Omada Health (NASDAQ:OMDA) Stock Price Up 6.2% – Here’s Why

Omada Health, Inc. (NASDAQ:OMDA)’s stock price rose 6.2% during mid-day trading on Wednesday. The stock traded as high as $20.55 and last traded at $20.5750. Approximately 392,449 shares changed hands during trading, a decline of 69% from the average daily volume of 1,269,357 shares. The stock had previously closed at $19.37.

Analyst Upgrades and Downgrades

A number of research firms recently commented on OMDA. Citizens Jmp lifted their target price on shares of Omada Health from $27.00 to $32.00 and gave the stock a “market outperform” rating in a research note on Friday, August 14th. Needham & Company LLC reiterated a “buy” rating and set a $28.00 price objective on shares of Omada Health in a research note on Friday, September 11th. JPMorgan Chase & Co. upped their target price on Omada Health from $26.00 to $30.00 and gave the company an “overweight” rating in a research report on Friday, August 14th. Canaccord Genuity Group boosted their price target on Omada Health from $24.00 to $28.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Finally, BMO Capital Markets restated an “outperform” rating and issued a $24.00 price objective on shares of Omada Health in a research note on Friday, August 7th. Eleven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $26.67.

Omada Health Trading Down 1.9%

The firm has a 50-day simple moving average of $21.80 and a two-hundred day simple moving average of $18.64. The company has a market capitalization of $1.25 billion, a price-to-earnings ratio of 408.20 and a beta of 2.04.

Omada Health (NASDAQ:OMDA) last issued its quarterly earnings data on Thursday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.10. The business had revenue of $87.83 million during the quarter, compared to analysts’ expectations of $80.93 million. Omada Health had a return on equity of 2.60% and a net margin of 1.39%. Equities research analysts anticipate that Omada Health, Inc. will post 0.09 EPS for the current year.

Insider Buying and Selling

In other news, CFO Steven Cook sold 6,800 shares of the firm’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $21.86, for a total transaction of $148,648.00. Following the sale, the chief financial officer owned 173,906 shares of the company’s stock, valued at $3,801,585.16. This trade represents a 3.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Sean Duffy sold 14,960 shares of Omada Health stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $21.87, for a total transaction of $327,175.20. Following the transaction, the chief executive officer directly owned 382,594 shares of the company’s stock, valued at approximately $8,367,330.78. This trade represents a 3.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 122,721 shares of company stock worth $2,843,167. 6.38% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Omada Health

Institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new position in Omada Health during the second quarter worth approximately $48,775,000. BIT Capital GmbH increased its position in shares of Omada Health by 52.4% in the fourth quarter. BIT Capital GmbH now owns 940,238 shares of the company’s stock valued at $14,837,000 after buying an additional 323,365 shares in the last quarter. SG Americas Securities LLC acquired a new position in shares of Omada Health during the 1st quarter worth approximately $10,401,000. Jefferies Financial Group Inc. acquired a new position in shares of Omada Health during the 2nd quarter worth approximately $15,016,000. Finally, Madryn Asset Management LP purchased a new position in shares of Omada Health during the 2nd quarter valued at approximately $12,814,410.

Omada Health Company Profile

Omada Health, Inc is a digital health company that provides virtual care programs for people managing chronic conditions. Its platform combines connected health devices, digital tools, health coaching and clinical support to help members improve their health and manage conditions such as diabetes, hypertension and musculoskeletal disorders.

The company’s services are designed for employers, health plans and other healthcare organizations seeking to support populations with ongoing healthcare needs.