Update

Key Points

• Short interest fell 15.5% in March to 804,479 shares (about 3.0% of shares sold short), yielding a short-interest ratio of 2.5 days based on average daily volume.
• Notable insider buying: the CFO and a director made purchases in February and insiders acquired 20,433,650 shares in the last three months, bringing insider ownership to 5.70%.
• Weak financials but wide analyst gap: COCH trades near $0.64 (market cap ~$49.4M) after missing quarterly EPS estimates, while the consensus rating is "Hold" with a $9.50 price target.

Envoy Medical, Inc. (NASDAQ:COCH - Get Free Report) was the target of a significant decline in short interest in the month of March. As of March 13th, there was short interest totaling 804,479 shares, a decline of 15.5% from the February 26th total of 951,778 shares. Approximately 3.0% of the company's shares are sold short. Based on an average daily volume of 315,688 shares, the short-interest ratio is currently 2.5 days.

Insider Transactions at Envoy Medical

In other Envoy Medical news, CFO Robert Potashnick bought 212,500 shares of the company's stock in a transaction that occurred on Thursday, February 12th. The stock was purchased at an average cost of $0.40 per share, for a total transaction of $85,000.00. Following the completion of the purchase, 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. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Susan Kantor bought 96,150 shares of Envoy Medical stock in a transaction that occurred on Thursday, February 12th. The shares were acquired at an average price of $0.40 per share, for a total transaction of $38,460.00. Following the completion of the transaction, the director directly owned 174,037 shares of the company's stock, valued at $69,614.80. This trade represents a 123.45% increase in their position. The SEC filing for this purchase provides additional information. In the last three months, insiders acquired 20,433,650 shares of company stock valued at $8,173,460. Corporate insiders own 5.70% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Geode Capital Management LLC grew its stake in shares of 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 buying an additional 51,813 shares in the last quarter. CIBC Bancorp USA Inc. acquired a new position in Envoy Medical during the 3rd quarter worth approximately $60,000. Finally, Focus Partners Wealth acquired a new position in Envoy Medical during the 1st quarter worth approximately $276,000. Institutional investors and hedge funds own 8.59% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Envoy Medical in a research report on Tuesday, January 27th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, Envoy Medical presently has a consensus rating of "Hold" and a consensus price target of $9.50.

Envoy Medical Stock Performance

Shares of NASDAQ:COCH opened at $0.64 on Tuesday. The stock has a 50-day simple moving average of $0.68 and a 200-day simple moving average of $0.77. The stock has a market capitalization of $49.43 million, a P/E ratio of -0.53 and a beta of 2.08. Envoy Medical has a 1 year low of $0.36 and a 1 year high of $1.91.

Envoy Medical (NASDAQ:COCH - Get Free Report) last posted its quarterly earnings results on Monday, March 23rd. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.24) by ($0.02). The company had revenue of $0.08 million for the quarter, compared to analysts' expectations of $0.03 million. Analysts predict that Envoy Medical will post -1.21 earnings per share for the current year.

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.

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