CareCloud, Inc. (NASDAQ:CCLD) Sees Large Decline in Short Interest

Key Points

• In August, CareCloud's short interest dropped by 24.5% to 807,800 shares, with approximately 2.3% of the company's shares sold short and a days-to-cover ratio of 1.9 days.
• Wall Street analysts have upgraded CareCloud's rating from "hold" to "buy," with analysts predicting an average target price of $2.50 for the stock.
• CareCloud reported earnings of $0.07 per share for the last quarter, slightly below the consensus estimate, while forecasting a future EPS range of 0.100-0.130 for FY 2025.

CareCloud, Inc. (NASDAQ:CCLD - Get Free Report) was the recipient of a large decline in short interest in the month of August. As of August 15th, there was short interest totaling 807,800 shares, a decline of 24.5% from the July 31st total of 1,070,000 shares. Currently, 2.3% of the shares of the company are sold short. Based on an average daily volume of 421,300 shares, the short-interest ratio is currently 1.9 days. Based on an average daily volume of 421,300 shares, the short-interest ratio is currently 1.9 days. Currently, 2.3% of the shares of the company are sold short.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of CareCloud from a "hold" rating to a "buy" rating in a research report on Sunday, July 13th. One analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $2.50.

Insider Transactions at CareCloud

In other CareCloud news, Director John N. Daly sold 15,000 shares of the business's stock in a transaction dated Tuesday, June 17th. The shares were sold at an average price of $2.11, for a total transaction of $31,650.00. Following the completion of the transaction, the director directly owned 61,750 shares of the company's stock, valued at $130,292.50. The trade was a 19.54% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 14.70% of the stock is owned by insiders.

Institutional Trading of CareCloud

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP lifted its stake in CareCloud by 31.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 15,096 shares of the company's stock valued at $55,000 after purchasing an additional 3,641 shares during the last quarter. Prospera Financial Services Inc lifted its stake in CareCloud by 31.8% during the second quarter. Prospera Financial Services Inc now owns 75,966 shares of the company's stock valued at $179,000 after purchasing an additional 18,339 shares during the last quarter. HighTower Advisors LLC acquired a new stake in CareCloud during the first quarter valued at approximately $28,000. Vanguard Personalized Indexing Management LLC acquired a new stake in CareCloud during the second quarter valued at approximately $50,000. Finally, Two Sigma Advisers LP acquired a new stake in CareCloud during the fourth quarter valued at approximately $81,000. 10.16% of the stock is owned by institutional investors and hedge funds.

CareCloud Stock Performance

Shares of NASDAQ:CCLD traded down $0.06 during trading on Friday, reaching $3.73. The company had a trading volume of 571,034 shares, compared to its average volume of 741,316. The firm's fifty day moving average is $2.82 and its 200 day moving average is $2.24. The firm has a market capitalization of $157.85 million, a PE ratio of -93.25 and a beta of 2.14. CareCloud has a twelve month low of $1.14 and a twelve month high of $4.84.

CareCloud (NASDAQ:CCLD - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The company reported $0.07 earnings per share for the quarter, missing analysts' consensus estimates of $0.08 by ($0.01). CareCloud had a return on equity of 23.51% and a net margin of 10.08%.The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $27.19 million. CareCloud has set its FY 2025 guidance at 0.100-0.130 EPS. Equities analysts predict that CareCloud will post 0.58 earnings per share for the current fiscal 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.