Short Interest in CareCloud, Inc. (NASDAQ:CCLD) Drops By 15.2%

CareCloud, Inc. (NASDAQ:CCLD) saw a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 109,300 shares, a drop of 15.2% from the March 15th total of 128,900 shares. Based on an average daily volume of 49,500 shares, the days-to-cover ratio is currently 2.2 days. Currently, 1.3% of the company’s shares are sold short.

CareCloud Stock Performance

Shares of NASDAQ:CCLD remained flat at $1.16 on Tuesday. The stock had a trading volume of 7,823 shares, compared to its average volume of 50,592. CareCloud has a twelve month low of $0.68 and a twelve month high of $3.79. The business has a 50-day moving average of $1.28 and a 200 day moving average of $1.21. The firm has a market capitalization of $18.70 million, a price-to-earnings ratio of -0.29 and a beta of 1.10. The company has a quick ratio of 0.98, a current ratio of 1.00 and a debt-to-equity ratio of 0.24.

CareCloud (NASDAQ:CCLD) last announced its quarterly earnings results on Thursday, March 21st. The company reported ($3.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($2.60). CareCloud had a negative net margin of 41.58% and a negative return on equity of 60.57%. The company had revenue of $28.42 million during the quarter. As a group, equities research analysts predict that CareCloud will post -0.86 earnings per share for the current year.

Institutional Trading of CareCloud

Institutional investors have recently made changes to their positions in the business. Franklin Resources Inc. acquired a new stake in shares of CareCloud in the 2nd quarter worth $1,023,000. Dimensional Fund Advisors LP acquired a new stake in shares of CareCloud in the 2nd quarter worth $258,000. Geode Capital Management LLC acquired a new stake in shares of CareCloud in the 2nd quarter worth $225,000. BlackRock Inc. acquired a new stake in shares of CareCloud in the 2nd quarter worth $187,000. Finally, Northern Trust Corp acquired a new stake in shares of CareCloud in the 2nd quarter worth $153,000. Institutional investors and hedge funds own 10.16% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CCLD. Maxim Group upgraded CareCloud from a “hold” rating to a “buy” rating and set a $3.00 price objective on the stock in a report on Friday, March 22nd. Benchmark restated a “buy” rating and set a $3.50 price objective on shares of CareCloud in a report on Monday, March 25th.

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.