Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Bilbel Capital Gabriel Sammut | “We think CareCloud is undervalued. But we found companies that are more undervalued. So we sold most of our CareCloud shares to buy them. CareCloud's value mainly depends on how many customers it keeps, and how AI will impact their profits. CareCloud bought 4 companies in 2025, after Q1. Including their revenue in Q1 2025, Q1 2026 revenue was 15% lower. The drop came mainly from weaker IT consulting. But this does not matter. Because almost all profit comes from TEBS. Reported TEBS revenue rose 30%. But without acquisitions it fell 5.6%. This is within CareCloud's normal 4% to 6% 'structural churn'. Meaning: doctors retiring, practices closing, or hospitals taking over practices and moving billing elsewhere. AI can hurt companies like CareCloud in 3 ways: Higher customer-acquisition costs, Lower prices or customer losses, Lower client revenue. CareCloud gets most customers by buying small medical billing companies. There are few buyers. And many struggling sellers. Their managers failed to fix them before AI. Now they face less cash and more problems. CareCloud can buy them cheaply. Then it can use its lower-cost team, software and AI to cut costs and sell more services. Good RCM providers already collect most valid claims within 30-60 days. AI has more room to cut costs than improve collections. Switching RCM providers is slow and risky. It takes 2-4 months and can disrupt collections. That alone can cancel out months of savings from a cheaper provider. Most medical providers also lack staff, rooms and clinic space. Switching systems takes staff away from patients. Using that time to treat more patients or add capacity is more valuable. So most hospitals stay with the same RCM provider for decades. They only switch only when poor service starts hurting collections. If AI makes switching cheaper, customers can seek lower prices. To keep the same total profit at lower prices, competitors must gain more customers. That requires higher sales, marketing and support costs. That favors low-cost providers. CareCloud spends $65 for every $100 of TEBS revenue. Versus $80 for competitors like TruBridge. At an $80 price, CareCloud still earns $15. While TruBridge earns nothing. So CareCloud can benefit either way. If switching stays costly, most customers stay. If switching gets cheaper, CareCloud's lower costs let it cut prices and still earn more than competitors. CareCloud earns a share of the money healthcare providers collect. In the short term, AI could make care cheaper. Providers could make more profit on each visit. And treat more patients with the same staff. For AI to sharply reduce CareCloud's profits over time, all of the following needs to happen: New medicine, AI and robots become safe, reliable, legally approved, cheap, and widely used. Payers reduce payment rates, or care shifts toward cheaper services. Patient volume fails to make up for the lower payments. It is possible. But it requires major advances in technology. And big changes in regulation, incentives, pricing, demand, and supply. All of that would take many years.” | NEUTRAL | Q2 2026 Aug 10, 2026 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
