CareCloud (NASDAQ:CCLD) Issues Earnings Results, Beats Expectations By $0.02 EPS

CareCloud (NASDAQ:CCLD) posted its quarterly earnings results on Thursday. The company reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.08 by $0.02, Zacks reports. CareCloud had a net margin of 10.08% and a return on equity of 23.51%. The firm had revenue of $31.07 million for the quarter, compared to analyst estimates of $29.01 million.

CareCloud Stock Performance

Shares of CCLD stock traded down $0.01 on Friday, reaching $3.46. 583,029 shares of the company’s stock traded hands, compared to its average volume of 591,810. CareCloud has a 12-month low of $1.14 and a 12-month high of $4.84. The company has a market capitalization of $146.43 million, a P/E ratio of -86.50 and a beta of 2.07. The business’s 50 day moving average price is $3.35 and its two-hundred day moving average price is $2.69.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on CCLD. Roth Capital restated a “neutral” rating and issued a $3.25 target price on shares of CareCloud in a report on Thursday. Wall Street Zen upgraded CareCloud from a “hold” rating to a “buy” rating in a research report on Sunday, July 13th. Finally, Weiss Ratings restated a “sell (d+)” rating on shares of CareCloud in a report on Wednesday, October 8th. One equities research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $3.08.

Hedge Funds Weigh In On CareCloud

A number of large investors have recently made changes to their positions in the business. American Century Companies Inc. purchased a new stake in shares of CareCloud in the second quarter worth approximately $78,000. B. Riley Wealth Advisors Inc. acquired a new position in CareCloud in the 2nd quarter valued at approximately $260,000. Acadian Asset Management LLC lifted its position in CareCloud by 481.9% in the 1st quarter. Acadian Asset Management LLC now owns 203,053 shares of the company’s stock worth $280,000 after buying an additional 168,156 shares in the last quarter. Bridgeway Capital Management LLC boosted its stake in shares of CareCloud by 43.9% during the 2nd quarter. Bridgeway Capital Management LLC now owns 313,039 shares of the company’s stock valued at $739,000 after buying an additional 95,483 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of CareCloud by 235.4% during the 2nd quarter. Geode Capital Management LLC now owns 359,486 shares of the company’s stock valued at $848,000 after acquiring an additional 252,299 shares in the last quarter. Institutional investors and hedge funds own 10.16% of the company’s stock.

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.