Change Healthcare Inc. (NASDAQ:CHNG) Sees Significant Increase in Short Interest

Change Healthcare Inc. (NASDAQ:CHNG) was the recipient of a large growth in short interest during the month of December. As of December 31st, there was short interest totalling 11,830,000 shares, a growth of 18.9% from the December 15th total of 9,950,000 shares. Approximately 23.8% of the shares of the stock are sold short. Based on an average trading volume of 903,300 shares, the days-to-cover ratio is presently 13.1 days.

A number of research analysts have recently commented on CHNG shares. Zacks Investment Research upgraded Change Healthcare from a “strong sell” rating to a “hold” rating in a research report on Tuesday, October 22nd. Raymond James assumed coverage on Change Healthcare in a research report on Thursday, December 19th. They issued an “outperform” rating and a $18.00 price target for the company. Guggenheim restated a “buy” rating and issued a $20.00 price target on shares of Change Healthcare in a research report on Friday. ValuEngine downgraded Change Healthcare from a “buy” rating to a “hold” rating in a research report on Tuesday, December 17th. Finally, Wells Fargo & Co raised their price target on Change Healthcare from $14.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Wednesday, January 8th. Three analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $18.64.

Several large investors have recently added to or reduced their stakes in CHNG. Schroder Investment Management Group bought a new stake in shares of Change Healthcare during the second quarter worth $19,710,000. Bank of New York Mellon Corp bought a new stake in shares of Change Healthcare during the second quarter worth $1,580,000. RMB Capital Management LLC bought a new stake in shares of Change Healthcare during the second quarter worth $2,557,000. BlackRock Inc. bought a new stake in shares of Change Healthcare during the second quarter worth $3,579,000. Finally, Crestline Management LP bought a new stake in shares of Change Healthcare during the second quarter worth $949,000. Institutional investors and hedge funds own 92.89% of the company’s stock.

Shares of CHNG opened at $15.73 on Tuesday. The stock has a fifty day moving average of $14.73. Change Healthcare has a 52-week low of $11.24 and a 52-week high of $16.73. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.01.

Change Healthcare (NASDAQ:CHNG) last released its earnings results on Thursday, November 14th. The company reported $0.27 earnings per share for the quarter, hitting the consensus estimate of $0.27. The business had revenue of $795.81 million for the quarter, compared to the consensus estimate of $776.18 million. The company’s revenue for the quarter was down .5% compared to the same quarter last year. On average, sell-side analysts anticipate that Change Healthcare will post 1.42 earnings per share for the current fiscal year.

About Change Healthcare

Change Healthcare Inc, an independent healthcare technology platform, provides data and analytics-driven solutions to improve clinical, financial, and patient engagement outcomes in the United States healthcare system. It operates in three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.

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