Envoy Medical, Inc. (NASDAQ:COCH) Short Interest Up 106.8% in June

Envoy Medical, Inc. (NASDAQ:COCH) was the recipient of a significant increase in short interest in June. As of June 15th, there was short interest totalling 30,600 shares, an increase of 106.8% from the May 31st total of 14,800 shares. Currently, 0.5% of the shares of the stock are sold short. Based on an average daily volume of 67,700 shares, the days-to-cover ratio is presently 0.5 days.

Wall Street Analysts Forecast Growth

COCH has been the subject of several research reports. Ascendiant Capital Markets started coverage on shares of Envoy Medical in a research report on Monday, June 24th. They set a “buy” rating and a $8.50 price objective for the company. Lake Street Capital increased their price target on shares of Envoy Medical from $3.00 to $6.00 and gave the company a “buy” rating in a report on Wednesday, April 3rd.

Institutional Investors Weigh In On Envoy Medical

Several hedge funds and other institutional investors have recently modified their holdings of COCH. Weiss Asset Management LP purchased a new position in Envoy Medical in the 4th quarter worth about $37,000. WealthTrust Asset Management LLC bought a new stake in shares of Envoy Medical during the first quarter valued at approximately $44,000. Finally, Virtu Financial LLC bought a new stake in shares of Envoy Medical during the first quarter valued at approximately $55,000. 8.59% of the stock is currently owned by hedge funds and other institutional investors.

Envoy Medical Stock Performance

Shares of COCH opened at $2.36 on Friday. Envoy Medical has a 52-week low of $0.75 and a 52-week high of $11.72. The business has a fifty day moving average of $3.10 and a 200 day moving average of $3.18.

Envoy Medical (NASDAQ:COCH) last released its quarterly earnings results on Wednesday, May 15th. The company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.13). The company had revenue of $0.06 million for the quarter, compared to analysts’ expectations of $0.08 million. As a group, equities research analysts forecast that Envoy Medical will post -1.05 EPS for the current fiscal year.

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.