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

Envoy Medical, Inc. (NASDAQ:COCH) major shareholder Glen Taylor acquired 18,750,000 shares of the stock in a transaction dated Thursday, February 12th. The shares were bought at an average price of $0.40 per share, with a total value of $7,500,000.00. Following the completion of the transaction, the insider directly owned 21,703,607 shares of the company’s stock, valued at $8,681,442.80. The trade was a 634.82% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Envoy Medical Price Performance

Shares of COCH stock opened at $0.69 on Wednesday. The business’s 50 day simple moving average is $0.67 and its 200 day simple moving average is $0.89. Envoy Medical, Inc. has a one year low of $0.36 and a one year high of $1.91. The stock has a market capitalization of $19.83 million, a PE ratio of -0.49 and a beta of 2.10.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on COCH. Wall Street Zen upgraded shares of Envoy Medical to a “sell” rating in a research report on Saturday, November 8th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Envoy Medical in a research report on Tuesday, January 27th. One investment analyst has rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.50.

Institutional Investors Weigh In On Envoy Medical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Focus Partners Wealth bought a new position in shares of Envoy Medical during the 1st quarter worth about $276,000. CIBC Bancorp USA Inc. bought a new stake in Envoy Medical in the 3rd quarter valued at about $60,000. Finally, Geode Capital Management LLC raised its stake in Envoy Medical by 111.3% during the 4th quarter. Geode Capital Management LLC now owns 98,351 shares of the company’s stock worth $65,000 after buying an additional 51,813 shares during the period. 8.59% of the stock is owned by institutional investors.

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.