Summit Partners L P Sells 6,686,291 Shares of LifeStance Health Group, Inc. $LFST

Summit Partners L P cut its holdings in shares of LifeStance Health Group, Inc. (NASDAQ:LFST) by 28.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 16,623,824 shares of the company’s stock after selling 6,686,291 shares during the period. LifeStance Health Group comprises approximately 40.7% of Summit Partners L P’s portfolio, making the stock its 2nd largest position. Summit Partners L P owned 4.35% of LifeStance Health Group worth $199,985,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in LFST. Capstone Investment Advisors LLC bought a new position in shares of LifeStance Health Group during the second quarter valued at $554,000. Bank of America Corp DE acquired a new position in shares of LifeStance Health Group during the second quarter worth $14,987,000. Squarepoint Ops LLC bought a new stake in shares of LifeStance Health Group in the second quarter worth $1,283,000. Moran Wealth Management LLC bought a new stake in shares of LifeStance Health Group in the first quarter worth $953,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of LifeStance Health Group in the second quarter worth $966,000. 85.50% of the stock is currently owned by institutional investors and hedge funds.

LifeStance Health Group Stock Performance

Shares of LFST opened at $13.40 on Monday. The company has a current ratio of 1.38, a quick ratio of 1.38 and a debt-to-equity ratio of 0.18. The stock has a market capitalization of $5.12 billion, a P/E ratio of 103.08 and a beta of 1.35. The firm’s fifty day simple moving average is $12.48 and its two-hundred day simple moving average is $9.34. LifeStance Health Group, Inc. has a 12 month low of $4.77 and a 12 month high of $13.76.

LifeStance Health Group (NASDAQ:LFST) last issued its quarterly earnings results on Thursday, August 6th. The company reported $0.06 earnings per share for the quarter, topping analysts’ consensus estimates of $0.03 by $0.03. The firm had revenue of $435.35 million during the quarter, compared to the consensus estimate of $414.58 million. LifeStance Health Group had a return on equity of 3.39% and a net margin of 3.19%. The business’s revenue was up 26.1% compared to the same quarter last year. During the same period last year, the business posted ($0.01) EPS. As a group, analysts predict that LifeStance Health Group, Inc. will post 0.16 EPS for the current year.

Wall Street Analyst Weigh In

LFST has been the topic of a number of analyst reports. Barclays upped their price target on LifeStance Health Group from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, September 10th. JPMorgan Chase & Co. raised their price objective on LifeStance Health Group from $9.00 to $13.00 and gave the stock a “neutral” rating in a research report on Friday, August 14th. Weiss Ratings raised LifeStance Health Group from a “hold (c-)” rating to a “hold (c)” rating in a research note on Tuesday, August 11th. BTIG Research upped their target price on LifeStance Health Group from $16.00 to $18.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Finally, Canaccord Genuity Group increased their target price on shares of LifeStance Health Group from $13.00 to $15.00 and gave the company a “buy” rating in a research report on Wednesday, September 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.12.

Insiders Place Their Bets

In other news, CTO Vukasin Paunovich sold 44,394 shares of LifeStance Health Group stock in a transaction on Monday, August 10th. The shares were sold at an average price of $10.85, for a total value of $481,674.90. Following the completion of the sale, the chief technology officer owned 247,446 shares in the company, valued at $2,684,789.10. The trade was a 15.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, major shareholder Tpg Gp A, Llc sold 13,643,207 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $10.62, for a total transaction of $144,890,858.34. Following the transaction, the insider owned 98,101,407 shares in the company, valued at $1,041,836,942.34. The trade was a 12.21% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 13,777,580 shares of company stock worth $146,433,781. Corporate insiders own 3.50% of the company’s stock.

About LifeStance Health Group

LifeStance Health Group, Inc is a provider of outpatient behavioral health services in the United States. Through a network of clinicians and care centers, the company offers mental health care through in-person appointments and telehealth visits.

LifeStance’s services include individual, couples and family therapy; psychiatric evaluation and medication management; psychological and neuropsychological testing; and treatment for conditions such as depression, anxiety, attention-deficit/hyperactivity disorder, bipolar disorder, post-traumatic stress disorder and other behavioral health concerns.