The total number of short positions in Convey Health Solutions Holdings, Inc. significantly increased during August, contributing to the overall increase (NYSE: CNVY). As of August 15th, 524,100 shares had been borrowed, representing a 74.2% rise over the 300,900 shares borrowed the day before.
It is possible to derive the current short-interest ratio of 1.3 days by using the average daily trading volume of 403,300 shares as a starting point for the calculation. Short holdings make up around 3.4% of the corporation’s total number of outstanding shares.
Various market observers have recently expressed their views on the stock at issue in recent weeks. Barclays dropped their recommendation on Convey Health Solutions on Wednesday, June 22nd, reducing it from “overweight” to “equal weight,” They also lowered their price goal, which had previously been $12.00 but is now $11.00. Both of these changes took place on the same day. In a research report issued on June 22nd, Canaccord Genuity Group changed its recommendation for Convey Health Solutions. Previously, it had suggested that investors “buy” the company’s stock.
In a study made available to the public on June 22nd, the research firm Guggenheim modified its recommendation for Convey Health Solutions from “buy” to “neutral,” which is a less favorable rating. Only one of the research experts has recommended buying shares of the firm, while the other four have kept their opinion on the stock at “hold.” According to the data made available by Bloomberg, the stock is now given a ” Hold ” recommendation by the market as a whole, and an average price objective of $11.40 has been set for the stock.
When trading started on Friday, one share of CNVY stock was going for $10.49. Over the past year, the price of Convey Health Solutions has fluctuated between $3.75 (an all-time low) and $10.61 (an all-time high). Both the company’s simple moving average over the past two years and its simple moving average over the last fifty days are $7.31 and $10.32, respectively. The firm’s market capitalization is currently at $767.81 million, while its price-to-earnings ratio is -104.90, and its beta value is 0.43. 2.20 is the value of the current ratio, 1.60 is the value of the quick ratio, and 0.50 is the value of the debt-to-equity ratio.
During the most recent period, several institutional investors engaged in purchasing and selling transactions involving company shares. Convey Health Solutions received an investment from Prelude Capital Management LLC for $2,099,000 during the second quarter of 2018. The amount of money that State Street Corporation put into Convey Health Solutions during the second quarter was 15.3% higher than in the first quarter.
Following the acquisition of an additional 31,552 shares during the most recent quarter, State Street Corp now possesses 238,163 shares of the firm, which has a value of $2,477,000. In the second quarter, Virtu Financial LLC made a new investment in Convey Health Solutions by devoting $281,000 to developing this enterprise. During the second quarter, Northern Trust Corporation increased the proportion of its holdings in Convey Health Solutions by 10.7% from the previous quarter’s level.
Northern Trust Corp now owns 127,821 shares after purchasing an additional 12,343 in the most recent quarter. The value of Northern Trust Corp’s holdings in the company at present is $1,329,000. During the second quarter, Rhumbline Advisers boosted the amount of Convey Health Solutions shares that it held by 76.6%, making this the last and most crucial point. As a result of the recent purchase of 9,777 extra shares during the most recent quarter, Rhumbline Advisers is now the owner of 22,541 shares in the company. These shares are currently valued at $234,000 owing to the transaction. Institutional investors and hedge funds control 90.73 percent of the company’s stock. By leveraging technology-enabled solutions and consulting services, Convey Health Solutions Holdings, Inc. assists its customers with the processes of product creation, sales, member experience, clinical management, core operations, and business intelligence and analytics. Advisory Services and Technology Enabled Solutions are two different parts of the business that is broken down further.