Envoy Medical (NASDAQ:COCH) Upgraded to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Envoy Medical (NASDAQ:COCH) to a "Hold"; the stock's analyst mix is 2 Buys, 1 Hold and 1 Sell, giving a MarketBeat consensus rating of Hold and an average target price of $6.00.
• Shares trade around $0.75 (50-day/$200-day MAs: $0.68/$0.76) with a market cap of ~$57.5M, a negative trailing EPS (last quarter -$0.26, missing estimates) and a 52-week range of $0.36–$1.91, signaling low current valuation and weak near-term financials.
• Insiders have been buying: the CFO and a director purchased shares at about $0.40, and insiders acquired ~20.43 million shares (~$8.17M) over the past 90 days, with insiders owning 5.7% of the company.

Envoy Medical (NASDAQ:COCH - Get Free Report) was upgraded by equities research analysts at Zacks Research to a "hold" rating in a research note issued to investors on Wednesday,Zacks.com reports.

Other equities research analysts have also issued research reports about the company. HC Wainwright started coverage on Envoy Medical in a research report on Tuesday. They set a "buy" rating and a $2.50 price target on the stock. Weiss Ratings reissued a "sell (e+)" rating on shares of Envoy Medical in a research note on Tuesday, January 27th. Two research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $6.00.

Envoy Medical Stock Performance

Shares of NASDAQ:COCH opened at $0.75 on Wednesday. The company has a 50 day moving average price of $0.68 and a two-hundred day moving average price of $0.76. The company has a market capitalization of $57.47 million, a PE ratio of -0.61 and a beta of 2.07. Envoy Medical has a 52 week low of $0.36 and a 52 week high of $1.91.

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

Insiders Place Their Bets

In other Envoy Medical news, CFO Robert Potashnick bought 212,500 shares of Envoy Medical 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 $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. The purchase was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Susan Kantor bought 96,150 shares of the firm's stock in a transaction that occurred on Thursday, February 12th. The stock was acquired at an average cost of $0.40 per share, with a total value of $38,460.00. Following the transaction, the director owned 174,037 shares of the company's stock, valued at $69,614.80. This represents a 123.45% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 20,433,650 shares of company stock valued at $8,173,460 over the last 90 days. 5.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Envoy Medical

Hedge funds have recently modified their holdings of the stock. Focus Partners Wealth acquired a new stake in shares of Envoy Medical in the first quarter valued at about $276,000. CIBC Bancorp USA Inc. acquired a new position in Envoy Medical during the third quarter valued at approximately $60,000. Finally, Geode Capital Management LLC grew its stake 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 purchasing an additional 51,813 shares in the last quarter. Institutional investors own 8.59% of the company's stock.

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.

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