Talkspace (NASDAQ:TALK) Shares Gap Down - Here's What Happened

Shares of Talkspace, Inc. (NASDAQ:TALK - Get Free Report) 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 traded.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on TALK. Canaccord Genuity Group started coverage on Talkspace in a research report on Thursday, April 3rd. They set a "buy" rating and a $5.00 price target for the company. Needham & Company LLC restated a "hold" rating on shares of Talkspace in a report on Tuesday, May 6th. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $4.50.

Talkspace Price Performance

The stock's 50-day moving average price is $3.00 and its 200-day moving average price is $3.10. The company has a market cap of $484.38 million, a P/E ratio of 289.79 and a beta of 1.12.

Insider Transactions at Talkspace

In related news, CMO Katelyn Watson sold 39,000 shares of the firm's stock in a transaction on Friday, June 6th. The stock was sold at an average price of $3.30, for a total value of $128,700.00. Following the transaction, the chief marketing officer now owns 433,997 shares in the company, valued at approximately $1,432,190.10. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 23.50% of the company's stock.

Institutional Investors Weigh In On Talkspace

Several institutional investors and hedge funds have recently bought and sold shares of TALK. Vanguard Group Inc. raised its position in shares of Talkspace by 6.5% in the 1st quarter. Vanguard Group Inc. now owns 7,650,330 shares of the company's stock valued at $19,585,000 after buying an additional 469,543 shares in the last quarter. Deutsche Bank AG increased its stake in Talkspace by 10.6% in the first quarter. Deutsche Bank AG now owns 5,104,995 shares of the company's stock valued at $13,069,000 after acquiring an additional 489,510 shares during the last quarter. AWM Investment Company Inc. raised its position in Talkspace by 3.9% during the first quarter. AWM Investment Company Inc. now owns 3,968,500 shares of the company's stock valued at $10,159,000 after purchasing an additional 150,000 shares in the last quarter. Geode Capital Management LLC lifted its stake in Talkspace by 2.1% during the fourth quarter. Geode Capital Management LLC now owns 3,077,361 shares of the company's stock worth $9,512,000 after purchasing an additional 63,072 shares during the last quarter. Finally, Voss Capital LP bought a new stake in Talkspace during the fourth quarter worth $3,981,000. Institutional investors own 57.37% of the company's stock.

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.