Kestra Advisory Services LLC recently announced the acquisition of new stake in IMAC Holdings Inc. (NASDAQ:BACK). The institutional investor has increased its shareholding in the Healthcare company by 70.50% to 1.69 million shares with purchase of 0.7 million shares. This fresh investment now brings its stake to 5.16% valued currently at $0.34 million. In addition, The Vanguard Group, Inc. raised its holdings by 9945.0 to 0.59 million shares. And Resources Investment Advisors LLC has lifted its position by 0.87% or 1046.0 shares – to 0.12 million shares.
With over 0.25 million IMAC Holdings Inc. (BACK) shares trading Tuesday and a closing price of $0.35 on the day, the dollar volume was approximately $89033.34999999999. The shares have shown a negative half year performance of -65.66% and its price on 01/17/23 gained nearly 12.05%. Currently, there are 27.43M common shares owned by the public and among those 26.65M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 1 analysts who have offered their price forecasts for BACK have a consensus price objective of $4.50. The analysts have set the share’s price value over the next 12 months at a high of $4.50 and a low of $4.50. The average price target is 92.22% above its recent price level and an upside to the estimated low will see the stock gain 92.22% over that period. But an upside of 92.22% will see the stock hit the forecast high price target while median target price for the stock is $4.50.
Insiders at the company have transacted a total of 7 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 6 of these insider trades were purchases, accounting for 446,875 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 37,000 shares.
The top 3 mutual fund holders in IMAC Holdings Inc. are Vanguard Total Stock Market Index, Fidelity Extended Market Index Fu, and Vanguard Extended Market Index Fu. Vanguard Total Stock Market Index owns 0.51 million shares of the company’s stock, all valued at over $0.1 million. Vanguard Extended Market Index Fu now owns shares totaling to 0.26% of the shares outstanding.
Shares of IMAC Holdings Inc. (NASDAQ: BACK) opened at $0.3394, up $0.03 from a prior closing price of $0.31. However, the script later moved the day high at 0.3600, up 12.05%. The company’s stock has a 5-day price change of 51.11% and 11.51% over the past three months. BACK shares are trading 73.83% year to date (YTD), with the 12-month market performance down to -74.50% lower. It has a 12-month low price of $0.18 and touched a high of $1.47 over the same period. BACK has an average intraday trading volume of 116.73K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 54.96%, 19.24%, and -45.46% respectively.
Institutional ownership of IMAC Holdings Inc. (NASDAQ: BACK) shares accounts for 16.00% of the company’s 27.43M shares outstanding. Mutual fund holders own 2.40%, while other institutional holders and individual stakeholders account for 9.25% and 13.62% respectively.
It has a market capitalization of $9.77M and a beta (3y monthly) value of -0.26. The earnings-per-share (ttm) stands at -$0.61. Price movements for the stock have been influenced by the stock’s volatility, which stands at 17.51% over the week and 15.47% over the month.
Analysts forecast that IMAC Holdings Inc. (BACK) will achieve an EPS of -$0.08 for the current quarter, -$0.08 for the next quarter and -$0.28 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.08 while analysts give the company a high EPS estimate of -$0.08. Comparatively, EPS for the current quarter was -$0.07 a year ago. Earnings per share for the fiscal year are expected to increase by 6.80%, and 14.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 1 brokerage firm advisors rate IMAC Holdings Inc. (BACK) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 0 of the 1 advise that investors “hold,” and 0 rated it as a “Sell.”