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

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

Analysts Set New Price Targets

A number of equities analysts have commented on OMDA shares. Robert W. Baird boosted their price objective on Omada Health from $15.00 to $25.00 and gave the stock a “neutral” rating in a research note on Wednesday, August 12th. Needham & Company LLC reaffirmed a “buy” rating and issued a $28.00 price target on shares of Omada Health in a report on Friday, September 11th. Canaccord Genuity Group boosted their target price on shares of Omada Health from $24.00 to $28.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. Citizens Jmp raised their price target on Omada Health from $27.00 to $32.00 and gave the company a “market outperform” rating in a report on Friday, August 14th. Finally, BTIG Research reiterated a “buy” rating and issued a $35.00 price objective on shares of Omada Health in a research report on Friday, September 11th. Eleven analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $26.67.

Omada Health Stock Performance

The firm’s 50-day simple moving average is $21.84 and its 200 day simple moving average is $18.55. The company has a market cap of $1.26 billion, a P/E ratio of 412.46 and a beta of 1.86.

Omada Health (NASDAQ:OMDA) last posted its quarterly earnings results on Thursday, August 6th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.02) by $0.10. Omada Health had a return on equity of 2.60% and a net margin of 1.39%.The business had revenue of $87.83 million for the quarter, compared to analyst estimates of $80.93 million. As a group, research analysts forecast that Omada Health, Inc. will post 0.09 earnings per share for the current year.

Insider Buying and Selling

In other Omada Health news, CFO Steven Cook sold 6,800 shares of the company’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 value of $148,648.00. Following the completion of the sale, the chief financial officer owned 173,906 shares of the company’s stock, valued at approximately $3,801,585.16. This represents a 3.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Craig Gracey sold 1,042 shares of the company’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $25.00, for a total transaction of $26,050.00. Following the completion of the sale, the chief accounting officer owned 15,441 shares of the company’s stock, valued at approximately $386,025. This represents a 6.32% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 122,721 shares of company stock valued at $2,843,167. Insiders own 6.38% of the company’s stock.

Institutional Investors Weigh In On Omada Health

Several large investors have recently modified their holdings of the business. Integrated Wealth Concepts LLC acquired a new stake in shares of Omada Health during the second quarter worth about $53,000. Versant Capital Management Inc increased its stake in Omada Health by 319.3% during the 2nd quarter. Versant Capital Management Inc now owns 2,998 shares of the company’s stock worth $66,000 after purchasing an additional 2,283 shares in the last quarter. Legal & General Group Plc bought a new stake in Omada Health during the 2nd quarter worth approximately $76,000. Fifth Third Bancorp acquired a new stake in Omada Health during the 1st quarter worth approximately $127,000. Finally, Entropy Technologies LP bought a new position in Omada Health in the first quarter valued at approximately $194,000.

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 clinical care, health coaching, connected devices, digital tools and personalized support to help members improve health outcomes and manage conditions over time.

The company’s offerings address areas including diabetes, hypertension, weight health and musculoskeletal conditions. Omada’s programs are designed to support prevention and ongoing care through services such as remote monitoring, personalized health guidance, educational content and access to healthcare professionals.

Omada primarily serves members through employers, health plans and healthcare organizations in the United States.