iCoreConnect Inc. (NASDAQ:ICCT) Sees Significant Decline in Short Interest

iCoreConnect Inc. (NASDAQ:ICCT) was the target of a large drop in short interest in the month of January. As of January 15th, there was short interest totalling 42,400 shares, a drop of 61.6% from the December 31st total of 110,400 shares. Currently, 5.1% of the shares of the stock are sold short. Based on an average daily volume of 409,600 shares, the days-to-cover ratio is presently 0.1 days.

Insiders Place Their Bets

In other news, CEO Robert P. Mcdermott bought 11,839 shares of the firm’s stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $3.60 per share, with a total value of $42,620.40. Following the acquisition, the chief executive officer now owns 61,494 shares of the company’s stock, valued at approximately $221,378.40. The trade was a 23.84 % increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. 59.42% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On iCoreConnect

An institutional investor recently bought a new position in iCoreConnect stock. Magnus Financial Group LLC purchased a new stake in shares of iCoreConnect Inc. (NASDAQ:ICCT) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm purchased 25,010 shares of the company’s stock, valued at approximately $63,000. Magnus Financial Group LLC owned about 2.05% of iCoreConnect at the end of the most recent quarter. Hedge funds and other institutional investors own 13.42% of the company’s stock.

iCoreConnect Price Performance

Shares of ICCT traded down $0.04 during mid-day trading on Tuesday, reaching $2.56. 244,893 shares of the stock traded hands, compared to its average volume of 724,232. The company has a market cap of $3.12 million, a price-to-earnings ratio of -0.04 and a beta of 0.84. iCoreConnect has a 1 year low of $2.12 and a 1 year high of $36.50. The firm has a fifty day moving average price of $2.94 and a 200 day moving average price of $6.82. The company has a current ratio of 0.11, a quick ratio of 0.11 and a debt-to-equity ratio of 7.93.

iCoreConnect Company Profile

iCoreConnect Inc, a cloud-based software and technology company, provides Health Insurance Portability and Accountability Act (HIPAA) compliant cloud-based software as a service (SaaS) in the United States. The company’s products include iCoreRx, a HIPAA compliant electronic prescription software; iCorePDMP, a solution that checks the patient’s Prescription Drug Monitoring Program (PDMP) history before prescribing controlled substances; iCoreVerify and iCoreVerify+, a HIPAA compliant SaaS solution that automatically retrieves a patients insurance eligibility breakdown to verify their benefits in advance of their appointment and on-demand; iCoreHuddle and iCoreHuddle+, a tool to instantly reveal the revenue potential of each patient; and iCoreCodeGenius, a medical coding reference SaaS solution.