Performant Healthcare, Inc. (NASDAQ:PHLT) Receives Consensus Recommendation of "Hold" from Analysts

Key Points

• Performant Healthcare, Inc. has received a consensus recommendation of "Hold" from five analysts, with four analysts recommending hold and one suggesting a buy.
• The average 12-month price target for Performant Healthcare's stock is approximately $7.88, with individual targets ranging from $7.75 to $8.00.
• In related insider trading news, Director Lisa Im sold 180,867 shares at an average price of $3.25, reducing her stake by 12.82% while still retaining over 1.2 million shares.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) has been given a consensus recommendation of "Hold" by the five ratings firms that are presently covering the firm, Marketbeat reports. Four analysts have rated the stock with a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $7.8750.

A number of analysts recently issued reports on the company. JMP Securities initiated coverage on Performant Healthcare in a research report on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 price target for the company. Wall Street Zen downgraded shares of Performant Healthcare from a "buy" rating to a "hold" rating in a research note on Sunday. Lake Street Capital cut Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 price objective for the company. in a report on Monday. Citizens Jmp downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Finally, Craig Hallum set a $7.75 price target on shares of Performant Healthcare and gave the company a "hold" rating in a research note on Monday.

Insider Activity

In related news, Director Lisa Im sold 180,867 shares of the business's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total value of $587,817.75. Following the transaction, the director owned 1,229,413 shares in the company, valued at $3,995,592.25. The trade was a 12.82% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 9.20% of the company's stock.

Institutional Trading of Performant Healthcare

Institutional investors have recently bought and sold shares of the company. Range Financial Group LLC purchased a new stake in shares of Performant Healthcare during the 2nd quarter valued at $80,000. Salem Investment Counselors Inc. purchased a new position in shares of Performant Healthcare in the 2nd quarter valued at $248,000. CWC Advisors LLC. purchased a new stake in Performant Healthcare during the 2nd quarter worth $384,000. AMH Equity Ltd acquired a new stake in Performant Healthcare in the 2nd quarter valued at $1,100,000. Finally, HighMark Wealth Management LLC acquired a new position in shares of Performant Healthcare during the second quarter worth about $3,250,000. 77.15% of the stock is currently owned by hedge funds and other institutional investors.

Performant Healthcare Stock Performance

NASDAQ:PHLT traded up $0.01 during trading hours on Wednesday, reaching $7.63. The company had a trading volume of 27,034 shares, compared to its average volume of 342,369. The firm's 50 day moving average price is $3.88 and its 200-day moving average price is $3.01. The firm has a market cap of $597.51 million, a price-to-earnings ratio of -95.38 and a beta of 0.41. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.10. Performant Healthcare has a 52 week low of $2.17 and a 52 week high of $7.74.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported $0.02 earnings per share for the quarter, beating analysts' consensus estimates of ($0.02) by $0.04. The company had revenue of $33.27 million for the quarter, compared to analysts' expectations of $29.92 million. Performant Healthcare had a negative net margin of 4.62% and a negative return on equity of 6.68%. On average, analysts forecast that Performant Healthcare will post -0.13 EPS for the current year.

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.

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