Shares of Tabula Rasa HealthCare, Inc. (NASDAQ: TRHC) increased 2.1% on Monday after one of its corporate insiders bought the company’s shares worth $5.1 million. The last closing price of the stock was $4.40.
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Tabula Rasa is one of the leading developers of pharmaceutical software. It is headquartered in New Jersey and currently has a market capitalization of $113.7 million.
According to TipRanks’ Insiders Trading tool, the $5.1 million Informative Buy transaction was conducted by Indaba Capital Management, L.P., an owner of more than 10% stake in Tabula Rasa. The insider purchased 1.29 million shares of TRHC at $3.97 per share. The insider’s holding in TRHC is now worth $28.4 million.
It is worth mentioning here that, corporate insiders conducted multiple Uninformative Buy trades in June 2022. Considering these insider trading actions, it is clear that Tabula Rasa HealthCare is in the good books of its top officials and owners.
TRHC’s Preliminary Second-Quarter Results
Last week, this insider-friendly stock released its preliminary results for the second quarter of 2022.
Revenues in the quarter are estimated to be within the $72-$73 million range, higher than the $66-$69 million stated previously.
The company’s CEO, Chairman, and Founder, Calvin H. Knowlton, said, “Our preliminary second-quarter revenue performance underscores the ongoing momentum in the business as we continue to see increased demand for our core offering.”
The company is expected to release its second-quarter results on August 9. Analysts expect the company to post a loss of $0.21 per share.
Wall Street’s Take on TRHC
On TipRanks, the company has a Moderate Buy consensus rating based on two Buys and five Holds. TRHC’s average price forecast of $5.71 suggests 29.77% upside potential from the current level. Shares of TRHC have nosedived 72% so far this year.
Five days ago, Stephanie Davis of SVB Securities maintained a Hold rating on TRHC with a price target of $4 (9.09% downside risk).
Retail Investors Are Buying TRHC Stock
The TipRanks Crowd Wisdom tool reveals that portfolios having investment in TRHC stock have increased 4.4% in the last 30 days. Investor sentiment is Very Positive for TRHC.
Key Takeaways for TRHC’s Investors
The momentum appears strong for TRHC stock following the second-quarter 2022 preliminary results. Corporate insiders and retail investors seem to be leveraging this situation by increasing their stake in this healthcare technology company.
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