CareCloud (NASDAQ:CCLD) Stock Crosses Above 50-Day Moving Average – Here’s What Happened

CareCloud, Inc. (NASDAQ:CCLD)’s share price passed 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.

Analyst Upgrades and Downgrades

Several research firms have weighed in on CCLD. Roth Capital dropped coverage on shares of CareCloud in a research report on Tuesday, September 15th. They set a “neutral” rating on the stock. Prior estimates, ratings, and price targets should no longer be relied upon. Weiss Ratings raised shares of CareCloud from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, October 12th. Finally, Wall Street Zen upgraded shares of CareCloud from a “hold” rating to a “buy” rating in a research note 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. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy”.

CareCloud Trading Up 20.0%

The firm has a market cap of $91.78 million, a PE ratio of 30.86 and a beta of 1.57. The company has a 50-day simple moving average of $2.02 and a 200 day simple moving average of $2.46. The company has a current ratio of 1.02, a quick ratio of 1.01 and a debt-to-equity ratio of 2.20.

CareCloud (NASDAQ:CCLD) last posted its earnings results on Thursday, November 5th. The company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.10 by $0.04. CareCloud had a net margin of 6.21% and a return on equity of 27.07%. The business had revenue of $33.73 million for the quarter, compared to analyst estimates of $33.50 million. As a group, sell-side analysts forecast that CareCloud, Inc. will post 0.37 earnings per share for the current fiscal year.

Hedge Funds Weigh In On CareCloud

A number of institutional investors have recently added to or reduced their stakes in CCLD. Renaissance Technologies LLC boosted its position in shares of CareCloud by 5.9% during the 1st quarter. Renaissance Technologies LLC now owns 472,300 shares of the company’s stock valued at $1,724,000 after acquiring an additional 26,270 shares during the last quarter. Dimensional Fund Advisors LP grew its position in CareCloud by 49.7% in the first quarter. Dimensional Fund Advisors LP now owns 377,567 shares of the company’s stock worth $1,377,000 after acquiring an additional 125,435 shares during the period. Arrowstreet Capital Limited Partnership purchased a new position in CareCloud in the first quarter worth approximately $920,000. Sei Investments Co. increased its stake in CareCloud by 110.2% during the first quarter. Sei Investments Co. now owns 228,358 shares of the company’s stock worth $834,000 after acquiring an additional 119,705 shares during the last quarter. Finally, Globeflex Capital L P acquired a new stake in CareCloud during the second quarter worth $711,000. Hedge funds and other institutional investors own 10.16% of the company’s stock.

About CareCloud

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.