Talkspace (NASDAQ:TALK) Trading Up 4.3% – Here’s Why

Talkspace, Inc. (NASDAQ:TALK)’s stock price rose 4.3% during trading on Friday . The company traded as high as $3.54 and last traded at $3.5150. Approximately 581,654 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 1,695,164 shares. The stock had previously closed at $3.37.

Analysts Set New Price Targets

TALK has been the subject of a number of analyst reports. Barclays initiated coverage on shares of Talkspace in a research note on Monday, December 8th. They set an “equal weight” rating and a $3.50 target price for the company. Zacks Research upgraded Talkspace from a “strong sell” rating to a “hold” rating in a report on Friday, October 31st. Weiss Ratings reissued a “hold (c-)” rating on shares of Talkspace in a research report on Monday, December 8th. Needham & Company LLC reaffirmed a “buy” rating and issued a $5.00 price target on shares of Talkspace in a report on Tuesday, December 2nd. Finally, Canaccord Genuity Group raised their price objective on shares of Talkspace from $5.00 to $6.00 and gave the stock a “buy” rating in a report on Friday, October 31st. Two equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $4.83.

Talkspace Stock Up 4.2%

The firm has a market capitalization of $581.47 million, a price-to-earnings ratio of 117.04 and a beta of 1.20. The company has a fifty day moving average price of $3.11 and a two-hundred day moving average price of $2.84.

Talkspace (NASDAQ:TALK) last announced its earnings results on Thursday, October 30th. The company reported $0.02 EPS for the quarter, meeting analysts’ consensus estimates of $0.02. Talkspace had a net margin of 1.98% and a return on equity of 3.75%. The business had revenue of $59.38 million for the quarter, compared to analysts’ expectations of $57.45 million. On average, equities analysts anticipate that Talkspace, Inc. will post 0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Talkspace

Hedge funds have recently modified their holdings of the stock. Bailard Inc. acquired a new stake in Talkspace in the second quarter valued at about $240,000. Josh Arnold Investment Consultant LLC purchased a new position in shares of Talkspace during the 1st quarter worth approximately $640,000. Integrity Alliance LLC. acquired a new stake in shares of Talkspace in the 1st quarter valued at approximately $35,000. Vanguard Group Inc. boosted its stake in shares of Talkspace by 6.5% in the first quarter. Vanguard Group Inc. now owns 7,650,330 shares of the company’s stock valued at $19,585,000 after buying an additional 469,543 shares in the last quarter. Finally, Ancora Advisors LLC grew its holdings in Talkspace by 138.9% during the first quarter. Ancora Advisors LLC now owns 525,690 shares of the company’s stock worth $1,346,000 after acquiring an additional 305,660 shares during the period. 57.37% of the stock is owned by institutional investors and hedge funds.

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.