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Why Was Teladoc Stock Rising Today?

Teladoc stock (NYSE:TDOC) was up on Wednesday as investors awaited the companys third-quarter results report, which will be issued after the market close. There was no particular news about the telehealth firm, but analyst discussion looked to be helping it, and the sessions gains might reflect a market assumption that the stock is oversold after plunging more than 90% from its top last year.

Teladoc stock was up 4% as of 11:53 a.m. ET.

So, What’s the Deal With Teladoc Stock?

Citigroup analyst Daniel Grosslight stated in a note Tuesday, demonstrating how low the bar has been set for this healthcare company, that it may surge if it only meets Q3 expectations and decreases its range marginally.

Teladoc management planned for between $600 million and $620 million in sales for the third quarter three months ago; Grosslight anticipated that its top-line performance would surpass that range. He also anticipates adjusted EBITDA to be around the middle of the companys $35 million to $45 million projection range. According to the analyst, it would be enough to boost the stock by 5% or more. He kept his neutral rating on Teladoc stock (NYSE:TDOC) and set a price objective of $38.

So, What Now?

Analyst consensus now aligns with Teladoc stock (NYSE:TDOC) estimate, which calls for a 17% year-over-year sales increase to $610 million.

Teladoc stock (NYSE:TDOC) has plummeted in the past year as its top-line growth has stalled. On a GAAP basis, the corporation has continued to post large losses, and it has taken roughly $10 billion in impairment write-downs this year, including $6.6 billion for its Livongo purchase.

Investors will likely be searching for proof that Teladoc (NYSE:TDOC) is practicing financial discipline and can create a successful telehealth company against this background, as well as the move in market sentiment away from growth companies.

Featured Image- Megapixl @ Rafaelhenriquepress

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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Sahyadri Times journalist was involved in the writing and production of this article.