CareCloud (NASDAQ:CCLD) Shares Up 1.6% - Here's What Happened

Key Points

• CareCloud's stock price rose by 1.6%, trading at $2.60 with a total of 351,115 shares changing hands, indicating a volume increase of 21% compared to its average trading session.
• Analysts have mixed ratings on CareCloud, with Roth Capital maintaining a "neutral" rating while Wall Street Zen upgraded it from "hold" to a "buy" rating.
• CareCloud's recent earnings report showed earnings per share of $0.07, slightly missing the analysts' expectations while reporting revenue of $27.38 million, which exceeded consensus estimates.

CareCloud, Inc. (NASDAQ:CCLD - Get Free Report)'s share price shot up 1.6% during mid-day trading on Friday . The company traded as high as $2.63 and last traded at $2.60. 351,115 shares traded hands during trading, an increase of 21% from the average session volume of 290,928 shares. The stock had previously closed at $2.56.

Analysts Set New Price Targets

A number of brokerages have issued reports on CCLD. Roth Capital reaffirmed a "neutral" rating on shares of CareCloud in a research report on Tuesday, May 6th. Wall Street Zen upgraded CareCloud from a "hold" rating to a "buy" rating in a research note on Sunday, July 13th. One investment analyst has rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, CareCloud presently has a consensus rating of "Hold" and an average price target of $2.50.

CareCloud Price Performance

The firm has a 50 day simple moving average of $2.42 and a 200-day simple moving average of $2.29. The stock has a market capitalization of $110.88 million, a price-to-earnings ratio of -65.63 and a beta of 1.99.

CareCloud (NASDAQ:CCLD - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analyst estimates of $27.19 million. CareCloud has set its FY 2025 guidance at 0.100-0.130 EPS. On average, sell-side analysts forecast that CareCloud, Inc. will post 0.58 earnings per share for the current fiscal year.

Insider Transactions at CareCloud

In other CareCloud news, Director John N. Daly sold 15,000 shares of the stock in a transaction on Tuesday, June 17th. The stock was 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 in the company, valued at $130,292.50. This represents a 19.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 14.70% of the stock is owned by corporate insiders.

Institutional Trading of CareCloud

A number of hedge funds and other institutional investors have recently made changes to their positions in CCLD. HighTower Advisors LLC acquired a new stake in shares of CareCloud in the first quarter valued at $28,000. XTX Topco Ltd acquired a new stake in shares of CareCloud in the first quarter valued at $35,000. Kingsview Wealth Management LLC acquired a new stake in shares of CareCloud in the first quarter valued at $36,000. Axxcess Wealth Management LLC acquired a new stake in shares of CareCloud in the first quarter valued at $41,000. Finally, Colonial River Investments LLC acquired a new stake in shares of CareCloud in the first quarter valued at $41,000. 10.16% of the stock is currently owned by institutional investors and hedge funds.

CareCloud Company Profile

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.