10 Best NASDAQ Penny Stocks To Invest In

2. Talkspace, Inc. (NASDAQ:TALK)

Share Price as of July 12: $2.14

Number of Hedge Fund Holders: 37

Talkspace, Inc. (NASDAQ:TALK) is a New York-based virtual behavioral healthcare company that provides psychotherapy and psychiatry services via its platform. The platform offers a variety of services, including text-based therapy, live video, and audio sessions for users seeking psychiatric and therapeutic support, catering to different age groups from teens to seniors. The company provides customized solutions for individuals, businesses, and health plans, including services like employee assistance programs and collaborations with organizations to improve mental health.

Hedge fund sentiment was positive toward Talkspace, Inc. (NASDAQ:TALK) in Q1 as hedge funds with investments in the stock were 27 in the quarter, with positions worth $106.061 million. This is compared to 19 funds with positions worth $59.3 million in the preceding quarter. Hudson Executive Capital is the top investor in the company, as of March 31, and has a stake worth $35 million.

Talkspace, Inc. (NASDAQ:TALK) is set for significant growth in the behavioral healthcare market, which is expected to grow to $115.21 billion by 2030 from $83.7 billion in 2023 in the US. A key part of Talkspace’s strategy is the upcoming Medicare coverage rollout in multiple states, including California and New York, covering over 10 million people with traditional Medicare.

The company is also making progress with Medicare Advantage networks, which shows its appeal as a partner in behavioral health solutions. It aims to be in-network in all 50 states by year-end, establishing itself as a leader in accessible and affordable mental health services.

The stock has consensus Buy ratings among 4 Wall Street analysts. The average price target of $4.00 has an upside of 87%, as of July 12.