Salem Investment Counselors Inc. Invests $248,000 in Performant Healthcare, Inc. $PHLT

Key Points

• Salem Investment Counselors Inc. acquired a new stake in Performant Healthcare, Inc., purchasing 62,100 shares valued at approximately $248,000.
• Performant Healthcare's stock has varied between a one-year low of $2.17 and a high of $7.74, currently trading at $7.68.
• Recent analyst ratings have downgraded Performant Healthcare to a "hold" status, with a consensus price target of $7.88.

Salem Investment Counselors Inc. bought a new position in Performant Healthcare, Inc. (NASDAQ:PHLT - Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 62,100 shares of the company's stock, valued at approximately $248,000. Salem Investment Counselors Inc. owned about 0.08% of Performant Healthcare at the end of the most recent reporting period.

Performant Healthcare Price Performance

Shares of PHLT traded up $0.02 during midday trading on Friday, hitting $7.70. 479,830 shares of the company traded hands, compared to its average volume of 516,927. The firm has a 50 day moving average of $6.48 and a 200-day moving average of $4.16. Performant Healthcare, Inc. has a 52 week low of $2.17 and a 52 week high of $7.74. The stock has a market cap of $619.39 million, a price-to-earnings ratio of -770.00 and a beta of 0.49. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.64 and a current ratio of 2.64.

Analyst Upgrades and Downgrades

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

Performant Healthcare Company Profile

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.