Healthcare Triangle, Inc. (NASDAQ:HCTI) Sees Large Decline in Short Interest

Healthcare Triangle, Inc. (NASDAQ:HCTI) was the recipient of a large drop in short interest in June. As of June 15th, there was short interest totaling 51,512 shares, a drop of 44.0% from the May 31st total of 91,956 shares. Based on an average daily volume of 41,716 shares, the days-to-cover ratio is currently 1.2 days. Currently, 2.5% of the company’s stock are sold short.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in HCTI. Private Advisor Group LLC acquired a new stake in Healthcare Triangle in the third quarter worth $26,000. Jane Street Group LLC acquired a new position in shares of Healthcare Triangle during the second quarter valued at $33,000. Finally, XTX Topco Ltd bought a new position in shares of Healthcare Triangle during the second quarter worth about $69,000. Institutional investors and hedge funds own 0.33% of the company’s stock.

Healthcare Triangle Price Performance

Shares of NASDAQ:HCTI opened at $1.89 on Friday. The company has a market cap of $3.84 million, a PE ratio of -0.03 and a beta of 1.08. Healthcare Triangle has a fifty-two week low of $1.73 and a fifty-two week high of $1,299.78. The firm has a 50-day simple moving average of $2.25 and a 200 day simple moving average of $14.70. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.02.

Healthcare Triangle (NASDAQ:HCTI) last issued its earnings results on Thursday, May 14th. The company reported ($6.81) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($6.84) by $0.03. Healthcare Triangle had a negative net margin of 70.43% and a negative return on equity of 166.88%. The firm had revenue of $9.86 million for the quarter, compared to analysts’ expectations of $9.86 million. On average, sell-side analysts anticipate that Healthcare Triangle will post -16.13 EPS for the current year.

Healthcare Triangle announced that its Board of Directors has authorized a share repurchase program on Wednesday, March 11th that authorizes the company to buyback $2,000.00 billion in outstanding shares. This buyback authorization authorizes the company to purchase up to 100,000,000% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Healthcare Triangle in a research report on Tuesday, April 21st. Wall Street Zen raised shares of Healthcare Triangle from a “sell” rating to a “hold” rating in a research report on Saturday, June 13th. One research analyst has rated the stock with a Sell rating, According to MarketBeat.com, the stock presently has a consensus rating of “Sell”.

About Healthcare Triangle

Healthcare Triangle, Inc (NASDAQ: HCTI) is a specialized digital transformation and cloud consulting firm focused on the healthcare industry. The company delivers a range of professional and managed services that help healthcare organizations modernize their IT infrastructure, optimize data workflows and achieve regulatory compliance.

Its core offerings include cloud architecture design and implementation, enterprise data platform development, application modernization and managed IT operations.