Wall Street Zen Downgrades CareCloud (NASDAQ:CCLD) to Hold

CareCloud (NASDAQ:CCLD - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday.

Other analysts have also issued research reports about the stock. Roth Mkm restated a "neutral" rating and set a $1.50 price target (down previously from $3.50) on shares of CareCloud in a research report on Friday, March 14th. Roth Capital reissued a "neutral" rating on shares of CareCloud in a research note on Tuesday, May 6th.

CareCloud Stock Up 2.5%

Shares of CCLD stock traded up $0.06 on Friday, hitting $2.42. The company had a trading volume of 195,312 shares, compared to its average volume of 401,858. CareCloud has a twelve month low of $1.14 and a twelve month high of $4.84. The firm has a market cap of $102.41 million, a P/E ratio of -11.00 and a beta of 2.06. The company has a 50-day moving average price of $2.16 and a 200-day moving average price of $2.49.

CareCloud (NASDAQ:CCLD - Get Free Report) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.09 by ($0.04). CareCloud had a net margin of 8.92% and a return on equity of 24.08%. The company had revenue of $27.60 million for the quarter, compared to analysts' expectations of $25.94 million. Equities research analysts expect that CareCloud will post 0.58 EPS for the current year.

Insider Activity

In related news, Director John N. Daly sold 15,000 shares of CareCloud stock in a transaction on Tuesday, June 17th. The shares were sold at an average price of $2.11, for a total value of $31,650.00. Following the sale, the director owned 61,750 shares of the company's stock, valued at approximately $130,292.50. This trade represents a 19.54% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 14.70% of the stock is owned by company insiders.

Hedge Funds Weigh In On CareCloud

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. HighTower Advisors LLC purchased a new stake in shares of CareCloud during the first quarter worth about $28,000. XTX Topco Ltd acquired a new stake in CareCloud in the 1st quarter worth about $35,000. Kingsview Wealth Management LLC purchased a new stake in CareCloud during the 1st quarter worth approximately $36,000. Axxcess Wealth Management LLC purchased a new stake in CareCloud during the 1st quarter worth approximately $41,000. Finally, Colonial River Investments LLC acquired a new position in shares of CareCloud during the first quarter valued at approximately $41,000. 10.16% of the stock is owned by hedge funds and other institutional investors.

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.