SOC Telemed (NASDAQ:TLMD) Raised to Hold at Zacks Investment Research

SOC Telemed (NASDAQ:TLMD) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Thursday, Zacks.com reports.

According to Zacks, “Specialists On Call Inc. is a provider of telemedicine technology and solutions to hospitals, health systems, post-acute providers, physician networks, and value-based care organizations. Specialists On Call Inc., formerly known as Healthcare Merger Corp., is based in NEW YORK. “

Other equities research analysts have also recently issued reports about the stock. Credit Suisse Group lowered their price objective on shares of SOC Telemed from $11.00 to $8.50 and set an “outperform” rating on the stock in a research note on Friday, August 13th. Benchmark lowered their price objective on shares of SOC Telemed from $10.00 to $7.00 and set a “buy” rating on the stock in a research note on Friday, August 13th. Finally, Royal Bank of Canada lowered their price objective on shares of SOC Telemed from $10.00 to $6.00 and set an “outperform” rating on the stock in a research note on Friday, August 13th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $8.20.

Shares of SOC Telemed stock opened at $2.04 on Thursday. The firm has a fifty day moving average of $2.72 and a two-hundred day moving average of $4.94. The company has a debt-to-equity ratio of 0.40, a quick ratio of 3.41 and a current ratio of 3.48. The company has a market cap of $204.23 million, a P/E ratio of -0.87 and a beta of 0.02. SOC Telemed has a one year low of $1.86 and a one year high of $10.10.

SOC Telemed (NASDAQ:TLMD) last announced its quarterly earnings results on Thursday, August 12th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.14) by ($0.02). The company had revenue of $24.96 million during the quarter, compared to analysts’ expectations of $25.60 million. SOC Telemed had a negative net margin of 88.63% and a negative return on equity of 66.37%. As a group, equities analysts predict that SOC Telemed will post -0.73 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. boosted its position in shares of SOC Telemed by 4.0% in the first quarter. Alyeska Investment Group L.P. now owns 6,307,597 shares of the company’s stock worth $39,675,000 after acquiring an additional 242,063 shares during the last quarter. BlackRock Inc. raised its holdings in SOC Telemed by 108.0% in the second quarter. BlackRock Inc. now owns 5,524,531 shares of the company’s stock valued at $31,435,000 after buying an additional 2,868,298 shares during the period. Bank of New York Mellon Corp raised its holdings in SOC Telemed by 18,102.6% in the second quarter. Bank of New York Mellon Corp now owns 3,646,165 shares of the company’s stock valued at $20,746,000 after buying an additional 3,626,134 shares during the period. Bamco Inc. NY raised its holdings in SOC Telemed by 85.7% in the second quarter. Bamco Inc. NY now owns 3,250,000 shares of the company’s stock valued at $18,492,000 after buying an additional 1,500,000 shares during the period. Finally, Vanguard Group Inc. raised its holdings in SOC Telemed by 79.5% in the second quarter. Vanguard Group Inc. now owns 2,643,786 shares of the company’s stock valued at $15,043,000 after buying an additional 1,170,875 shares during the period. 69.36% of the stock is currently owned by institutional investors and hedge funds.

About SOC Telemed

SOC Telemed, Inc provides acute care telemedicine services and technology to hospitals, health systems, physician groups, and government organizations in the United States. The company's technology platform, Telemed IQ, provides telemedicine programs. Its telemedicine solutions include teleNeurology, telePulmonology, telePsychiatry, and teleICU.

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