Bank of America Corp DE Grows Stake in LifeStance Health Group, Inc. $LFST

Key Points

• Bank of America increased its LifeStance Health Group stake by 165% in the first quarter, adding 1.24 million shares to own approximately 2 million shares valued at $12.7 million. Institutional investors collectively own 85.5% of LFST.
• Analysts maintain a generally positive outlook, with one Strong Buy, six Buy, and four Hold ratings. The stock has a “Moderate Buy” consensus rating and an average price target of $12.38.
• LifeStance exceeded quarterly expectations, reporting $0.06 EPS versus the $0.03 consensus and revenue of $435.35 million, up 26.1% year over year. However, insiders sold roughly $155 million of stock over the past 90 days, including major shareholder TPG’s sale of 13.6 million shares.

Bank of America Corp DE increased its holdings in LifeStance Health Group, Inc. (NASDAQ:LFST - Free Report) by 165.0% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,994,027 shares of the company's stock after purchasing an additional 1,241,475 shares during the period. Bank of America Corp DE owned 0.51% of LifeStance Health Group worth $12,702,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LFST. Larson Financial Group LLC grew its stake in LifeStance Health Group by 19,952.6% during the fourth quarter. Larson Financial Group LLC now owns 3,810 shares of the company's stock valued at $27,000 after acquiring an additional 3,791 shares in the last quarter. KBC Group NV purchased a new stake in LifeStance Health Group in the 1st quarter worth $29,000. EverSource Wealth Advisors LLC lifted its stake in LifeStance Health Group by 359.1% in the 1st quarter. EverSource Wealth Advisors LLC now owns 6,909 shares of the company's stock worth $44,000 after purchasing an additional 5,404 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of LifeStance Health Group by 615.3% during the 1st quarter. PNC Financial Services Group Inc. now owns 9,285 shares of the company's stock valued at $59,000 after purchasing an additional 7,987 shares during the last quarter. Finally, Assetmark Inc. boosted its holdings in shares of LifeStance Health Group by 17.0% during the 1st quarter. Assetmark Inc. now owns 9,419 shares of the company's stock valued at $60,000 after purchasing an additional 1,367 shares during the last quarter. 85.50% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LFST. Weiss Ratings upgraded LifeStance Health Group from a "hold (c-)" rating to a "hold (c)" rating in a research report on Tuesday, August 11th. Canaccord Genuity Group raised their price target on LifeStance Health Group from $11.00 to $13.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. BTIG Research lifted their price objective on LifeStance Health Group from $16.00 to $18.00 and gave the stock a "buy" rating in a research note on Wednesday. Wall Street Zen raised LifeStance Health Group from a "buy" rating to a "strong-buy" rating in a report on Saturday, August 15th. Finally, Zacks Research lowered shares of LifeStance Health Group from a "strong-buy" rating to a "hold" rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $12.38.

Insider Activity

In other news, Director Robert Bessler sold 894,337 shares of the firm's stock in a transaction dated Friday, June 26th. The shares were sold at an average price of $10.13, for a total value of $9,059,633.81. Following the completion of the sale, the director owned 539,763 shares in the company, valued at approximately $5,467,799.19. This trade represents a 62.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Tpg Gp A, Llc sold 13,643,207 shares of LifeStance Health Group stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $10.62, for a total transaction of $144,890,858.34. Following the transaction, the insider directly owned 98,101,407 shares of the company's stock, valued at approximately $1,041,836,942.34. This represents a 12.21% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 14,629,850 shares of company stock worth $154,952,012. Insiders own 3.50% of the company's stock.

LifeStance Health Group Price Performance

Shares of LifeStance Health Group stock opened at $12.47 on Friday. The stock has a market cap of $4.84 billion, a price-to-earnings ratio of 95.93 and a beta of 1.14. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.38 and a current ratio of 1.38. The stock has a 50 day moving average price of $10.84 and a 200-day moving average price of $8.41. LifeStance Health Group, Inc. has a one year low of $4.77 and a one year high of $12.97.

LifeStance Health Group (NASDAQ:LFST - Get Free Report) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share for the quarter, beating the consensus estimate of $0.03 by $0.03. The company had revenue of $435.35 million for the quarter, compared to analyst estimates of $414.58 million. LifeStance Health Group had a return on equity of 3.39% and a net margin of 3.19%.LifeStance Health Group's quarterly revenue was up 26.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.01) EPS. Equities analysts expect that LifeStance Health Group, Inc. will post 0.16 EPS for the current year.

LifeStance Health Group Profile

LifeStance Health Group NASDAQ: LFST is a leading provider of outpatient mental health services in the United States. Headquartered in New York City, the company operates a growing network of clinics that deliver integrated, patient-centered psychological and psychiatric care. LifeStance’s mission is to expand access to high-quality mental health treatment by combining evidence-based therapy modalities with personalized treatment plans.

The company’s service offerings include individual, family, and group psychotherapy, psychiatric medication management, psychological assessment, and telehealth services.

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