Change Healthcare Inc. (NASDAQ:CHNG) was the recipient of a large decrease in short interest in the month of May. As of May 28th, there was short interest totalling 12,160,000 shares, a decrease of 25.4% from the May 13th total of 16,310,000 shares. Based on an average daily trading volume, of 2,080,000 shares, the days-to-cover ratio is presently 5.8 days. Approximately 5.0% of the company’s stock are short sold.
Several large investors have recently added to or reduced their stakes in the company. BlackRock Inc. boosted its stake in Change Healthcare by 1.6% in the 4th quarter. BlackRock Inc. now owns 10,903,020 shares of the company’s stock worth $203,342,000 after purchasing an additional 173,170 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Change Healthcare by 3,673.2% in the 1st quarter. JPMorgan Chase & Co. now owns 10,247,540 shares of the company’s stock worth $226,471,000 after purchasing an additional 9,975,953 shares in the last quarter. Pentwater Capital Management LP boosted its stake in Change Healthcare by 5,912.0% in the 1st quarter. Pentwater Capital Management LP now owns 9,500,000 shares of the company’s stock worth $209,950,000 after purchasing an additional 9,341,984 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Change Healthcare by 35.4% in the 4th quarter. Alliancebernstein L.P. now owns 9,243,146 shares of the company’s stock worth $172,385,000 after purchasing an additional 2,417,364 shares in the last quarter. Finally, Cardinal Capital Management LLC CT boosted its stake in Change Healthcare by 11.5% in the 4th quarter. Cardinal Capital Management LLC CT now owns 6,072,293 shares of the company’s stock worth $113,248,000 after purchasing an additional 628,530 shares in the last quarter. 95.92% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:CHNG opened at $23.19 on Tuesday. The stock has a 50-day simple moving average of $22.99. The stock has a market cap of $7.19 billion, a P/E ratio of -68.20, a PEG ratio of 7.94 and a beta of 1.50. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 1.46. Change Healthcare has a 1-year low of $9.76 and a 1-year high of $24.21.
Change Healthcare (NASDAQ:CHNG) last released its earnings results on Tuesday, May 25th. The company reported $0.42 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.06. The firm had revenue of $855.16 million for the quarter, compared to the consensus estimate of $836.30 million. Change Healthcare had a negative net margin of 3.63% and a positive return on equity of 11.82%. The company’s revenue was up 1.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.42 EPS. As a group, analysts expect that Change Healthcare will post 1.47 EPS for the current fiscal year.
About Change Healthcare
Change Healthcare Inc, an independent healthcare technology company, provides data and analytics-driven solutions to enhance clinical, financial, administrative, and patient engagement outcomes in the United States healthcare system. It operates through three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.
Read More: What Is an EV Stock?
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat’s editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Featured Article: What is FinTech?
It can be fun to invest in some speculative stocks. But it should go without saying that those stocks shouldn’t make up the bulk of your portfolio. In fact, it’s important to find a few good stocks that make up the base of your portfolio. These are momentum stocks that are in a strong uptrend.
One way to find such stocks is to look at the most active stocks (or volume leaders). Shares of these companies are among the most traded or have the highest dollar volume of shares traded in a given trading day.
Any stock may crack this list from time to time (for example, when there’s new news about the company). However, stocks tend to find their way on this list consistently that bear watching. That’s because this list indicates that there is…