Omada Health (NASDAQ:OMDA) Stock Price Down 6.6% on Analyst Downgrade

Omada Health, Inc. (NASDAQ:OMDA)’s share price dropped 6.6% on Friday after The Goldman Sachs Group lowered their price target on the stock from $26.00 to $23.00. The Goldman Sachs Group currently has a buy rating on the stock. Omada Health traded as low as $11.34 and last traded at $11.1870. Approximately 166,040 shares changed hands during trading, a decline of 87% from the average daily volume of 1,306,967 shares. The stock had previously closed at $11.98.

Several other analysts also recently weighed in on OMDA. Canaccord Genuity Group cut their target price on Omada Health from $28.00 to $22.00 and set a “buy” rating on the stock in a research note on Friday, March 6th. Barclays dropped their price objective on Omada Health from $22.00 to $17.00 and set an “overweight” rating on the stock in a research note on Tuesday, March 3rd. Needham & Company LLC reissued a “buy” rating and issued a $28.00 price objective on shares of Omada Health in a research note on Thursday, January 22nd. JPMorgan Chase & Co. dropped their price objective on Omada Health from $32.00 to $26.00 and set an “overweight” rating on the stock in a research note on Thursday, March 12th. Finally, BMO Capital Markets dropped their price objective on Omada Health from $27.00 to $18.00 and set an “outperform” rating on the stock in a research note on Friday, March 6th. Eight investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.00.

Insider Buying and Selling

In related news, CFO Steven L. Cook sold 1,884 shares of Omada Health stock in a transaction on Friday, March 13th. The stock was sold at an average price of $13.94, for a total value of $26,262.96. Following the transaction, the chief financial officer directly owned 200,512 shares in the company, valued at $2,795,137.28. The trade was a 0.93% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Wei-Li Shao sold 2,829 shares of Omada Health stock in a transaction on Wednesday, April 8th. The stock was sold at an average price of $12.71, for a total value of $35,956.59. Following the completion of the transaction, the president owned 328,850 shares in the company, valued at $4,179,683.50. The trade was a 0.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 280,051 shares of company stock worth $4,366,652 in the last three months.

Hedge Funds Weigh In On Omada Health

A number of hedge funds have recently modified their holdings of OMDA. Quarry LP acquired a new position in shares of Omada Health in the 4th quarter worth $29,000. TD Waterhouse Canada Inc. acquired a new position in shares of Omada Health in the 4th quarter worth $32,000. Raymond James Financial Inc. acquired a new position in Omada Health during the second quarter valued at $32,000. Strs Ohio acquired a new position in Omada Health during the third quarter valued at $38,000. Finally, Inlight Wealth Management LLC purchased a new stake in Omada Health in the 4th quarter worth about $45,000.

Omada Health Stock Performance

The firm has a 50 day moving average of $12.74 and a 200-day moving average of $17.04. The stock has a market capitalization of $672.28 million and a PE ratio of -67.12.

Omada Health (NASDAQ:OMDA) last announced its quarterly earnings data on Thursday, March 5th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.12. The business had revenue of $75.85 million during the quarter.

Omada Health Company Profile

Omada Health is a digital health company that specializes in the prevention and management of chronic conditions through personalized, technology-driven programs. The company’s platform combines data analytics, behavioral science and human coaching to support individuals at risk for or living with conditions such as prediabetes, type 2 diabetes, hypertension and musculoskeletal disorders. Participants access the program via a mobile app or web portal, where they receive tailored curriculum, feedback on health metrics and ongoing virtual coaching.

In addition to its core disease-management offerings, Omada Health has expanded its services to include mental health support and digital therapeutics for weight management.