CareCloud, Inc. (NASDAQ:MTBC) Sees Large Decrease in Short Interest

CareCloud, Inc. (NASDAQ:MTBCGet Rating) was the recipient of a large decrease in short interest during the month of May. As of May 31st, there was short interest totalling 86,700 shares, a decrease of 18.9% from the May 15th total of 106,900 shares. Approximately 0.9% of the shares of the stock are short sold. Based on an average daily volume of 60,600 shares, the days-to-cover ratio is presently 1.4 days.

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN raised its holdings in CareCloud by 10.2% in the 2nd quarter. Wells Fargo & Company MN now owns 21,698 shares of the technology company’s stock valued at $182,000 after buying an additional 2,011 shares during the period. State Street Corp raised its holdings in CareCloud by 13.3% in the 1st quarter. State Street Corp now owns 26,463 shares of the technology company’s stock valued at $136,000 after buying an additional 3,100 shares during the period. Morgan Stanley raised its holdings in CareCloud by 157.5% in the 2nd quarter. Morgan Stanley now owns 5,767 shares of the technology company’s stock valued at $49,000 after buying an additional 3,527 shares during the period. Marshall Wace LLP raised its holdings in CareCloud by 7.7% in the 3rd quarter. Marshall Wace LLP now owns 52,764 shares of the technology company’s stock valued at $402,000 after buying an additional 3,790 shares during the period. Finally, Geode Capital Management LLC raised its holdings in CareCloud by 5.9% in the 4th quarter. Geode Capital Management LLC now owns 73,736 shares of the technology company’s stock valued at $466,000 after buying an additional 4,092 shares during the period. Hedge funds and other institutional investors own 24.32% of the company’s stock.

MTBC has been the subject of several recent research reports. Roth Capital reissued a “buy” rating on shares of CareCloud in a research note on Monday, May 9th. TheStreet downgraded CareCloud from a “c-” rating to a “d+” rating in a research note on Friday, April 1st. B. Riley reduced their price objective on CareCloud from $18.00 to $11.00 and set a “buy” rating for the company in a research note on Tuesday, March 15th. Finally, StockNews.com initiated coverage on CareCloud in a research note on Wednesday. They issued a “buy” rating for the company. Four investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $15.50.

Shares of MTBC stock traded up $0.05 on Friday, hitting $3.50. 20 shares of the stock traded hands, compared to its average volume of 43,298. The firm’s 50-day moving average price is $3.97 and its two-hundred day moving average price is $5.04. The company has a current ratio of 1.31, a quick ratio of 1.29 and a debt-to-equity ratio of 0.06. CareCloud has a twelve month low of $3.25 and a twelve month high of $9.39.

CareCloud (NASDAQ:MTBCGet Rating) last announced its quarterly earnings results on Monday, May 9th. The technology company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.27) by $0.08. The firm had revenue of $35.34 million for the quarter, compared to analysts’ expectations of $33.62 million. CareCloud had a net margin of 4.09% and a return on equity of 6.01%. During the same quarter in the previous year, the company posted ($0.36) EPS. As a group, equities analysts predict that CareCloud will post -0.53 earnings per share for the current year.

About CareCloud (Get Rating)

CareCloud, Inc brings disciplined innovation to the business of healthcare. Our suite of technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows, and make better business and care decisions. More than 40,000 providers across the United States count on CareCloud to help them improve patient care while reducing administrative burdens and operating costs.

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