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.
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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