Royal Bank of Canada Cuts GoodRx (NASDAQ:GDRX) Price Target to $50.00

GoodRx (NASDAQ:GDRX) had its price objective trimmed by Royal Bank of Canada from $56.00 to $50.00 in a research report released on Friday, The Fly reports. The brokerage currently has an outperform rating on the stock.

A number of other analysts have also recently weighed in on GDRX. SVB Leerink reissued a buy rating and issued a $61.00 target price on shares of GoodRx in a research note on Thursday, March 4th. Credit Suisse Group upped their price objective on shares of GoodRx from $49.00 to $50.00 and gave the stock an outperform rating in a research note on Monday, March 22nd. Cowen decreased their price objective on shares of GoodRx from $70.00 to $58.00 and set an outperform rating on the stock in a research note on Monday, May 10th. Guggenheim started coverage on shares of GoodRx in a research note on Monday, January 25th. They set a buy rating and a $52.00 price objective on the stock. Finally, Citigroup upped their price objective on shares of GoodRx from $53.00 to $70.00 and gave the stock a buy rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and nine have issued a buy rating to the company’s stock. GoodRx has a consensus rating of Buy and an average target price of $50.81.

Shares of GDRX opened at $30.97 on Friday. The company has a 50-day simple moving average of $38.00 and a 200-day simple moving average of $42.98. The company has a quick ratio of 19.63, a current ratio of 19.63 and a debt-to-equity ratio of 0.91. GoodRx has a 52 week low of $26.66 and a 52 week high of $64.22.

GoodRx (NASDAQ:GDRX) last posted its earnings results on Thursday, May 13th. The company reported $0.07 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.07. The business had revenue of $160.40 million during the quarter, compared to the consensus estimate of $160.61 million. The business’s revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.09 EPS. On average, research analysts anticipate that GoodRx will post -0.51 earnings per share for the current fiscal year.

In related news, CEO Douglas Joseph Hirsch sold 131,066 shares of the stock in a transaction that occurred on Monday, March 22nd. The shares were sold at an average price of $37.14, for a total value of $4,867,791.24. Following the transaction, the chief executive officer now directly owns 261,034 shares in the company, valued at $9,694,802.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Karsten Voermann sold 150,000 shares of the stock in a transaction on Monday, March 29th. The stock was sold at an average price of $37.25, for a total transaction of $5,587,500.00. Following the completion of the sale, the chief financial officer now owns 150,000 shares in the company, valued at $5,587,500. The disclosure for this sale can be found here. Insiders sold 1,970,116 shares of company stock worth $71,881,423 over the last 90 days.

A number of institutional investors and hedge funds have recently bought and sold shares of GDRX. Zevenbergen Capital Investments LLC raised its holdings in GoodRx by 250.8% in the fourth quarter. Zevenbergen Capital Investments LLC now owns 1,659,068 shares of the company’s stock worth $66,927,000 after purchasing an additional 1,186,078 shares during the period. Morgan Stanley raised its holdings in GoodRx by 63.9% in the fourth quarter. Morgan Stanley now owns 2,704,734 shares of the company’s stock worth $109,109,000 after purchasing an additional 1,054,662 shares during the period. Tiger Global Management LLC raised its holdings in GoodRx by 53.2% in the fourth quarter. Tiger Global Management LLC now owns 2,145,000 shares of the company’s stock worth $86,529,000 after purchasing an additional 745,000 shares during the period. Tiff Advisory Services Inc. bought a new stake in shares of GoodRx during the fourth quarter worth $25,692,000. Finally, Technology Crossover Management X Ltd. bought a new stake in shares of GoodRx during the fourth quarter worth $20,170,000. Institutional investors own 43.42% of the company’s stock.

About GoodRx

GoodRx Holdings, Inc, through its subsidiaries, provides information and tools to enables consumers compare prices and save on their prescription drug purchases in the United States. The company operates a price comparison platform that provides consumers with curated, geographically relevant prescription pricing, and access to negotiated prices through GoodRx codes that can be used to save money on prescriptions across the United States.

Further Reading: Capital Gains Distribution

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