CareCloud (NASDAQ:CCLD) Shares Break Above Fifty Day Moving Average - Here's Why

Key Points

• CareCloud shares rose 20% and moved above their 50-day moving average, trading as high as $2.35 before last changing hands at $2.16.
• The company beat quarterly estimates, reporting earnings of $0.14 per share versus the $0.10 consensus and revenue of $33.73 million against $33.50 million expected.
• Analyst views are mixed but lean positive: MarketBeat reports a Moderate Buy consensus, based on one Buy and one Hold rating.

CareCloud, Inc. (NASDAQ:CCLD - Get Free Report) crossed above its 50-day moving average during trading on Thursday. The stock has a 50-day moving average of $2.02 and traded as high as $2.35. CareCloud shares last traded at $2.16, with a volume of 3,412,294 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on CCLD. Weiss Ratings upgraded shares of CareCloud from a "hold (c-)" rating to a "hold (c)" rating in a research report on Monday, October 12th. Roth Capital dropped coverage on shares of CareCloud in a report on Tuesday, September 15th. They set a "neutral" rating for the company. Prior estimates, ratings, and price targets should no longer be relied upon. Finally, Wall Street Zen upgraded shares of CareCloud from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. One equities research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, CareCloud presently has a consensus rating of "Moderate Buy".

CareCloud Trading Up 20.0%

The stock has a market cap of $91.78 million, a P/E ratio of 30.86 and a beta of 1.57. The stock's 50-day moving average is $2.02 and its two-hundred day moving average is $2.46. The company has a debt-to-equity ratio of 2.20, a current ratio of 1.02 and a quick ratio of 1.01.

CareCloud (NASDAQ:CCLD - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.14 EPS for the quarter, beating analysts' consensus estimates of $0.10 by $0.04. The company had revenue of $33.73 million during the quarter, compared to analyst estimates of $33.50 million. CareCloud had a return on equity of 27.07% and a net margin of 6.21%. Equities research analysts anticipate that CareCloud, Inc. will post 0.37 EPS for the current year.

Hedge Funds Weigh In On CareCloud

Institutional investors have recently modified their holdings of the stock. Empowered Funds LLC boosted its stake in CareCloud by 10.3% in the first quarter. Empowered Funds LLC now owns 150,890 shares of the company's stock valued at $551,000 after acquiring an additional 14,030 shares in the last quarter. Militia Capital Management LLC purchased a new position in CareCloud in the first quarter worth $54,000. Kingsview Wealth Management LLC acquired a new position in shares of CareCloud during the second quarter worth $55,000. Renaissance Technologies LLC increased its position in shares of CareCloud by 5.9% during the first quarter. Renaissance Technologies LLC now owns 472,300 shares of the company's stock worth $1,724,000 after purchasing an additional 26,270 shares in the last quarter. Finally, Chapin Davis Inc. increased its position in shares of CareCloud by 24.1% during the second quarter. Chapin Davis Inc. now owns 154,285 shares of the company's stock worth $327,000 after purchasing an additional 30,000 shares in the last quarter. 10.16% of the stock is owned by hedge funds and other institutional investors.

CareCloud Company Profile

CareCloud, Inc NASDAQ: CCLD provides cloud-based health care information technology and revenue cycle management services to medical practices, hospitals and other health care organizations. The company's solutions are designed to help providers manage administrative, clinical and financial operations through integrated software and technology-enabled services.

Its offerings include electronic health records, practice management, medical billing and revenue cycle management, patient engagement tools, telehealth capabilities and related health care technology services.

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