Talkspace (NASDAQ:TALK) Shares Gap Up – Time to Buy?

Talkspace, Inc. (NASDAQ:TALK) gapped up prior to trading on Wednesday . The stock had previously closed at $2.83, but opened at $3.03. Talkspace shares last traded at $2.96, with a volume of 266,886 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on TALK shares. Barclays boosted their price objective on shares of Talkspace from $2.00 to $3.00 and gave the company an “equal weight” rating in a report on Tuesday, October 29th. Northland Capmk raised shares of Talkspace to a “strong-buy” rating in a report on Wednesday, November 20th. Needham & Company LLC reiterated a “hold” rating on shares of Talkspace in a research report on Wednesday, October 30th. Mizuho began coverage on shares of Talkspace in a research report on Wednesday, December 4th. They set an “outperform” rating and a $5.00 price target on the stock. Finally, KeyCorp began coverage on shares of Talkspace in a research report on Monday, December 9th. They set an “overweight” rating and a $4.50 price target on the stock. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $4.38.

Talkspace Trading Up 3.4 %

The company’s 50-day moving average is $3.22 and its 200-day moving average is $2.55.

Talkspace (NASDAQ:TALK) last issued its earnings results on Tuesday, October 29th. The company reported $0.01 earnings per share for the quarter. Talkspace had a negative net margin of 0.76% and a negative return on equity of 1.17%. The firm had revenue of $47.40 million for the quarter, compared to analyst estimates of $47.50 million. During the same quarter last year, the business posted ($0.03) earnings per share. Analysts forecast that Talkspace, Inc. will post 0.02 earnings per share for the current fiscal year.

Institutional Trading of Talkspace

A number of hedge funds have recently added to or reduced their stakes in the stock. Divisadero Street Capital Management LP boosted its position in Talkspace by 13.2% in the second quarter. Divisadero Street Capital Management LP now owns 3,111,717 shares of the company’s stock valued at $7,157,000 after buying an additional 361,717 shares in the last quarter. State Street Corp raised its stake in shares of Talkspace by 36.4% during the third quarter. State Street Corp now owns 2,176,589 shares of the company’s stock valued at $4,549,000 after acquiring an additional 580,826 shares during the last quarter. Clearline Capital LP raised its stake in shares of Talkspace by 28.1% during the third quarter. Clearline Capital LP now owns 1,248,756 shares of the company’s stock valued at $2,610,000 after acquiring an additional 273,994 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Talkspace by 448.3% during the third quarter. JPMorgan Chase & Co. now owns 526,972 shares of the company’s stock valued at $1,101,000 after acquiring an additional 430,861 shares during the last quarter. Finally, Royce & Associates LP bought a new position in shares of Talkspace during the third quarter valued at $1,045,000. Institutional investors and hedge funds 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.