Needham & Company LLC Reaffirms "Buy" Rating for Omada Health (NASDAQ:OMDA)

Key Points

• Needham reaffirmed a “Buy” rating on Omada Health with a $28 price target, implying approximately 30.23% upside from the stock’s $21.50 price. Analysts overall maintain a “Moderate Buy” consensus, with an average target of $26.67.
• Omada Health exceeded quarterly expectations, reporting $0.08 in EPS versus a projected $0.02 loss and revenue of $87.83 million versus the $80.93 million consensus estimate.
• Company insiders sold 265,923 shares worth approximately $5.71 million in the last quarter, while several institutional investors—including Corient Private Wealth and California State Teachers Retirement System—significantly increased their holdings.

Omada Health (NASDAQ:OMDA - Get Free Report)'s stock had its "buy" rating reiterated by equities research analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $28.00 price target on the stock. Needham & Company LLC's price objective would suggest a potential upside of 30.23% from the stock's current price.

Several other analysts have also recently commented on the company. Weiss Ratings upgraded Omada Health from a "sell (e+)" rating to a "sell (d+)" rating in a report on Tuesday, August 11th. Canaccord Genuity Group raised their target price on Omada Health from $24.00 to $28.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Barclays reissued an "overweight" rating and issued a $27.00 price target on shares of Omada Health in a research note on Friday. Citizens Jmp boosted their target price on Omada Health from $27.00 to $32.00 and gave the stock a "market outperform" rating in a research note on Friday, August 14th. Finally, BTIG Research upped their price target on Omada Health from $30.00 to $35.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $26.67.

Omada Health Price Performance

Omada Health stock opened at $21.50 on Friday. The company has a market cap of $1.32 billion, a price-to-earnings ratio of 430.00 and a beta of 1.86. The stock's 50-day moving average is $22.68 and its 200-day moving average is $17.91. Omada Health has a 12 month low of $10.28 and a 12 month high of $26.92.

Omada Health (NASDAQ:OMDA - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported $0.08 EPS for the quarter, beating analysts' consensus estimates of ($0.02) by $0.10. The company had revenue of $87.83 million during the quarter, compared to the consensus estimate of $80.93 million. Omada Health had a return on equity of 2.60% and a net margin of 1.39%. Research analysts anticipate that Omada Health will post 0.09 EPS for the current year.

Insider Activity at Omada Health

In related news, CEO Sean Duffy sold 25,886 shares of the stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $22.68, for a total value of $587,094.48. Following the completion of the transaction, the chief executive officer directly owned 411,861 shares of the company's stock, valued at $9,341,007.48. This trade represents a 5.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Steven Cook sold 33,000 shares of the firm's stock in a transaction on Friday, June 26th. The shares were sold at an average price of $19.89, for a total transaction of $656,370.00. Following the sale, the chief financial officer owned 133,359 shares in the company, valued at approximately $2,652,510.51. This represents a 19.84% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 265,923 shares of company stock valued at $5,708,519. 6.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Omada Health

Hedge funds and other institutional investors have recently bought and sold shares of the business. WINTON GROUP Ltd purchased a new position in shares of Omada Health during the second quarter valued at approximately $1,101,000. Integrated Wealth Concepts LLC bought a new stake in Omada Health in the 2nd quarter valued at about $53,000. Squarepoint Ops LLC bought a new position in shares of Omada Health in the second quarter valued at approximately $2,044,000. Corient Private Wealth LP lifted its position in shares of Omada Health by 252.5% during the 2nd quarter. Corient Private Wealth LP now owns 145,118 shares of the company's stock valued at $3,185,000 after acquiring an additional 103,955 shares during the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Omada Health by 465.1% during the second quarter. California State Teachers Retirement System now owns 10,229 shares of the company's stock valued at $225,000 after buying an additional 8,419 shares in the last quarter.

Omada Health Company Profile

Omada Health is a digital health company that specializes in the prevention and management of chronic conditions through personalized, technology-driven programs. The company's platform combines data analytics, behavioral science and human coaching to support individuals at risk for or living with conditions such as prediabetes, type 2 diabetes, hypertension and musculoskeletal disorders. Participants access the program via a mobile app or web portal, where they receive tailored curriculum, feedback on health metrics and ongoing virtual coaching.

In addition to its core disease-management offerings, Omada Health has expanded its services to include mental health support and digital therapeutics for weight management.

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