Needham downgraded Livongo Health Inc (LVGO) stock from Buy to Hold

Livongo Health Inc (LVGO) shares are trading up 0.25% in pre-market on Friday.

Livongo Health Inc (LVGO)

Needham downgraded Livongo Health Inc (LVGO) stock from Buy to Hold. Livongo Health shares rose 4.7% to close at $134.05 in yesterday’s session.

The strong momentum witnessed in the Livongo Health Inc’s business continued in the second quarter, and the company’s merger with Teladoc Health Inc (TDOC) will create a leading virtual health care platform, according to Needham.

Scott Berg the analysts at Needham has downgraded Livongo Health from Buy to Hold and eliminated the price target.

Livongo Health Inc (LVGO) Quarterly Report

The company reported quarterly revenue of $91.9 million, showing 124.8% year-on-year growth and this is quite higher than Needham’s estimate of $86.5 million. The earnings of 11 cents per share also clearly beat the Needham’s 4 cents per share estimate, the analyst said.