Talkspace (NASDAQ:TALK) Stock Price Up 6% – Here’s Why

Talkspace, Inc. (NASDAQ:TALK)’s stock price was up 6% during mid-day trading on Friday . The stock traded as high as $3.85 and last traded at $3.82. Approximately 1,753,072 shares traded hands during trading, an increase of 53% from the average daily volume of 1,144,634 shares. The stock had previously closed at $3.60.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. KeyCorp assumed coverage on Talkspace in a research report on Monday, December 9th. They issued an “overweight” rating and a $4.50 price target for the company. Northland Securities started coverage on Talkspace in a research report on Wednesday, November 20th. They set an “outperform” rating and a $5.00 price target on the stock. Needham & Company LLC reissued a “hold” rating on shares of Talkspace in a report on Wednesday, October 30th. 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 research note on Tuesday, October 29th. Finally, Northland Capmk upgraded shares of Talkspace to a “strong-buy” rating in a research note on Wednesday, November 20th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $4.38.

Talkspace Stock Up 6.9 %

The firm’s 50-day moving average is $3.20 and its 200-day moving average is $2.66. The company has a market capitalization of $650.34 million, a PE ratio of -385.00 and a beta of 1.14.

Institutional Investors Weigh In On Talkspace

A number of hedge funds have recently made changes to their positions in the business. State Street Corp boosted its position in 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 buying an additional 580,826 shares during the period. Clearline Capital LP increased its stake in Talkspace by 28.1% in the 3rd quarter. Clearline Capital LP now owns 1,248,756 shares of the company’s stock worth $2,610,000 after purchasing an additional 273,994 shares during the period. JPMorgan Chase & Co. lifted its position in Talkspace by 448.3% in the third quarter. JPMorgan Chase & Co. now owns 526,972 shares of the company’s stock valued at $1,101,000 after purchasing an additional 430,861 shares during the last quarter. Royce & Associates LP purchased a new stake in shares of Talkspace during the third quarter valued at approximately $1,045,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of Talkspace in the second quarter worth approximately $921,000. 57.37% of the stock is currently owned by 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.