Performant Healthcare (NASDAQ:PHLT) Downgraded to "Hold" Rating by 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 to investors on Monday, MarketBeat Ratings reports.

Several other brokerages have also recently weighed in on PHLT. Lake Street Capital cut shares of 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. JMP Securities assumed coverage on Performant Healthcare in a report on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 price objective on the stock. Citizens Jmp initiated coverage on Performant Healthcare in a research report on Thursday, July 10th. They issued a "strong-buy" rating and a $8.00 target price on the stock. Finally, Wall Street Zen downgraded shares of Performant Healthcare from a "buy" rating to a "hold" rating in a research note on Sunday. Five investment analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $7.88.

Performant Healthcare Price Performance

Performant Healthcare stock opened at $7.62 on Monday. The business's 50-day simple moving average is $3.98 and its two-hundred day simple moving average is $3.05. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.56 and a current ratio of 2.56. The company has a market cap of $596.72 million, a PE ratio of -95.25 and a beta of 0.41. Performant Healthcare has a fifty-two week low of $2.17 and a fifty-two week high of $7.74.

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

Insider Activity at Performant Healthcare

In related news, Director Lisa Im sold 180,867 shares of the stock in a transaction on Tuesday, June 3rd. The shares were sold at an average price of $3.25, for a total transaction of $587,817.75. Following the completion of the sale, the director owned 1,229,413 shares in the company, valued at $3,995,592.25. This represents a 12.82% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 9.20% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PHLT. First Eagle Investment Management LLC purchased a new position in shares of Performant Healthcare in the 2nd quarter valued at $10,817,000. Mirador Capital Partners LP bought a new stake in shares of Performant Healthcare in the 2nd quarter worth approximately $9,698,000. HighMark Wealth Management LLC acquired a new position in Performant Healthcare during the 2nd quarter valued at approximately $3,250,000. AMH Equity Ltd acquired a new stake in shares of Performant Healthcare in the 2nd quarter worth about $1,100,000. Finally, Savant Capital LLC bought a new stake in Performant Healthcare in the 2nd quarter valued at about $444,000. Institutional investors and hedge funds own 77.15% of the company's stock.

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.