Omada Health (NASDAQ:OMDA) Stock Rating Raised to “Strong-Buy” at Zacks Research

Zacks Research upgraded shares of Omada Health (NASDAQ:OMDA) from a hold rating to a strong-buy rating in a report issued on Tuesday morning,Zacks reports.

A number of other research firms also recently issued reports on OMDA. JPMorgan Chase & Co. raised their price target on Omada Health from $26.00 to $30.00 and gave the stock an “overweight” rating in a research note on Friday, August 14th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 price target on shares of Omada Health in a research report on Friday, September 11th. Morgan Stanley reissued an “overweight” rating and issued a $30.00 price objective on shares of Omada Health in a report on Monday, June 22nd. Canaccord Genuity Group increased their price target on shares of Omada Health from $24.00 to $28.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Finally, Robert W. Baird raised their target price on Omada Health from $15.00 to $25.00 and gave the stock a “neutral” rating in a report on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Omada Health currently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Omada Health Stock Performance

Shares of NASDAQ:OMDA opened at $20.89 on Tuesday. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 417.80 and a beta of 2.03. The business has a 50-day simple moving average of $21.84 and a two-hundred day simple moving average of $18.82. Omada Health has a fifty-two week low of $10.28 and a fifty-two week high of $26.92.

Omada Health (NASDAQ:OMDA) last announced its quarterly earnings results on Thursday, August 6th. The company reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of ($0.02) by $0.10. The firm had revenue of $87.83 million during the quarter, compared to analyst estimates of $80.93 million. Omada Health had a net margin of 1.39% and a return on equity of 2.60%. As a group, research analysts predict that Omada Health will post 0.09 earnings per share for the current year.

Insider Activity

In other news, President Wei-Li Shao sold 8,866 shares of the company’s stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $25.02, for a total value of $221,827.32. Following the completion of the transaction, the president owned 307,372 shares of the company’s stock, valued at $7,690,447.44. This represents a 2.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Sean Duffy sold 21,572 shares of Omada Health stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $23.62, for a total value of $509,530.64. Following the sale, the chief executive officer directly owned 411,861 shares in the company, valued at $9,728,156.82. This trade represents a 4.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 127,642 shares of company stock worth $2,915,201 over the last ninety days. Corporate insiders own 6.38% of the company’s stock.

Hedge Funds Weigh In On Omada Health

Hedge funds and other institutional investors have recently modified their holdings of the stock. Versant Capital Management Inc increased its stake in Omada Health by 319.3% in the 2nd quarter. Versant Capital Management Inc now owns 2,998 shares of the company’s stock worth $66,000 after acquiring an additional 2,283 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Omada Health in the second quarter worth $53,000. Legal & General Group Plc purchased a new stake in Omada Health during the second quarter valued at $76,000. The Manufacturers Life Insurance Company bought a new position in Omada Health during the second quarter valued at $215,000. Finally, Fifth Third Bancorp bought a new stake in shares of Omada Health in the 1st quarter worth about $127,000.

About Omada Health

Omada Health, Inc is a digital health company that provides virtual care programs for people managing chronic conditions. Its platform combines connected health devices, digital tools, health coaching and clinical support to help members improve their health and manage conditions such as diabetes, hypertension and musculoskeletal disorders.

The company’s services are designed for employers, health plans and other healthcare organizations seeking to support populations with ongoing healthcare needs.