Why Teladoc Health Shares Are Surging Today

Teladoc Health Inc TDOC reversed off its lows Thursday morning and is now surging higher after the company announced better-than-expected third-quarter financial results.

Teladoc Health reported a quarterly earnings loss of 53 cents per share, which beat the estimate for a loss of 65 cents per share. The company reported quarterly revenue of $521.66 million, which beat the estimate of $516.63 million.

Teladoc Health expects fourth-quarter revenue to be in a range of $536 million to $546 million versus the estimate of $539.74 million.

“Our strong performance in the third quarter reflects our continued success in leading the transformation of healthcare delivery and expanding access for all. By leveraging our unique combination of data, analytics, technology and dedicated healthcare professionals, we are driving growth across our business," said Jason Gorevic, CEO of Teladoc Health.

See Also: Recap: Teladoc Health Q3 Earnings

Analyst Assessment: Multiple analyst firms lowered price targets on the stock following Teladoc Health's financial results:

• Needham analyst Ryan MacDonald maintained Teladoc Health with a Buy rating and lowered the price target from $205 to $170.
• Oppenheimer analyst Michael Wiederhorn maintained Teladoc Health with an Outperform rating and lowered the price target from $220 to $200.
• SVB Leerink analyst Stephanie Davis maintained Teladoc Health with an Outperform rating and lowered the price target from $218 to $205.
• Barclays analyst Steve Valiquette maintained Teladoc Health with an Equal-Weight rating and lowered the price target from $170 to $150.

Teladoc Health is a virtual health provider with a telehealth platform delivering 24-hour, on-demand healthcare.

TDOC Price Action: Teladoc Health has traded as high as $308 and as low as $120.66 over a 52-week period.

The stock was up 9.39% at $151.57 at time of publication.

Photo: courtesy of Teladoc Health.