Pinetree Capital acquires $3.06 million in TruBridge shares

Pinetree Capital Ltd., a major stakeholder in TruBridge, Inc. (NASDAQ:TBRG), has recently expanded its holdings in the company. According to a recent SEC filing, Pinetree Capital acquired a total of 110,176 shares of TruBridge common stock over several transactions. The shares were purchased at prices ranging from $27.6147 to $28.163 per share, amounting to a total investment of approximately $3.06 million. These purchases come as TruBridge trades near its 52-week high of $28.58, with the stock currently showing signs of being in overbought territory according to InvestingPro technical indicators.

The acquisitions occurred over three days, with 74,981 shares purchased on February 13, 28,400 shares on February 14, and an additional 6,795 shares on February 18. Following these transactions, Pinetree Capital’s total ownership in TruBridge increased to 729,176 shares.

These purchases were executed through Pinetree Income Partnership, with Pinetree Capital Investment Corp. and Emerald Capital Corp. holding equity interests in the partnership. Damien Leonard, the President of Pinetree Capital, is the ultimate control person of these entities.

TruBridge, Inc., based in Mobile, Alabama, specializes in computer programming services. The company’s stock performance and strategic developments are closely monitored by investors, with Pinetree Capital’s transactions reflecting continued interest in TruBridge’s growth potential.

In other recent news, TruBridge, Inc. has seen a flurry of activity. The healthcare technology solutions provider has entered a partnership with Cibolo Health to extend TruBridge’s Revenue Cycle Management (RCM) technology and services to Cibolo’s network of rural clinically integrated networks. This collaboration is expected to empower rural healthcare providers to achieve financial stability and continue serving their communities.

In leadership changes, TruBridge has appointed Merideth Wilson as the General Manager of its Financial Health division. Wilson brings a wealth of experience to TruBridge, including a significant tenure at Experian (OTC:EXPGF). This move aligns with TruBridge’s strategy to meet the growing demand for innovative RCM solutions and expand its market reach.

Moreover, the company has reported the departure of its Chief Operating Officer, David A. Dye, following an established severance agreement. This development was confirmed by TruBridge’s President and Chief Executive Officer, Christopher L. Fowler.

In analyst updates, Stephens has maintained an Equal Weight rating for TruBridge and raised the price target by 31%. This follows TruBridge’s third-quarter earnings, which surpassed expectations, contributing to significant earnings growth. The company’s updated fiscal year 2024 guidance suggests a return to organic revenue growth. These are among the recent developments for TruBridge, Inc.

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