Canaccord Genuity Group Begins Coverage on Talkspace (NASDAQ:TALK)

Investment analysts at Canaccord Genuity Group started coverage on shares of Talkspace (NASDAQ:TALK) in a report issued on Thursday,Benzinga reports. The brokerage set a “buy” rating and a $5.00 price target on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 79.21% from the stock’s previous close.

TALK has been the topic of a number of other research reports. KeyCorp started coverage on shares of Talkspace in a research report on Monday, December 9th. They set an “overweight” rating and a $4.50 target price on the stock. Mizuho began coverage on shares of Talkspace in a research note on Wednesday, December 4th. They issued an “outperform” rating and a $5.00 price target for the company. Finally, Needham & Company LLC reissued a “hold” rating on shares of Talkspace in a research report on Friday, February 21st. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Talkspace currently has an average rating of “Buy” and an average target price of $4.50.

Talkspace Stock Performance

Shares of NASDAQ TALK opened at $2.79 on Thursday. Talkspace has a 52-week low of $1.60 and a 52-week high of $4.36. The company’s 50 day moving average price is $3.13 and its 200-day moving average price is $3.00. The company has a market capitalization of $469.94 million, a P/E ratio of 279.28 and a beta of 1.15.

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

Insiders Place Their Bets

In other news, CEO Jon R. Cohen acquired 75,000 shares of the business’s stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $2.86 per share, with a total value of $214,500.00. Following the acquisition, the chief executive officer now directly owns 2,267,980 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders purchased 82,270 shares of company stock valued at $235,312. Corporate insiders own 21.70% of the company’s stock.

Institutional Trading of Talkspace

Institutional investors and hedge funds have recently made changes to their positions in the company. Deutsche Bank AG grew its position in Talkspace by 103.1% in the 4th quarter. Deutsche Bank AG now owns 4,615,485 shares of the company’s stock worth $14,262,000 after purchasing an additional 2,342,913 shares in the last quarter. Voss Capital LP bought a new position in shares of Talkspace in the fourth quarter valued at approximately $3,981,000. Arrowstreet Capital Limited Partnership bought a new position in shares of Talkspace in the fourth quarter valued at approximately $3,371,000. Balyasny Asset Management L.P. purchased a new stake in shares of Talkspace during the fourth quarter valued at approximately $3,179,000. Finally, Metavasi Capital LP bought a new stake in Talkspace during the fourth quarter worth $2,295,000. Hedge funds and other institutional investors own 57.37% of the company’s stock.

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.