ICCT - Why Shares of iCoreConnect Jumped on Wednesday
2023-09-06 14:30:22 ET
Shares of iCoreConnect (NASDAQ: ICCT) were up more than 19% on Wednesday as of 2 p.m. ET after the healthcare cloud-based software and technology company announced product updates. The stock is up more than 195% so far this year and earlier in the day hit a high of $10.98 a share.
iCore announced on Wednesday that it is coming out with a new version of its iCoreExchange encrypted email, compliant with privacy regulation under the Health Insurance Portability and Accountability Act (HIPAA), and referral network. The company said it was updating its user interface, adding Google Chrome notifications, a simpler two-factor authentication, and a better email platform. The newer product, iCoreExchange V6.0, is expected to be more efficient and more secure, the company said. iCore provides a number of systems to improve efficiency and billing for dental practices and healthcare systems.
iCore's shares have been booming since it switched from an over-the-counter stock to the NASDAQ on Aug. 28. At this point, the stock's surge may not be able to hold until the business shows improved financials. In the first quarter, the company reported revenue of $1.84 million, down 9% year over year, and a net loss of $1.69 million, compared to a loss of $1.54 in the prior-year period.
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Why Shares of iCoreConnect Jumped on Wednesday