In a report released yesterday, Richard Close from Canaccord Genuity maintained a Buy rating on Sharecare (SHCR – Research Report), with a price target of $2.00.
Richard Close has given his Buy rating due to a combination of factors related to Sharecare’s current position and future prospects. Despite a quarterly revenue shortfall, Sharecare is actively pursuing new business opportunities and showing progress in all three of its business segments. The company is navigating through a strategic review with potential bidders interested in a sale or other strategic transactions, which is expected to conclude shortly. This suggests a positive outlook for the company’s future, bolstered by the fact that they have maintained a solid cash position with over $100 million in cash and further liquidity available.
Additionally, Sharecare’s management is effectively controlling costs to mitigate the impact of lost revenue due to a contract dispute. The company has also reported growth in its business pipeline, including multi-year renewals and significant new contracts that could generate over $40 million in annual net new revenue. With the enterprise segment showing sizable progress and the provider team closing deals with an average size double that of the previous year, Sharecare seems poised for growth, justifying the analyst’s optimistic Buy rating.
According to TipRanks, Close is a 4-star analyst with an average return of 7.2% and a 47.76% success rate. Close covers the Healthcare sector, focusing on stocks such as AdaptHealth, R1 RCM, and Evolent Health.
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Sharecare (SHCR) Company Description:
Falcon Capital Acquisition Corp is a blank check company.
Read More on SHCR:
- Shareholders of Sharecare, Inc. Should Contact Levi & Korsinsky LLP Before June 18, 2024 to Discuss Your Rights – SHCR
- Sharecare awarded three-year NCQA Accreditation for Case Management
- Sharecare awarded three-year NCQA accreditation for case management
- Sharecare, Anthem Blue Cross and Blue Shield partner for Jump Shot for Health
- Sharecare teams up with Anthem Blue Cross and Blue Shield on Jump Shot for Health initiative to support Georgia Title 1 schools
