Deutsche bank took its Change Healthcare [CHNG] rating to the equivalent of Hold from Buy, and the price target to $25.75, in a research note dated 2021-01-08. That figure represents around a 7.67% premium from where the company’s shares closed on Thursday. Some new analysts also started their coverage, with Citigroup’s analysts assigning the shares to “a Buy” rating in a research note to investors issued in mid July. Meanwhile, SVB Leerink had launched its coverage on CHNG with “an Outperform”, in a research note produced for clients April 13, 2020. In addition, there was an upgrade from Raymond James on March 18, 2020. The rater changed CHNG from “an Outperform” to “a Strong buy”.
Is Change Healthcare Inc. [NASDAQ:CHNG] a Good Buy Right Now?
It should be noted that CHNG technical indicators for short, intermediate as well as long term progress have placed an overall average of 100% as Buy. The average signal changed from 100% Buy in the last week and compares with 100% Buy in the past month. Data from Change Healthcare Inc.’s Trend Spotter indicated that the signals were Strengthening. The stock current average is 7.31 million shares in the past 20 days and the short term average signal indicates a 100% Buy. In the last 50 days, the average trading volume was 4.25 million shares while the medium term average advocated for 100% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 3.28 million shares.
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CHNG Price Performance
On Wall Street, Change Healthcare Inc. [NASDAQ:CHNG] finished Thursday’s session up 0.82% at $23.92. The stock went up to $24.10 at the same session while its lowest single day price was $23.66. In the last five days, it saw a rise of about 28.71%, Change Healthcare Inc. shares gained by almost 28.23% since the beginning of the year. However, the share price has dropped to as low as -1.22% below its one year high. On 01/06/21, the company shares recorded $24.21, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $17.90. The company’s shares have inclined by 50.79% in the past year. The 50-day SMA achieved is $17.35 while the 200-day SMA is $13.54. Volume dropped to 20.7 million from 86.73 million in the previous session.
CHNG Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 23.68 level, and in case of violation of this particular level, it will cause more drop to 23.45 level. On the upper level, 24.33 is still the key resistance. The stock may increase to the subsequent resistance at 24.12. The Relative Strength Index (RSI) pinned on the 14-day chart is 83.95, implying a overbought technical stance while the MACD stands at 2.77, meaning price will increase in the next trading period. Percent R indicator moved to 4.65%, implying bullish price movement. Stochastic %K at 72.93% suggest selling the stock.
What is the short interest in Change Healthcare Inc.?
Short interest in the Change Healthcare Inc. stock has plunged, decreasing by -1.19 million shares to total 12.24 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 11.05 million, data from Yahoo Finance shows. The increase of 9.72% suggests the stock saw some increased bearish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 5.01% of the overall float for the stock.
Change Healthcare Inc.’s Biggest Shareholders: Who Owns Change Healthcare Inc. [CHNG]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 19,125,470 shares or roughly 6.28% of the outstanding CHNG shares. This means their shares have reduced by -1,147,039 from the 19,125,470 the investor reportedly held in its prior 13-F filing. With the conclusion of the sale, Clarkston Capital Partners LLC updated stake is worth $318,802,148. Details in the latest 13F filings reveal that Boston Partners Global Investors, disposed off their -1.36% stake valued at $257,309,901 while Camber Capital Management LP cut theirs at $256,950,000. During the last quarter, Boston Partners Global Investors, liquidated -206,601 of its shares in Change Healthcare Inc. while Camber Capital Management LP sold -900,000 shares. The Eminence Capital LP’s holdings currently number 14,504,280 shares at $346942377.6. According to the firm’s last 13F report, BlackRock Fund Advisors shares in the company at filing stood at 9,623,835 shares, roughly $164,856,294.
CHNG Earnings Forecast For The Current Quarter
Change Healthcare Inc. [CHNG] is expected to report weak earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $787.43M and an earnings per share of $0.3 for Dec 2020. Looking further ahead, the company is expected to report revenue of $841.9M at an EPS of $0.36 for Mar 2021. The estimates represent 10.80% and 30.51% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
CHNG Earnings Estimates For The Current Year
For the financial year, Change Healthcare Inc. [NASDAQ:CHNG] is expected to bring in revenue of $3.08B. The returns are nearly $-220.0 million lower than the company’s actual revenue recorded in the fiscal year 2020. In terms of EPS for the 2021, estimate put it at 1.24, lower than that of FY20 by -$0.31. Estimates put this year’s earnings growth at -20.00%, 32.30% for the next, and at an annual 5.30% over the next 5-year period. As for sales, forecasts are for a decrease of -6.80% in the current fiscal year and a further 10.80% over the following year.