Bank of America Corp DE Grows Position in Omada Health, Inc. $OMDA

Key Points

• Bank of America increased its Omada Health stake by 51.5% in the first quarter, owning 161,099 shares valued at approximately $2.03 million, or 0.27% of the company.
• Analysts remain broadly positive, with 11 Buy ratings, two Holds and one Sell; Omada has a consensus “Moderate Buy” rating and a $26.50 price target.
• Omada’s latest quarterly results exceeded expectations, reporting $0.08 EPS versus a projected loss of $0.02 and revenue of $87.83 million against an $80.93 million estimate. The stock opened at $23.31, while insiders sold roughly $5.4 million of shares during the last quarter.

Bank of America Corp DE grew its position in shares of Omada Health, Inc. (NASDAQ:OMDA - Free Report) by 51.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 161,099 shares of the company's stock after purchasing an additional 54,792 shares during the quarter. Bank of America Corp DE owned approximately 0.27% of Omada Health worth $2,025,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Quarry LP acquired a new position in shares of Omada Health in the fourth quarter worth about $29,000. Raymond James Financial Inc. purchased a new position in shares of Omada Health in the 2nd quarter valued at about $32,000. Strs Ohio raised its holdings in Omada Health by 151.0% in the 4th quarter. Strs Ohio now owns 4,267 shares of the company's stock worth $67,000 after purchasing an additional 2,567 shares during the period. New York State Common Retirement Fund acquired a new position in Omada Health in the 4th quarter worth about $73,000. Finally, JPMorgan Chase & Co. purchased a new position in Omada Health during the third quarter worth approximately $82,000.

Analysts Set New Price Targets

Several analysts have commented on OMDA shares. Wall Street Zen raised Omada Health from a "hold" rating to a "buy" rating in a report on Saturday, August 8th. Robert W. Baird increased their target price on Omada Health from $15.00 to $25.00 and gave the company a "neutral" rating in a research report on Wednesday, August 12th. Barclays lifted their price target on shares of Omada Health from $20.00 to $25.00 and gave the company an "overweight" rating in a research note on Monday, August 3rd. BMO Capital Markets reissued an "outperform" rating and issued a $24.00 price target on shares of Omada Health in a report on Friday, August 7th. Finally, Evercore restated an "outperform" rating and set a $20.00 price objective on shares of Omada Health in a research report on Friday, May 8th. Eleven analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Omada Health has an average rating of "Moderate Buy" and a consensus target price of $26.50.

Omada Health Stock Performance

NASDAQ OMDA opened at $23.31 on Thursday. The business has a fifty day moving average price of $22.59 and a 200 day moving average price of $17.46. The company has a market cap of $1.43 billion, a P/E ratio of 466.20 and a beta of 1.86. Omada Health, Inc. has a one year low of $10.28 and a one year high of $26.92.

Omada Health (NASDAQ:OMDA - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.10. The company had revenue of $87.83 million for the quarter, compared to analysts' expectations of $80.93 million. Omada Health had a net margin of 1.39% and a return on equity of 2.60%. As a group, sell-side analysts predict that Omada Health, Inc. will post 0.09 EPS for the current fiscal year.

Insider Buying and Selling at Omada Health

In other news, President Wei-Li Shao sold 8,866 shares of the business's stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $25.02, for a total transaction of $221,827.32. Following the transaction, the president directly owned 307,372 shares in the company, valued at $7,690,447.44. The trade was a 2.80% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Craig Gracey sold 1,042 shares of the company's stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $25.00, for a total value of $26,050.00. Following the completion of the sale, the chief accounting officer owned 15,441 shares of the company's stock, valued at $386,025. This trade represents a 6.32% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 255,834 shares of company stock worth $5,398,196 in the last quarter. Insiders own 6.38% of the company's stock.

About Omada Health

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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