- The shares of Teladoc Health Inc (NYSE: TDOC) increased by over 7% this week. This is why.
The shares of Teladoc Health Inc (NYSE: TDOC) increased by over 7% this week. The jump in the stock price is mainly attributed to the second-quarter results and third-quarter guidance reported on Thursday. The results were higher than analyst expectations. Plus a number of analysts increased their price targets for TDOC.
Teladoc saw a second-quarter 2020 loss of 34 cents per share on revenue of $241 million. Analysts were expecting a loss per share of 23 cents per share and lower revenues.
The total revenue jumped 85% year-over-year to $241 million. This is a major jump from Q1 2020 as revenue growth was 41% during that period.
Teladoc has seen tremendous growth due to the demand for virtual care caused by the COVID-19 pandemic. The total visits were up 203% year-over-year during the quarter.
And the Teladoc management team is expecting the third quarter to be even better. Revenue for the third quarter is expected to hit between $275 million and $285 million.
Due to these results, a number of analysts increased their price targets on Teladoc this week.
Disclosure: I own a small number of Teladoc shares