JP Morgan slashes price target on Bright Health Group Inc. [BHG] – find out why.

Bright Health Group Inc. [NYSE: BHG] closed the trading session at $0.56 on 12/14/22. The day’s price range saw the stock hit a low of $0.525, while the highest price level was $0.75. The company report on December 12, 2022 that Bright Health Group Receives Continued Listing Standard Notice from NYSE.

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Bright Health Group, Inc. (“Bright Health Group” or the “Company”) (NYSE: BHG), today announced that on December 6, 2022, the Company received a written notice from the New York Stock Exchange (the “NYSE”) that it was not in compliance with the continued listing standard set forth in Section 802.01C of the NYSE’s Listed Company Manual, as the average closing price of the Company’s common stock was less than $1.00 per share over a consecutive 30 trading-day period ending December 2, 2022. During the cure period, the Company’s common stock will continue to trade on the NYSE, subject to the Company’s compliance with the NYSE’s other continued listing requirements. The notice does not affect the Company’s ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements, nor does it cause an event of default under any of the Company’s debt obligations.

The Company has responded to the NYSE with respect to its intent to cure the deficiency. The Company intends to consider available alternatives, including, but not limited to, a reverse stock split, subject to stockholder approval no later than at the Company’s next annual meeting of stockholders, if necessary, to regain compliance. The Company has a period of six months following the receipt of the notice to regain compliance with the minimum share price requirement. Section 802.01C also provides for an exception to the six-month cure period if the action required to cure the price condition requires stockholder approval, in which case, the action needs to be approved by no later than the Company’s next annual stockholder’s meeting.

The stocks have a year to date performance of -83.82 percent and weekly performance of -35.00 percent. The stock has been moved at -65.85 percent over the last six months. The stock has performed -41.05 percent around the most recent 30 days and changed -63.37 percent over the most recent 3-months.

If compared to the average trading volume of 1.76M shares, BHG reached to a volume of 7829424 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here’s what leading stock market gurus have to say about Bright Health Group Inc. [BHG]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for BHG shares is $2.06 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on BHG stock is a recommendation set at 3.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

JP Morgan have made an estimate for Bright Health Group Inc. shares, keeping their opinion on the stock as Underweight, with their previous recommendation back on October 11, 2022. The new note on the price target was released on March 29, 2022, representing the official price target for Bright Health Group Inc. stock. Previously, the target price had yet another drop from $9 to $3, while RBC Capital Mkts kept a Sector Perform rating on BHG stock.

The Average True Range (ATR) for Bright Health Group Inc. is set at 0.10, with the Price to Sales ratio for BHG stock in the period of the last 12 months amounting to 0.06. The Price to Book ratio for the last quarter was 0.94, with the Price to Cash per share for the same quarter was set at 2.44.

BHG stock trade performance evaluation

Bright Health Group Inc. [BHG] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -35.00. With this latest performance, BHG shares dropped by -41.05% in over the last four-week period, additionally sinking by -65.85% over the last 6 months – not to mention a drop of -85.27% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for BHG stock in for the last two-week period is set at 25.41, with the RSI for the last a single of trading hit 18.91, and the three-weeks RSI is set at 30.15 for Bright Health Group Inc. [BHG]. The present Moving Average for the last 50 days of trading for this stock 0.9739, while it was recorded at 0.7678 for the last single week of trading, and 1.5816 for the last 200 days.

Earnings per share (EPS) analysis for Bright Health Group Inc. [BHG] stock

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for BHG. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Bright Health Group Inc. go to 39.40%.

Bright Health Group Inc. [BHG]: Insider Ownership positions

There are presently around $253 million, or 72.20% of BHG stock, in the hands of institutional investors. The top three institutional holders of BHG stocks are: NEA MANAGEMENT COMPANY, LLC with ownership of 218,212,126, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; DEER MANAGEMENT CO. LLC, holding 79,313,472 shares of the stock with an approximate value of $44.18 million in BHG stocks shares; and STEPSTONE GROUP LP, currently with $23.22 million in BHG stock with ownership of nearly 0% of the company’s market capitalization.

59 institutional holders increased their position in Bright Health Group Inc. [NYSE:BHG] by around 16,868,113 shares. Additionally, 50 investors decreased positions by around 5,192,212 shares, while 42 investors held positions by with 431,487,711 shares. The mentioned changes placed institutional holdings at 453,548,036 shares, according to the latest SEC report filing. BHG stock had 23 new institutional investments in for a total of 2,240,293 shares, while 15 institutional investors sold positions of 2,385,228 shares during the same period.


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