Benchmark Reaffirms “Buy” Rating for CareCloud (NASDAQ:CCLD)

CareCloud (NASDAQ:CCLD)‘s stock had its “buy” rating reaffirmed by equities researchers at Benchmark in a note issued to investors on Friday,Benzinga reports. They currently have a $4.50 price objective on the stock. Benchmark’s target price would suggest a potential upside of 82.19% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Roth Mkm lowered shares of CareCloud from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $5.00 to $3.50 in a research note on Wednesday. Roth Capital cut CareCloud from a “strong-buy” rating to a “hold” rating in a research report on Wednesday.

CareCloud Stock Performance

Shares of CCLD opened at $2.47 on Friday. The firm has a market cap of $40.11 million, a P/E ratio of -0.77 and a beta of 1.37. CareCloud has a twelve month low of $0.68 and a twelve month high of $3.88. The firm’s 50 day moving average price is $2.54 and its two-hundred day moving average price is $2.38.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. XTX Topco Ltd acquired a new position in shares of CareCloud during the 3rd quarter worth about $42,000. Heron Bay Capital Management raised its holdings in CareCloud by 126.8% during the second quarter. Heron Bay Capital Management now owns 34,576 shares of the company’s stock worth $66,000 after acquiring an additional 19,329 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in CareCloud by 25.1% during 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 during the last quarter. Institutional investors own 10.16% of the company’s stock.

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.