Royce & Associates LP Increases Holdings in LifeMD, Inc. (NASDAQ:LFMD)

Key Points

• Royce & Associates LP increased its stake in LifeMD, Inc. by 3.5% during the first quarter, owning a total of 1,155,231 shares worth approximately $6.28 million.
• Several other hedge funds also boosted their holdings in LifeMD, with D. E. Shaw & Co. Inc. and Marshall Wace LLP increasing their stakes by 825.6% and 522.9% respectively in the fourth quarter.
• Wall Street analysts have raised their target prices for LifeMD, with Lake Street Capital setting a new target of $18.00 and a consensus rating of "Buy" across multiple research reports.

Royce & Associates LP increased its stake in shares of LifeMD, Inc. (NASDAQ:LFMD - Free Report) by 3.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,155,231 shares of the company's stock after purchasing an additional 39,240 shares during the quarter. Royce & Associates LP owned approximately 2.63% of LifeMD worth $6,284,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its stake in LifeMD by 5.9% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 108,478 shares of the company's stock valued at $537,000 after buying an additional 6,034 shares during the last quarter. Raymond James Financial Inc. purchased a new stake in LifeMD in the fourth quarter valued at about $473,000. Quantbot Technologies LP purchased a new stake in LifeMD in the fourth quarter valued at about $59,000. Prudential Financial Inc. raised its stake in LifeMD by 19.3% in the fourth quarter. Prudential Financial Inc. now owns 13,605 shares of the company's stock valued at $67,000 after buying an additional 2,200 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in LifeMD by 0.4% in the fourth quarter. Geode Capital Management LLC now owns 822,217 shares of the company's stock valued at $4,071,000 after buying an additional 2,984 shares during the last quarter. 35.52% of the stock is currently owned by hedge funds and other institutional investors.

LifeMD Trading Up 1.2%

LFMD traded up $0.12 during trading on Wednesday, hitting $10.32. The company's stock had a trading volume of 179,626 shares, compared to its average volume of 1,489,909. LifeMD, Inc. has a twelve month low of $3.99 and a twelve month high of $15.84. The business's fifty day simple moving average is $12.21 and its 200 day simple moving average is $8.25. The firm has a market capitalization of $469.04 million, a price-to-earnings ratio of -30.28 and a beta of 2.40.

LifeMD (NASDAQ:LFMD - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.05. The business had revenue of $65.70 million during the quarter, compared to analyst estimates of $62.47 million. As a group, equities research analysts forecast that LifeMD, Inc. will post -0.56 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LFMD has been the subject of several research analyst reports. Lake Street Capital raised their price objective on LifeMD from $12.00 to $18.00 and gave the stock a "buy" rating in a research note on Thursday, July 10th. HC Wainwright restated a "buy" rating and issued a $14.00 price objective on shares of LifeMD in a research note on Wednesday, April 30th. KeyCorp raised their price objective on LifeMD from $12.00 to $14.00 and gave the stock an "overweight" rating in a research note on Monday, July 14th. Finally, BTIG Research raised their target price on LifeMD from $15.00 to $18.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $13.86.

Insiders Place Their Bets

In other news, CEO Justin Schreiber sold 25,000 shares of LifeMD stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $13.38, for a total value of $334,500.00. Following the sale, the chief executive officer directly owned 2,500,721 shares of the company's stock, valued at $33,459,646.98. The trade was a 0.99% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Marc David Benathen sold 50,000 shares of LifeMD stock in a transaction that occurred on Tuesday, June 17th. The stock was sold at an average price of $14.01, for a total value of $700,500.00. Following the completion of the sale, the chief financial officer directly owned 339,554 shares in the company, valued at $4,757,151.54. This represents a 12.84% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 296,995 shares of company stock valued at $3,730,172 in the last three months. 18.40% of the stock is currently owned by company insiders.

About LifeMD

LifeMD, Inc operates as a direct-to-patient telehealth company that connects consumers to healthcare professionals for medical care in the United States. The company offers telehealth platform comprising RexMD, a men's telehealth brand that provides access to virtual medical treatment for a variety of men's health needs from licensed physician; ShapiroMD that provides virtual medical treatment, prescription medications, patented doctor formulated OTC products, topical compounded medications, and medical devices treating male and female hair loss; NavaMD, a female-oriented tele-dermatology that offers virtual medical treatment from dermatologists and other providers; and prescription oral and compounded topical medications to treat aging and acne; and Cleared which provides personalized treatments for allergy, asthma and immunology, including in-home tests for both environmental and food allergies, prescriptions for allergies and asthma and immunotherapies for treating chronic allergies.