Ontrak (NASDAQ:OTRK) Trading Down 14%

Ontrak, Inc. (NASDAQ:OTRK) shares dropped 14% on Wednesday . The stock traded as low as $59.11 and last traded at $61.80. Approximately 1,636,386 shares were traded during trading, an increase of 259% from the average daily volume of 456,132 shares. The stock had previously closed at $71.83.

OTRK has been the topic of several analyst reports. Cowen assumed coverage on Ontrak in a research report on Thursday, July 16th. They set an “outperform” rating and a $36.00 price target on the stock. BidaskClub raised Ontrak from a “hold” rating to a “buy” rating in a report on Friday, June 19th. Royal Bank of Canada boosted their price objective on Ontrak from $50.00 to $82.00 in a report on Tuesday, September 8th. ValuEngine raised Ontrak from a “hold” rating to a “buy” rating in a report on Monday, August 3rd. Finally, Canaccord Genuity reissued a “buy” rating on shares of Ontrak in a report on Thursday, September 10th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Ontrak currently has an average rating of “Buy” and an average price target of $56.00.

The stock has a market cap of $1.07 billion, a PE ratio of -33.23 and a beta of 2.59. The business has a 50 day moving average price of $56.02 and a two-hundred day moving average price of $32.79.

Ontrak (NASDAQ:OTRK) last released its quarterly earnings data on Wednesday, August 5th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.28) by ($0.06). The firm had revenue of $17.23 million during the quarter. Equities analysts forecast that Ontrak, Inc. will post -1.11 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Citigroup Inc. boosted its position in shares of Ontrak by 5.4% during the first quarter. Citigroup Inc. now owns 9,858 shares of the company’s stock valued at $150,000 after buying an additional 507 shares during the last quarter. Steward Partners Investment Advisory LLC purchased a new position in Ontrak in the second quarter worth about $25,000. Rockefeller Capital Management L.P. purchased a new position in Ontrak in the second quarter worth about $26,000. Advisor Group Holdings Inc. boosted its position in Ontrak by 151.9% in the second quarter. Advisor Group Holdings Inc. now owns 1,763 shares of the company’s stock worth $43,000 after purchasing an additional 1,063 shares during the last quarter. Finally, Great West Life Assurance Co. Can purchased a new position in Ontrak in the second quarter worth about $44,000. 24.65% of the stock is currently owned by hedge funds and other institutional investors.

About Ontrak (NASDAQ:OTRK)

Ontrak, Inc operates as an artificial intelligence powered, virtualized outpatient healthcare treatment company that provides in-person or telehealth intervention services to health plans and other third-party payors. Its Ontrak PRE (Predict-Recommend-Engage) platform predicts people whose chronic disease will improve with behavior change, recommends care pathways that people are willing to follow, and engages people who aren't getting the care they need.

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