LifeMD (NASDAQ:LFMD) Shares Down 5% - Here's What Happened

LifeMD, Inc. (NASDAQ:LFMD - Get Free Report) dropped 5% during mid-day trading on Wednesday . The stock traded as low as $13.37 and last traded at $13.35. Approximately 496,231 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 1,062,155 shares. The stock had previously closed at $14.05.

Analyst Upgrades and Downgrades

A number of research analysts have commented on LFMD shares. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $15.00 price target on shares of LifeMD in a research report on Tuesday, March 11th. B. Riley upgraded LifeMD to a "strong-buy" rating in a report on Tuesday, March 11th. HC Wainwright reiterated a "buy" rating and issued a $14.00 price target on shares of LifeMD in a report on Wednesday, April 30th. Finally, BTIG Research boosted their price objective on shares of LifeMD from $15.00 to $18.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $12.00.

LifeMD Stock Performance

The stock has a market capitalization of $585.62 million, a P/E ratio of -37.90 and a beta of 2.42. The business has a 50-day moving average price of $10.14 and a 200 day moving average price of $7.14.

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

Insiders Place Their Bets

In related news, insider Eric Harold Yecies sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, June 13th. The shares were sold at an average price of $12.25, for a total value of $183,750.00. Following the sale, the insider now owns 16,100 shares in the company, valued at approximately $197,225. This trade represents a 48.23% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Justin Schreiber sold 21,995 shares of the business's stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $7.53, for a total transaction of $165,622.35. Following the sale, the chief executive officer now owns 2,553,726 shares of the company's stock, valued at approximately $19,229,556.78. This represents a 0.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 321,995 shares of company stock valued at $3,784,672. Insiders own 18.40% of the company's stock.

Hedge Funds Weigh In On LifeMD

A number of institutional investors and hedge funds have recently modified their holdings of the company. GAMMA Investing LLC bought a new position in LifeMD in the first quarter valued at about $35,000. CWM LLC lifted its stake in shares of LifeMD by 17.5% in the 1st quarter. CWM LLC now owns 9,050 shares of the company's stock worth $49,000 after purchasing an additional 1,351 shares during the period. ProShare Advisors LLC bought a new position in shares of LifeMD in the 4th quarter worth approximately $51,000. Oxford Asset Management LLP purchased a new position in shares of LifeMD in the fourth quarter worth approximately $52,000. Finally, Balyasny Asset Management L.P. bought a new stake in LifeMD during the fourth quarter valued at approximately $52,000. 35.52% of the stock is currently owned by hedge funds and other institutional investors.

LifeMD Company Profile

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.

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