R1 RCM Inc (NASDAQ:RCM) Sees Significant Decline in Short Interest

R1 RCM Inc (NASDAQ:RCM) was the target of a large decline in short interest during the month of June. As of June 30th, there was short interest totalling 6,200,500 shares, a decline of 12.8% from the May 30th total of 7,106,600 shares. Based on an average daily volume of 1,020,000 shares, the days-to-cover ratio is presently 6.1 days. Approximately 7.1% of the shares of the company are sold short.

Several equities analysts have recently issued reports on RCM shares. Cantor Fitzgerald set a $9.00 price objective on Evofem Biosciences and gave the company a “buy” rating in a report on Friday, April 12th. Zacks Investment Research cut ExlService from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, BidaskClub raised Misonix from a “buy” rating to a “strong-buy” rating in a report on Wednesday, July 3rd. Five equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $14.80.

Shares of RCM stock traded up $0.18 on Friday, hitting $13.02. The company had a trading volume of 628,561 shares, compared to its average volume of 913,257. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of -40.69 and a beta of 0.08. The company’s 50-day simple moving average is $12.13. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 118.26. R1 RCM has a twelve month low of $7.10 and a twelve month high of $13.09.

R1 RCM (NASDAQ:RCM) last issued its quarterly earnings data on Thursday, May 9th. The financial services provider reported ($0.04) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $275.90 million during the quarter, compared to analysts’ expectations of $266.37 million. R1 RCM had a negative return on equity of 118.28% and a negative net margin of 2.19%. The company’s revenue for the quarter was up 87.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.26) EPS. As a group, sell-side analysts predict that R1 RCM will post 0.13 earnings per share for the current fiscal year.

In other R1 RCM news, Director Charles J. Ditkoff sold 4,099 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $11.72, for a total transaction of $48,040.28. Following the sale, the director now owns 4,099 shares in the company, valued at approximately $48,040.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 59.40% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Quantamental Technologies LLC acquired a new position in R1 RCM in the 1st quarter worth about $67,000. PNC Financial Services Group Inc. raised its holdings in R1 RCM by 64.5% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,463 shares of the financial services provider’s stock worth $59,000 after purchasing an additional 2,926 shares during the period. SG Americas Securities LLC acquired a new position in R1 RCM in the 1st quarter worth about $142,000. Amalgamated Bank acquired a new position in R1 RCM in the 4th quarter worth about $123,000. Finally, Bessemer Group Inc. acquired a new position in R1 RCM in the 4th quarter worth about $156,000. 69.69% of the stock is owned by institutional investors.

About R1 RCM

R1 RCM Inc provides revenue cycle management (RCM) for healthcare providers in the United States. It offers end-to-end RCM services to manage their revenue cycle operations, which encompass patient registration, insurance and benefit verification, medical treatment documentation and coding, and bill preparation and collection from patients and payers.

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