Talkspace (NASDAQ:TALK) Shares Gap Down - What's Next?

Talkspace, Inc. (NASDAQ:TALK - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $3.28, but opened at $3.20. Talkspace shares last traded at $3.03, with a volume of 991,275 shares changing hands.

Analyst Ratings Changes

A number of equities analysts have issued reports on TALK shares. Canaccord Genuity Group began coverage on shares of Talkspace in a research note on Thursday, April 3rd. They issued a "buy" rating and a $5.00 price objective on the stock. Needham & Company LLC reissued a "hold" rating on shares of Talkspace in a research report on Tuesday, May 6th. Two analysts have rated the stock with a hold rating, three have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $4.50.

Talkspace Stock Down 5.0%

The firm has a market capitalization of $476.85 million, a P/E ratio of 285.29 and a beta of 1.12. The firm's 50-day simple moving average is $3.00 and its 200-day simple moving average is $3.09.

Insider Transactions at Talkspace

In other Talkspace news, CMO Katelyn Watson sold 39,000 shares of the company's stock in a transaction that occurred on Friday, June 6th. The shares were sold at an average price of $3.30, for a total transaction of $128,700.00. Following the completion of the sale, the chief marketing officer now directly owns 433,997 shares of the company's stock, valued at approximately $1,432,190.10. This represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 23.50% of the company's stock.

Institutional Trading of Talkspace

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Talkspace by 2.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 142,143 shares of the company's stock worth $364,000 after purchasing an additional 3,924 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Talkspace by 2.9% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 389,312 shares of the company's stock valued at $1,203,000 after acquiring an additional 10,835 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Talkspace by 27.6% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 50,177 shares of the company's stock valued at $156,000 after acquiring an additional 10,849 shares in the last quarter. Financial Management Professionals Inc. purchased a new position in Talkspace during the first quarter valued at $29,000. Finally, ProShare Advisors LLC grew its stake in Talkspace by 49.0% during the fourth quarter. ProShare Advisors LLC now owns 34,622 shares of the company's stock valued at $107,000 after acquiring an additional 11,392 shares in the last quarter. 57.37% of the stock is owned by hedge funds and other institutional investors.

About Talkspace

Talkspace, Inc operates as a virtual behavioral healthcare company in the United States. The company offers psychotherapy and psychiatry services through its platform to individuals, enterprises, and health plans and employee assistance programs. It provides text, audio, and video-based psychotherapy from licensed therapists.