Teladoc Stock Boosted By Fresh Analyst Coverage

There's room for covering brokerages to follow suit

Deputy Editor
Apr 7, 2022 at 9:24 AM
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Teladoc Health Inc (NYSE:TDOC) stock is higher ahead of the opening bell, last seen up 1.2% to trade at $68.49 after Guggenheim initiated coverage. The firm hit the virtual healthcare provider with a "buy" rating and a $96 target price, noting the shift toward more digital doctors visits and the company's competitive service portfolio that covers more areas of care than other online providers.

Guggenheim looks to be far from the only analyst with an optimistic outlook on TDOC. Heading into today, 12 of the 19 in coverage posted a "buy" or better recommendation. Plus, the equity's average 12-month price target of $104.52 is a more than 50% premium to yesterday's close.

Short sellers ramped up their positions in the last month, with short interest raising 9.1% in the last two reporting periods. The 25.70 millions shares sold short make up a healthy 16.2% of the stock's available float, or just over a week's worth of pent-up buying power.

An unwinding of pessimism in the options pits could provide additional tailwinds. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), Teladoc stock sports a 10-day put/call volume ratio of 1.69, which stands higher than all other readings in its 12-month range. In other words, in the last two weeks, puts have been picked up at a quicker-than-usual clip.

On the charts, TDOC carved out a channel of lower lows over the last 12 months, and by mid March hit three-year lows of around $50. The recovery from that pullback was cut short by the descending 80-day moving average near the $76 level. While Teladoc stock is off 26.3% year-to-date, the shares have managed to add more than 6% in the last month.

 

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