Talkspace (NASDAQ:TALK) Shares Gap Down – Should You Sell?

Talkspace, Inc. (NASDAQ:TALK) 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.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on TALK shares. Needham & Company LLC reissued a “hold” rating on shares of Talkspace in a research note on Tuesday, May 6th. Canaccord Genuity Group began coverage on shares of Talkspace in a report on Thursday, April 3rd. They issued a “buy” rating and a $5.00 target price on the stock. Two research analysts have rated the stock with a hold rating, three have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Talkspace presently has a consensus rating of “Buy” and a consensus price target of $4.50.

Talkspace Price Performance

The stock has a market cap of $501.11 million, a price-to-earnings ratio of 299.80 and a beta of 1.12. The company’s 50 day moving average is $2.97 and its 200 day moving average is $3.10.

Insider Transactions at Talkspace

In other 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 completion of the transaction, the chief marketing officer now owns 433,997 shares in the company, valued at $1,432,190.10. This trade represents a 8.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 23.50% of the company’s stock.

Hedge Funds Weigh In On Talkspace

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in TALK. Deutsche Bank AG raised its holdings in shares of Talkspace by 103.1% in the fourth quarter. Deutsche Bank AG now owns 4,615,485 shares of the company’s stock worth $14,262,000 after acquiring an additional 2,342,913 shares during the last quarter. Voss Capital LP purchased a new position in shares of Talkspace in the 4th quarter worth about $3,981,000. Arrowstreet Capital Limited Partnership acquired a new position in Talkspace during the fourth quarter valued at approximately $3,371,000. Balyasny Asset Management L.P. purchased a new stake in Talkspace during the 4th quarter worth $3,179,000. Finally, CenterBook Partners LP grew its stake in shares of Talkspace by 410.5% in the first quarter. CenterBook Partners LP now owns 1,155,006 shares of the company’s stock valued at $2,957,000 after buying an additional 928,744 shares in the last quarter. 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.