MTBC, Inc (NASDAQ:MTBC) Short Interest Update

MTBC, Inc (NASDAQ:MTBC) was the recipient of a large growth in short interest during the month of July. As of July 15th, there was short interest totalling 249,600 shares, a growth of 40.9% from the June 30th total of 177,200 shares. Based on an average trading volume of 161,700 shares, the days-to-cover ratio is presently 1.5 days. Currently, 3.7% of the company’s stock are sold short.

MTBC has been the topic of several research analyst reports. Benchmark restated a “buy” rating and set a $15.00 price objective on shares of MTBC in a research note on Tuesday, July 21st. HC Wainwright raised shares of MTBC from a “neutral” rating to a “buy” rating and set a $10.00 price objective for the company in a research report on Monday, June 22nd. National Securities reissued a “buy” rating and issued a $8.00 target price on shares of MTBC in a report on Thursday, May 14th. Dougherty & Co restated a “buy” rating and issued a $7.50 target price on shares of MTBC in a research note on Friday, May 15th. We reiterate our Buy rating on MTBC following Q1 results that beat expectations acrossrevenue, EBITDA and EPS. Q1 was the first quarter in which the CareCloud acquisitioncontributed, and registered a small top-line beat relative to our expectations. Owingto COVID and the precipitous decline in physician visits entering Q2, MTBC expectsQ2 to be down sequentially, with negative EBITDA and EPS. This is not a surprise asfully 60% of MTBC revenue is dependent on physician volumes and charges. Still, MTBCreiterated its full-year view of $100M to $102M in revenue and $12-$13M EBITDA asit has multiple paths to get there, namely its growing Force partner program, and verylikely an acquisition of a tuck-in nature. Depending on the size of the deal, we thinkMTBC could exceed guidance, but for now we have not built any acquired growth in ourmodel and remain slightly below management’s outlook. Finally, LADENBURG THALM/SH SH initiated coverage on MTBC in a research report on Tuesday, June 2nd. They set a “buy” rating on the stock. Eight investment analysts have rated the stock with a buy rating, MTBC presently has an average rating of “Buy” and a consensus price target of $9.80.

In related news, President A Hadi Chaudhry sold 5,000 shares of the business’s stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $7.53, for a total value of $37,650.00. Following the completion of the sale, the president now directly owns 50,416 shares of the company’s stock, valued at $379,632.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Bill Korn sold 6,750 shares of the company’s stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $8.46, for a total value of $57,105.00. Following the sale, the chief financial officer now owns 135,333 shares in the company, valued at approximately $1,144,917.18. The disclosure for this sale can be found here. Insiders have sold a total of 71,918 shares of company stock worth $507,791 over the last quarter. 46.00% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently modified their holdings of the company. EAM Investors LLC bought a new stake in shares of MTBC during the first quarter valued at about $807,000. Globeflex Capital L P bought a new stake in shares of MTBC during the 1st quarter worth about $492,000. Acadian Asset Management LLC raised its position in shares of MTBC by 551.9% during the 1st quarter. Acadian Asset Management LLC now owns 96,349 shares of the technology company’s stock worth $529,000 after buying an additional 81,569 shares in the last quarter. Franklin Resources Inc. acquired a new stake in shares of MTBC in the 1st quarter worth approximately $83,000. Finally, UBS Group AG boosted its holdings in shares of MTBC by 105.4% in the second quarter. UBS Group AG now owns 15,256 shares of the technology company’s stock valued at $126,000 after acquiring an additional 7,829 shares in the last quarter. 17.02% of the stock is currently owned by institutional investors.

MTBC stock opened at $10.87 on Friday. MTBC has a 52-week low of $3.25 and a 52-week high of $11.84. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.29 and a quick ratio of 1.26. The firm has a 50-day moving average price of $9.29 and a two-hundred day moving average price of $6.72.

MTBC (NASDAQ:MTBC) last released its quarterly earnings results on Thursday, May 14th. The technology company reported ($0.42) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.64) by $0.22. MTBC had a negative return on equity of 10.63% and a negative net margin of 6.41%. The company had revenue of $21.87 million for the quarter, compared to analysts’ expectations of $21.37 million. Sell-side analysts anticipate that MTBC will post -1.59 EPS for the current year.

About MTBC

MTBC, Inc, a healthcare information technology (IT) company, provides an integrated suite of Web-based solutions and related business services to healthcare providers primarily in the United States. The company operates through two segments, Healthcare IT and Practice Management. It primarily offers PracticePro, a software-as-a-service platform, which includes practice management software and related tools that facilitate the day-to-day business operation and workflows; electronic health record (EHR), which enables customers to reduce paperwork; revenue cycle management services, such as end-to-end medical billing, analytics, and related services; and mobile health solutions, including smartphone applications that assist patients and healthcare providers in the provision of healthcare services.

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