Shannon River Fund Management LLC Sells 1,672,757 Shares of Talkspace, Inc. (NASDAQ:TALK)

Shannon River Fund Management LLC reduced its holdings in Talkspace, Inc. (NASDAQ:TALK) by 34.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,226,598 shares of the company’s stock after selling 1,672,757 shares during the quarter. Talkspace accounts for approximately 1.5% of Shannon River Fund Management LLC’s portfolio, making the stock its 15th largest position. Shannon River Fund Management LLC’s holdings in Talkspace were worth $9,970,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. increased its stake in Talkspace by 2.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 389,312 shares of the company’s stock valued at $1,203,000 after purchasing an additional 10,835 shares in the last quarter. Cibc World Markets Corp bought a new stake in shares of Talkspace in the 4th quarter valued at $36,000. Legal & General Group Plc raised its stake in Talkspace by 48.5% during the 4th quarter. Legal & General Group Plc now owns 36,146 shares of the company’s stock worth $112,000 after buying an additional 11,809 shares during the period. Sugar Maple Asset Management LLC lifted its holdings in Talkspace by 75.0% during the fourth quarter. Sugar Maple Asset Management LLC now owns 28,000 shares of the company’s stock worth $87,000 after acquiring an additional 12,000 shares in the last quarter. Finally, Belvedere Trading LLC acquired a new position in Talkspace in the fourth quarter valued at about $37,000. 57.37% of the stock is owned by institutional investors.

Talkspace Stock Performance

NASDAQ TALK opened at $2.79 on Tuesday. Talkspace, Inc. has a 52 week low of $1.60 and a 52 week high of $4.36. The stock’s 50 day moving average price is $3.04 and its two-hundred day moving average price is $3.05. The stock has a market capitalization of $469.94 million, a price-to-earnings ratio of 279.28 and a beta of 1.16.

Talkspace (NASDAQ:TALK) last announced its quarterly earnings data on Thursday, February 20th. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. Talkspace had a net margin of 0.61% and a return on equity of 0.98%. The business had revenue of $48.72 million for the quarter, compared to analyst estimates of $49.94 million. On average, equities research analysts forecast that Talkspace, Inc. will post 0.08 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on TALK. Canaccord Genuity Group initiated coverage on Talkspace in a research report on Thursday, April 3rd. They issued a “buy” rating and a $5.00 price objective for the company. Needham & Company LLC reaffirmed a “hold” rating on shares of Talkspace in a research note on Friday, February 21st. Two equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Talkspace currently has an average rating of “Buy” and a consensus price target of $4.50.

Insiders Place Their Bets

In related news, CEO Jon R. Cohen bought 75,000 shares of the stock in a transaction that occurred on Friday, February 28th. The shares were acquired at an average price of $2.86 per share, with a total value of $214,500.00. Following the completion of the transaction, the chief executive officer now owns 2,267,980 shares in the company, valued at $6,486,422.80. The trade was a 3.42 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders have acquired 82,270 shares of company stock valued at $235,312 in the last three months. 21.70% of the stock is currently owned by corporate insiders.

About Talkspace

Talkspace, Inc operates as a virtual behavioral healthcare company in the United States. The company offers psychotherapy and psychiatry services through its platform to individuals, enterprises, and health plans and employee assistance programs. It provides text, audio, and video-based psychotherapy from licensed therapists.