Talkspace (NASDAQ:TALK) Shares Up 7.6% – Here’s Why

Talkspace, Inc. (NASDAQ:TALK)’s stock price traded up 7.6% during mid-day trading on Friday . The company traded as high as $3.57 and last traded at $3.56. Approximately 794,749 shares traded hands during mid-day trading, a decline of 51% from the average daily volume of 1,611,553 shares. The stock had previously closed at $3.31.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Northland Securities assumed coverage on Talkspace in a research report on Wednesday. They set an “outperform” rating and a $5.00 price target on the stock. Needham & Company LLC restated a “hold” rating on shares of Talkspace in a report on Wednesday, October 30th. Northland Capmk upgraded shares of Talkspace to a “strong-buy” rating in a report on Wednesday. Finally, Barclays increased their price objective on shares of Talkspace from $2.00 to $3.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 29th. Two equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $4.00.

Talkspace Stock Up 4.2 %

The stock has a fifty day moving average of $2.70 and a 200-day moving average of $2.37. The firm has a market capitalization of $582.78 million, a P/E ratio of -345.00 and a beta of 1.11.

Talkspace (NASDAQ:TALK) last issued its quarterly earnings results on Tuesday, October 29th. The company reported $0.01 earnings per share for the quarter. The company had revenue of $47.40 million during the quarter, compared to analysts’ expectations of $47.50 million. Talkspace had a negative net margin of 0.76% and a negative return on equity of 1.17%. During the same period last year, the business earned ($0.03) EPS. Sell-side analysts predict that Talkspace, Inc. will post -0.03 EPS for the current fiscal year.

Insider Buying and Selling at Talkspace

In other Talkspace news, CFO Ian Jiro Harris acquired 23,100 shares of Talkspace stock in a transaction dated Thursday, September 19th. The stock was bought at an average cost of $2.11 per share, for a total transaction of $48,741.00. Following the purchase, the chief financial officer now directly owns 397,657 shares in the company, valued at approximately $839,056.27. This represents a 6.17 % increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 21.70% of the company’s stock.

Institutional Trading of Talkspace

Several institutional investors and hedge funds have recently bought and sold shares of TALK. State Street Corp grew its stake in Talkspace by 36.4% in the third quarter. State Street Corp now owns 2,176,589 shares of the company’s stock valued at $4,549,000 after purchasing an additional 580,826 shares in the last quarter. Royce & Associates LP bought a new position in shares of Talkspace in the third quarter valued at $1,045,000. Dimensional Fund Advisors LP acquired a new position in Talkspace during the second quarter worth $921,000. Divisadero Street Capital Management LP increased its holdings in Talkspace by 13.2% during the second quarter. Divisadero Street Capital Management LP now owns 3,111,717 shares of the company’s stock worth $7,157,000 after buying an additional 361,717 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in Talkspace by 2,480.3% during the second quarter. Bank of New York Mellon Corp now owns 353,739 shares of the company’s stock worth $814,000 after acquiring an additional 340,030 shares in the last quarter. Institutional investors own 57.37% of the company’s stock.

Talkspace Company Profile

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.