Talkspace (NASDAQ:TALK) Shares Down 4.4% - Here's Why

Talkspace, Inc. (NASDAQ:TALK - Get Free Report) shares dropped 4.4% during mid-day trading on Wednesday . The company traded as low as $3.25 and last traded at $3.26. Approximately 1,204,663 shares were traded during trading, a decline of 37% from the average daily volume of 1,907,606 shares. The stock had previously closed at $3.41.

Analyst Upgrades and Downgrades

TALK has been the topic of a number of research reports. Canaccord Genuity Group initiated coverage on shares of Talkspace in a research report on Thursday, April 3rd. They set a "buy" rating and a $5.00 target price on the stock. Needham & Company LLC reaffirmed a "hold" rating on shares of Talkspace in a report on Tuesday, May 6th. Two investment 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 company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Buy" and a consensus price target of $4.50.

Talkspace Stock Down 1.8%

The company has a fifty day moving average of $2.95 and a two-hundred day moving average of $3.10. The stock has a market capitalization of $543.77 million, a price-to-earnings ratio of 325.33 and a beta of 1.12.

Institutional Investors Weigh In On Talkspace

Hedge funds and other institutional investors have recently bought and sold shares of the business. Financial Management Professionals Inc. acquired a new stake in Talkspace in the first quarter valued at $29,000. Integrity Alliance LLC. acquired a new stake in Talkspace in the first quarter valued at $35,000. Cibc World Markets Corp acquired a new stake in Talkspace in the fourth quarter valued at $36,000. Belvedere Trading LLC acquired a new stake in Talkspace in the fourth quarter valued at $37,000. Finally, McAdam LLC acquired a new stake in Talkspace in the first quarter valued at $44,000. Institutional investors and hedge funds own 57.37% of the company's stock.

Talkspace Company Profile

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.