Talkspace (NASDAQ:TALK) Shares Gap Up to $3.03

Shares of Talkspace, Inc. (NASDAQ:TALK) gapped up before the market opened on Wednesday . The stock had previously closed at $3.03, but opened at $3.10. Talkspace shares last traded at $3.06, with a volume of 53,724 shares traded.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Barclays upped their target price on Talkspace from $2.50 to $3.00 and gave the stock an “equal weight” rating in a report on Friday, February 23rd. TheStreet raised Talkspace from a “d” rating to a “c-” rating in a research report on Thursday, February 22nd.

Talkspace Stock Performance

The business has a 50-day moving average price of $3.09 and a 200 day moving average price of $2.47. The stock has a market capitalization of $508.40 million, a P/E ratio of -25.25 and a beta of 1.26.

Talkspace (NASDAQ:TALK) last issued its quarterly earnings results on Thursday, February 22nd. The company reported ($0.01) EPS for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.03. Talkspace had a negative return on equity of 16.06% and a negative net margin of 12.78%. The firm had revenue of $42.42 million for the quarter, compared to analysts’ expectations of $38.30 million. During the same period in the previous year, the firm posted ($0.08) EPS. As a group, research analysts forecast that Talkspace, Inc. will post -0.03 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Talkspace

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Citigroup Inc. increased its stake in Talkspace by 53,648.1% in the 3rd quarter. Citigroup Inc. now owns 43,536 shares of the company’s stock worth $85,000 after buying an additional 43,455 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Talkspace by 65.4% during the third quarter. Bank of New York Mellon Corp now owns 61,167 shares of the company’s stock valued at $119,000 after purchasing an additional 24,185 shares in the last quarter. EAM Investors LLC purchased a new position in shares of Talkspace during the third quarter valued at about $1,787,000. Potomac Capital Management Inc. bought a new position in shares of Talkspace in the 3rd quarter valued at about $108,000. Finally, Advisory Alpha LLC bought a new position in shares of Talkspace in the 3rd quarter valued at about $48,000. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

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.