Envoy Medical (NASDAQ:COCH) Trading 5.4% Higher – Should You Buy?

Shares of Envoy Medical, Inc. (NASDAQ:COCH) shot up 5.4% on Thursday . The company traded as high as $1.58 and last traded at $1.58. 9,689 shares changed hands during trading, a decline of 88% from the average session volume of 80,631 shares. The stock had previously closed at $1.50.

Analyst Ratings Changes

Separately, Ascendiant Capital Markets lifted their target price on Envoy Medical from $9.25 to $9.50 and gave the company a “buy” rating in a report on Tuesday, May 27th.

Envoy Medical Trading Up 5.4%

The firm has a market cap of $33.72 million, a PE ratio of -1.15 and a beta of 2.22. The stock has a fifty day simple moving average of $1.51 and a two-hundred day simple moving average of $1.48.

Insiders Place Their Bets

In related news, Director Charles Brynelsen bought 35,000 shares of Envoy Medical stock in a transaction on Tuesday, May 27th. The stock was acquired at an average price of $1.65 per share, with a total value of $57,750.00. Following the acquisition, the director directly owned 50,000 shares of the company’s stock, valued at $82,500. This represents a 233.33% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last ninety days, insiders bought 50,000 shares of company stock worth $82,430. 58.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Focus Partners Wealth purchased a new position in Envoy Medical during the 1st quarter valued at about $276,000. Arcus Capital Partners LLC purchased a new position in Envoy Medical during the 1st quarter valued at about $244,000. DSG Capital Advisors LLC purchased a new position in Envoy Medical during the 4th quarter valued at about $234,000. CIBC Private Wealth Group LLC purchased a new position in shares of Envoy Medical during the fourth quarter worth about $65,000. Finally, Citadel Advisors LLC purchased a new position in shares of Envoy Medical during the fourth quarter worth about $42,000. Hedge funds and other institutional investors own 8.59% of the company’s stock.

Envoy Medical Company Profile

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.