Performant Healthcare (NASDAQ:PHLT) Rating Lowered to Hold at B. Riley

Key Points

• Performant Healthcare has been downgraded from a "strong-buy" to a "hold" rating by B. Riley, suggesting a cautious outlook for the stock.
• JMP Securities has initiated coverage with a "market outperform" rating and a target price of $8.00, while other firms have also shifted ratings to "hold".
• The stock currently has a market capitalization of approximately $595.94 million and a consensus target price of $7.92.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) was downgraded by investment analysts at B. Riley from a "strong-buy" rating to a "hold" rating in a research note issued on Monday, MarketBeat Ratings reports.

A number of other brokerages have also recently commented on PHLT. JMP Securities started coverage on Performant Healthcare in a research note on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 price objective for the company. Wall Street Zen cut Performant Healthcare from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. Citizens Jmp initiated coverage on Performant Healthcare in a research report on Thursday, July 10th. They set a "strong-buy" rating and a $8.00 price target on the stock. Finally, Lake Street Capital 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. Five analysts have rated the stock with a hold rating and one has assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Trading Down 0.1%

Shares of PHLT traded down $0.01 during mid-day trading on Monday, reaching $7.62. 2,204,143 shares of the company were exchanged, compared to its average volume of 1,528,633. The stock has a market capitalization of $596.72 million, a PE ratio of -95.25 and a beta of 0.41. The business has a 50 day simple moving average of $4.16 and a two-hundred day simple moving average of $3.12. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.56 and a current ratio of 2.56. 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 issued its earnings results on Thursday, May 8th. The company reported $0.02 earnings per share for the quarter, topping analysts' consensus estimates of ($0.02) by $0.04. The business had revenue of $33.27 million during the quarter, compared to the consensus estimate of $29.92 million. Performant Healthcare had a negative return on equity of 6.68% and a negative net margin of 4.62%. On average, analysts predict that Performant Healthcare will post -0.13 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lisa Im sold 180,867 shares of the business's stock in a transaction on Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total transaction of $587,817.75. Following the sale, the director directly owned 1,229,413 shares in the company, valued at approximately $3,995,592.25. The trade was a 12.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 9.20% of the company's stock.

Hedge Funds Weigh In On Performant Healthcare

A number of institutional investors have recently added to or reduced their stakes in the business. Prescott Group Capital Management L.L.C. bought a new position in Performant Healthcare in the 2nd quarter worth about $63,173,000. First Eagle Investment Management LLC bought a new position in Performant Healthcare in the 2nd quarter worth about $10,817,000. Mirador Capital Partners LP bought a new position in Performant Healthcare in the 2nd quarter worth about $9,698,000. Geode Capital Management LLC bought a new position in Performant Healthcare in the 2nd quarter worth about $6,691,000. Finally, HighMark Wealth Management LLC bought a new position in Performant Healthcare in the 2nd quarter worth about $3,250,000. 77.15% of the stock is currently owned by institutional investors.

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.