HighMark Wealth Management LLC Invests $3.25 Million in Performant Healthcare, Inc. $PHLT

Key Points

• HighMark Wealth Management LLC invested approximately $3.25 million in Performant Healthcare, acquiring 812,550 shares, now making it the 10th largest holding in their portfolio.
• Multiple hedge funds and institutional investors have recently adjusted their stakes in Performant Healthcare, with institutional ownership now at 77.15% of the company's stock.
• Performant Healthcare's stock currently has an average rating of "Hold" from analysts, with a target price averaging around $7.88.

HighMark Wealth Management LLC acquired a new position in shares of Performant Healthcare, Inc. (NASDAQ:PHLT - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 812,550 shares of the company's stock, valued at approximately $3,250,000. Performant Healthcare comprises about 1.6% of HighMark Wealth Management LLC's investment portfolio, making the stock its 10th largest holding. HighMark Wealth Management LLC owned approximately 1.04% of Performant Healthcare at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Range Financial Group LLC bought a new position in Performant Healthcare in the 2nd quarter worth approximately $80,000. Salem Investment Counselors Inc. bought a new position in Performant Healthcare during the second quarter worth $248,000. CWC Advisors LLC. acquired a new position in Performant Healthcare during the 2nd quarter valued at $384,000. Finally, Mirador Capital Partners LP acquired a new position in Performant Healthcare during the 2nd quarter valued at $9,698,000. Institutional investors and hedge funds own 77.15% of the company's stock.

Performant Healthcare Stock Up 0.3%

Shares of PHLT opened at $7.73 on Friday. The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.10. The company has a 50-day moving average price of $7.24 and a two-hundred day moving average price of $4.51. The stock has a market cap of $621.80 million, a price-to-earnings ratio of -773.00 and a beta of 0.69. Performant Healthcare, Inc. has a 12 month low of $2.17 and a 12 month high of $7.74.

Analyst Ratings Changes

PHLT has been the topic of several research analyst reports. Wall Street Zen lowered shares of Performant Healthcare from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. Craig Hallum downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 target price on the stock. in a research report on Monday, August 4th. Lake Street Capital lowered Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 price target on the stock. in a research note on Monday, August 4th. JMP Securities assumed coverage on Performant Healthcare in a research report on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 price objective for the company. Finally, Citizens Jmp cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. One analyst has rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $7.88.

About Performant Healthcare

Performant Healthcare, Inc engages in the provision of technology-enabled audit, recovery, customer care, and related analytics services. Its services help identify improper payments, and in some markets, restructure and recover delinquent or defaulted assets and improper payments for both government and private clients.

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