CareCloud, Inc. (NASDAQ:CCLD) Short Interest Down 17.7% in October

CareCloud, Inc. (NASDAQ:CCLD) was the recipient of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 50,600 shares, a drop of 17.7% from the October 15th total of 61,500 shares. Approximately 0.6% of the shares of the stock are short sold. Based on an average daily volume of 81,300 shares, the short-interest ratio is presently 0.6 days.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CCLD. Benchmark reiterated a “buy” rating and issued a $4.50 price objective on shares of CareCloud in a research note on Friday. Roth Mkm cut CareCloud from a “buy” rating to a “neutral” rating and cut their price objective for the company from $5.00 to $3.50 in a report on Wednesday. Finally, Roth Capital lowered shares of CareCloud from a “strong-buy” rating to a “hold” rating in a report on Wednesday.

CareCloud Price Performance

Shares of CCLD stock traded down $0.09 during trading hours on Friday, hitting $2.47. 86,627 shares of the company’s stock were exchanged, compared to its average volume of 569,105. The stock’s 50-day moving average is $2.54 and its 200-day moving average is $2.37. The stock has a market cap of $40.11 million, a price-to-earnings ratio of -0.77 and a beta of 1.37. CareCloud has a 52 week low of $0.68 and a 52 week high of $3.88.

CareCloud (NASDAQ:CCLD) last released its earnings results on Tuesday, August 13th. The company reported $0.17 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.10. The company had revenue of $28.09 million during the quarter, compared to the consensus estimate of $27.89 million. CareCloud had a negative return on equity of 87.98% and a negative net margin of 35.25%. Equities research analysts forecast that CareCloud will post 0.58 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of CCLD. Renaissance Technologies LLC increased its holdings in CareCloud by 25.1% in the second quarter. Renaissance Technologies LLC now owns 107,200 shares of the company’s stock valued at $206,000 after purchasing an additional 21,500 shares during the last quarter. Heron Bay Capital Management increased its stake in shares of CareCloud by 126.8% in the 2nd quarter. Heron Bay Capital Management now owns 34,576 shares of the company’s stock valued at $66,000 after acquiring an additional 19,329 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in CareCloud during the 3rd quarter worth approximately $42,000. Institutional investors own 10.16% of the company’s stock.

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.