Envoy Medical, Inc. (NASDAQ:COCH) Short Interest Down 57.7% in May

Envoy Medical, Inc. (NASDAQ:COCH) was the recipient of a significant decline in short interest during the month of May. As of May 31st, there was short interest totalling 14,800 shares, a decline of 57.7% from the May 15th total of 35,000 shares. Based on an average daily volume of 101,800 shares, the days-to-cover ratio is presently 0.1 days. Currently, 0.2% of the company’s stock are short sold.

Envoy Medical Price Performance

COCH stock traded down $0.07 during trading on Friday, hitting $2.62. 8,866 shares of the company’s stock were exchanged, compared to its average volume of 32,433. The business has a 50-day moving average price of $3.80 and a two-hundred day moving average price of $3.17. Envoy Medical has a 52-week low of $0.75 and a 52-week high of $11.72.

Envoy Medical (NASDAQ:COCH) last posted its earnings results on Wednesday, May 15th. The company reported ($0.32) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.13). The company had revenue of $0.06 million during the quarter, compared to analysts’ expectations of $0.08 million. Equities research analysts anticipate that Envoy Medical will post -0.8 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, Lake Street Capital boosted their target price on Envoy Medical from $3.00 to $6.00 and gave the stock a “buy” rating in a research note on Wednesday, April 3rd.

Institutional Investors Weigh In On Envoy Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Weiss Asset Management LP purchased a new stake in Envoy Medical in the fourth quarter valued at approximately $37,000. WealthTrust Asset Management LLC purchased a new stake in Envoy Medical in the first quarter valued at approximately $44,000. Finally, Virtu Financial LLC purchased a new stake in Envoy Medical in the first quarter valued at approximately $55,000. Hedge funds and other institutional investors own 8.59% of the company’s stock.

About Envoy Medical

Envoy Medical, Inc, a hearing health company, provides medical technologies for the hearing loss spectrum. Its products include personal sound amplification devices; hearing aids; Esteem fully implanted active middle ear implants; auditory osseointegrated implants; and Acclaim cochlear implants. The company was formerly known as Envoy Medical Corporation and changed its name to Envoy Medical, Inc in September 2023.