CareCloud, Inc. (NASDAQ:CCLD) Sees Significant Decrease in Short Interest

CareCloud, Inc. (NASDAQ:CCLD) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 50,600 shares, a decrease of 17.7% from the October 15th total of 61,500 shares. Currently, 0.6% of the shares of the company are sold short. Based on an average trading volume of 81,300 shares, the short-interest ratio is currently 0.6 days.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Roth Capital cut CareCloud from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Roth Mkm cut CareCloud from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $5.00 to $3.50 in a research note on Wednesday. Finally, Benchmark reaffirmed a “buy” rating and issued a $4.50 price objective on shares of CareCloud in a report on Friday.

Hedge Funds Weigh In On CareCloud

A number of institutional investors have recently bought and sold shares of the stock. Renaissance Technologies LLC lifted its holdings in shares of CareCloud by 25.1% in the second quarter. Renaissance Technologies LLC now owns 107,200 shares of the company’s stock valued at $206,000 after purchasing an additional 21,500 shares in the last quarter. Heron Bay Capital Management grew its holdings in shares of CareCloud by 126.8% during the second quarter. Heron Bay Capital Management now owns 34,576 shares of the company’s stock valued at $66,000 after buying an additional 19,329 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in CareCloud during the third quarter valued at $42,000. Hedge funds and other institutional investors own 10.16% of the company’s stock.

CareCloud Trading Down 3.5 %

CCLD stock traded down $0.09 during trading hours on Friday, hitting $2.47. 88,629 shares of the stock traded hands, compared to its average volume of 569,105. The stock has a 50-day simple moving average of $2.54 and a 200 day simple moving average of $2.37. The company has a market cap of $40.11 million, a P/E ratio of -0.77 and a beta of 1.37. CareCloud has a one year low of $0.68 and a one year high of $3.88.

CareCloud (NASDAQ:CCLD) last issued its earnings results on Tuesday, August 13th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.10. The firm had revenue of $28.09 million during the quarter, compared to analysts’ expectations of $27.89 million. CareCloud had a negative net margin of 35.25% and a negative return on equity of 87.98%. Analysts forecast that CareCloud will post 0.58 earnings per share for the current year.

About CareCloud

CareCloud, Inc, a healthcare information technology (IT) company, provides a suite of cloud-based solutions and related business services to healthcare providers and hospitals primarily in the United States. It operates in two segments, Healthcare IT and Medical Practice Management. The company's portfolio of proprietary software and business services includes technology-enabled business solutions; cloud-based software; digital health services; healthcare IT professional services and staffing; and medical practice management services.