CareCloud, Inc. (NASDAQ:MTBC) Sees Large Drop in Short Interest

CareCloud, Inc. (NASDAQ:MTBCGet Rating) was the target of a large drop in short interest in March. As of March 31st, there was short interest totalling 112,100 shares, a drop of 24.5% from the March 15th total of 148,400 shares. Based on an average daily trading volume, of 62,300 shares, the short-interest ratio is presently 1.8 days. Currently, 1.2% of the company’s stock are sold short.

A number of research firms have recently weighed in on MTBC. StockNews.com upgraded shares of CareCloud from a “hold” rating to a “buy” rating in a report on Thursday, April 7th. B. Riley lowered their target price on shares of CareCloud from $18.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, March 15th. Finally, TheStreet cut shares of CareCloud from a “c-” rating to a “d+” rating in a research note on Friday, April 1st. One research analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat, CareCloud has an average rating of “Buy” and a consensus price target of $14.00.

MTBC stock traded down $0.25 during trading on Monday, reaching $4.25. The company had a trading volume of 299 shares, compared to its average volume of 64,249. The firm has a 50-day simple moving average of $5.21 and a 200-day simple moving average of $6.16. The company has a market cap of $64.02 million, a price-to-earnings ratio of -5.70 and a beta of 0.93. The company has a debt-to-equity ratio of 0.08, a quick ratio of 1.19 and a current ratio of 1.20. CareCloud has a twelve month low of $4.44 and a twelve month high of $9.39.

CareCloud (NASDAQ:MTBCGet Rating) last posted its quarterly earnings results on Monday, March 14th. The technology company reported ($0.01) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.16. CareCloud had a net margin of 2.03% and a return on equity of 2.86%. The company had revenue of $37.46 million during the quarter, compared to analyst estimates of $35.95 million. During the same period last year, the firm posted $0.01 EPS. Sell-side analysts expect that CareCloud will post -0.5 earnings per share for the current year.

In other news, CEO A Hadi Chaudhry sold 3,240 shares of the firm’s stock in a transaction dated Thursday, March 17th. The shares were sold at an average price of $25.58, for a total value of $82,879.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 37.10% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MTBC. Dimensional Fund Advisors LP raised its position in CareCloud by 274.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 111,713 shares of the technology company’s stock worth $851,000 after buying an additional 81,902 shares during the last quarter. Millennium Management LLC purchased a new position in CareCloud during the 4th quarter worth approximately $443,000. Gabelli Funds LLC raised its position in CareCloud by 125.6% during the 3rd quarter. Gabelli Funds LLC now owns 106,100 shares of the technology company’s stock worth $808,000 after buying an additional 59,075 shares during the last quarter. Franklin Resources Inc. raised its position in CareCloud by 16.3% during the 3rd quarter. Franklin Resources Inc. now owns 390,791 shares of the technology company’s stock worth $2,978,000 after buying an additional 54,700 shares during the last quarter. Finally, Level Four Advisory Services LLC purchased a new position in CareCloud during the 4th quarter worth approximately $255,000. 23.10% of the stock is owned by institutional investors.

About CareCloud (Get Rating)

CareCloud, Inc brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows, and make better business and care decisions. More than 40,000 providers across the United States count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs.

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