Insider Buying: Envoy Medical (NASDAQ:COCH) Major Shareholder Buys 18,750,000 Shares of Stock

Envoy Medical, Inc. (NASDAQ:COCH) major shareholder Glen Taylor bought 18,750,000 shares of the business’s stock in a transaction dated Thursday, February 12th. The shares were bought at an average cost of $0.40 per share, for a total transaction of $7,500,000.00. Following the purchase, the insider directly owned 21,703,607 shares in the company, valued at approximately $8,681,442.80. This represents a 634.82% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their transactions with the SEC.

Envoy Medical Stock Up 13.3%

Shares of NASDAQ:COCH traded up $0.08 during midday trading on Tuesday, reaching $0.68. The company’s stock had a trading volume of 1,048,639 shares, compared to its average volume of 1,091,336. Envoy Medical, Inc. has a 12-month low of $0.36 and a 12-month high of $1.91. The firm has a market capitalization of $19.58 million, a P/E ratio of -0.48 and a beta of 2.10. The firm has a 50 day moving average of $0.67 and a 200-day moving average of $0.89.

Analyst Ratings Changes

A number of brokerages have recently issued reports on COCH. Wall Street Zen raised shares of Envoy Medical to a “sell” rating in a report on Saturday, November 8th. Weiss Ratings restated a “sell (e+)” rating on shares of Envoy Medical in a report on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $9.50.

Hedge Funds Weigh In On Envoy Medical

Several hedge funds have recently modified their holdings of COCH. Geode Capital Management LLC raised its stake in shares of Envoy Medical by 111.3% during the 4th 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 during the last quarter. CIBC Bancorp USA Inc. purchased a new position in shares of Envoy Medical during the 3rd quarter worth approximately $60,000. Finally, Focus Partners Wealth purchased a new position in Envoy Medical during the 1st quarter valued at about $276,000. Institutional investors and hedge funds own 8.59% of the company’s stock.

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.