Shares Explode During Jefferies Presentation for American Caresource

Steve Kanaval  |

Shares of American Caresource Holdings, Inc. ($ANCI) are higher by 75% at mid-day trading today after naming a new COO to the team. Volume exploded to 400k so far today after averaging only 10k, and investors are asking – what is afoot? It’s rare that a stock moves like this after adding a COO. After some research, I found they are presenting at the Jefferies Health Care Conference in New York.

American CareSource currently operates primary care and urgent care facilities throughout the southeastern United States, including GeorgiaAlabamaFlorida and Northern Virginia. The urgent care facilities offer immediate medical care during extended hours throughout the week, with no appointment necessary – which is a growing trend moving away from traditional emergency room visits by consumers. During this quarter, they have been assembling a team of experienced players in the industry, but this still doesn’t explain the move on today’s action. So, I went to the message boards to find what out the deal is, and found they are in the process of presenting at the conference, which could explain the action.

Conferences can Cause Stocks to Spike

Shares of ANCI are not without blemishes, as they have been at these levels since 2014. Today, though, action is retracing from highs in 2015. Back in February, they traded as high as $3.50, and they were as low as $1.50 a week ago. The company has a total valuation of under $20M, so they are not a big player to date. Yet, the way these things go at conferences often causes large percentage moves in smaller stocks. At a conference, a portfolio manager might sit in a presentation or follow up Q&A and text his trader to tell her to start accumulating a positionThis seems to be what is happening for American Caresource. I will be doing some follow-up on them soon, as little information will be released from the conference which keeps the exclusivity and encourages attendance. For now, we just need to sit back and watch the fireworks.

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