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Why Healthcare Triangle Inc. (HCTI) stock plummeted on Friday?

Healthcare Triangle Inc. (HCTI) shares fell 7.89% in after-hours on Friday, January 21, 2022, and closed the weekly trading at $1.40. Even in the regular trading session of Friday, HCTI’s stock lost 2.25%. The stock volume remained 41990.0 shares. HCTI shares have moved down by 11.11% in the past week. Over the past three months, the stock has lost 48.65%. The company has a current market of $60.50 million and its outstanding shares stood at 39.80 million.

Let’s have a look at its recent news and developments.

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HCTI recent update

On January 20, 2022, Healthcare Triangle Inc., (HCTI) released a shareholder update.

Suresh Venkatachari, Chairman & CEO of the company said that the HCTI was recognized as one of the top 100 premier partners of Amazon Web Services, which is a global community comprising of over 100,000 partners. The company also achieved Premier Partner status with Google Cloud in 2021. The company is also focused on becoming one of the top 10 US healthcare IT providers by revenue by 2025.

Suresh Venkatachari described the recent acquisition of DevCool Inc, as a major step towards the company’s expansion and revenue growth.

HCTI new appointment

On January 11, 2022, Healthcare Triangle Inc., (HCTI) announced the appointment of Sanjay Dalwani as Chief Revenue Officer.

Sanjay is a digital evangelist helping Health Systems, Hospitals, and Life Sciences-Pharmaceutical companies from “doing digital to being digitally native.”

HCTI acquired DevCool

On December 13, 2021, Healthcare Triangle, Inc. (HCTI), acquired DevCool, Inc., ranked by Inc. 5000 as among the fastest-growing private companies in the USA in 2021.

DevCool managed services to 6 of the top 10 hospitals in the USA and specializes in providing services to cancer research hospitals and university medical centers. The combined company will focus on accelerating healthcare providers to adopt cloud technologies in improving clinical, operational, and financial performance.

HCTI participation in the recent event

Healthcare Triangle Inc., (HCTI) Chairman and CEO, Suresh Venkatachari recently participated virtually at the Sidoti & Company December Virtual Microcap Conference, which was held on Thursday, December 9, 2021.

HCTI selected by Monument Health

On November 23, 2021, Healthcare Triangle Inc., (HCTI) was selected by Monument Health taps Healthcare Triangle to automate their document processing through readable.AI.

Healthcare Triangle has deep expertise in Artificial Intelligence (AI), Machine Learning (ML), and Natural Language Processing (NLP) and it has helped Monument Health turn their clinical data from disparate sources into actionable insight.

Conclusion

Well, there is no such news which could be the reason behind its poor performance on Friday. Let’s see how it commences trading on Monday?

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