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

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

Institutional Trading of Healthcare Triangle

Several hedge funds have recently added to or reduced their stakes in HCTI. XTX Topco Ltd purchased a new stake in shares of Healthcare Triangle in the 2nd quarter worth about $69,000. Jane Street Group LLC purchased a new stake in shares of Healthcare Triangle in the second quarter worth about $33,000. Finally, Private Advisor Group LLC bought a new stake in shares of Healthcare Triangle in the 3rd quarter worth about $26,000. 0.33% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have recently weighed in on HCTI. Weiss Ratings restated a “sell (e+)” rating on shares of Healthcare Triangle in a research report on Tuesday, April 21st. Wall Street Zen raised Healthcare Triangle from a “sell” rating to a “hold” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has a consensus rating of “Sell”.

Healthcare Triangle Stock Down 3.1%

NASDAQ:HCTI traded down $0.06 during mid-day trading on Thursday, reaching $1.88. The stock had a trading volume of 26,923 shares, compared to its average volume of 489,611. The stock has a market cap of $3.82 million, a P/E ratio of -0.03 and a beta of 1.08. The business’s 50 day moving average is $2.26 and its 200 day moving average is $15.68. The company has a debt-to-equity ratio of 0.02, a current ratio of 0.90 and a quick ratio of 0.90. Healthcare Triangle has a fifty-two week low of $1.73 and a fifty-two week high of $1,299.78.

Healthcare Triangle (NASDAQ:HCTI) last announced its quarterly earnings data on Thursday, May 14th. The company reported ($6.81) earnings per share for the quarter, topping the consensus estimate of ($6.84) by $0.03. Healthcare Triangle had a negative return on equity of 166.88% and a negative net margin of 70.43%.The company had revenue of $9.86 million for the quarter, compared to analyst estimates of $9.86 million. As a group, sell-side analysts predict that Healthcare Triangle will post -16.13 earnings per share for the current year.

Healthcare Triangle declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, March 11th that authorizes the company to buyback $2,000.00 billion in outstanding shares. This buyback authorization authorizes the company to repurchase up to 100,000,000% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

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.