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

LifeMD, Inc. (NASDAQ:LFMD - Get Free Report)'s stock price was down 5% during mid-day trading on Wednesday . The company 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 recently issued reports on LFMD shares. BTIG Research lifted their target price on LifeMD from $15.00 to $18.00 and gave the company a "buy" rating in a report on Wednesday, June 18th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $15.00 price objective on shares of LifeMD in a research report on Tuesday, March 11th. B. Riley raised LifeMD to a "strong-buy" rating in a research report on Tuesday, March 11th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $14.00 price objective on shares of LifeMD in a research report on Wednesday, April 30th. One equities research analyst has rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $12.00.

LifeMD Stock Performance

The company has a 50-day moving average price of $10.62 and a 200-day moving average price of $7.28. The firm has a market capitalization of $624.94 million, a price-to-earnings ratio of -40.44 and a beta of 2.42.

LifeMD (NASDAQ:LFMD - Get Free Report) last posted its 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 firm had revenue of $65.70 million during the quarter, compared to analysts' expectations of $62.47 million. On average, research analysts expect that LifeMD, Inc. will post -0.56 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Eric Harold Yecies sold 15,000 shares of the business's stock in a transaction dated Friday, June 13th. The stock was sold at an average price of $12.25, for a total value of $183,750.00. Following the transaction, the insider now owns 16,100 shares in the company, valued at $197,225. The trade was a 48.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Marc David Benathen sold 50,000 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $14.01, for a total value of $700,500.00. Following the completion of the transaction, the chief financial officer now owns 339,554 shares in the company, valued at $4,757,151.54. This trade represents a 12.84% decrease in their position. The disclosure for this sale can be found here. In the last three months, 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

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC acquired a new position in LifeMD during the 4th quarter worth approximately $56,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in LifeMD by 17.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,412 shares of the company's stock worth $235,000 after purchasing an additional 7,001 shares during the period. Northern Trust Corp increased its position in LifeMD by 2.1% during the 4th quarter. Northern Trust Corp now owns 323,974 shares of the company's stock worth $1,604,000 after purchasing an additional 6,634 shares during the period. Price T Rowe Associates Inc. MD increased its position in LifeMD by 26.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,012 shares of the company's stock worth $70,000 after purchasing an additional 2,895 shares during the period. Finally, BNP Paribas Financial Markets acquired a new position in LifeMD during the 4th quarter worth approximately $279,000. Institutional investors and hedge funds own 35.52% of the company's stock.

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.