Global business process automation company Exela Technologies, Inc. (XELA) has inked a partnership deal with CareSource, a nationally recognized non-profit managed care organization.
Following the news, shares of the company jumped 16% during the extended trading session on Thursday after closing 6.5% higher on the day.
Through this deal, Exela’s cloud-based PCH Global platform will accelerate CareSource’s digital transformation journey. The platform will provide quality healthcare coverage to Medicaid consumers from several states across America, the company said.
Exela’s investments in expanding PCH Global’s capabilities are likely to provide a cloud-hosted solution for healthcare claims. The recent deal will also digitally connect members, providers and insurance companies to facilitate clean claims, transparency in payments and digital appeals through the platform.
PCH Global’s cloud network also offers increased scalability and its robust data analytics can be accessed via a self-service model.
See Insiders’ Hot Stocks on TipRanks >>
The President of Exela, Suresh Yannamani, said, “Our mission is to provide members and providers a better user experience and overall service to constituents in The Great State of Ohio and other states across the country.” (See Exela stock charts on TipRanks)
Wall Street’s Take
Consensus among analysts is a Moderate Buy based on 2 Buys. The average Exela price target of $4.50 implies 148.62% upside potential from current levels. Shares have gained 56% over the past year.
According to the new TipRanks’ Risk Factors tool, Exela is at risk from three key factors: Finance and Corporate, Ability to Sell, and Production, which contribute 26%, 24% and 18%, respectively, to the total 34 risks identified for the stock.
Enphase Energy’s Q3 Revenue & Earnings Outperform; Shares Pop 13%
Alphabet Outperforms in Q3, Google Cloud & YouTube Ad Revenue Falter
Ocugen Submits IND Application for COVAXIN