Performant Healthcare (NASDAQ:PHLT) Coverage Initiated by Analysts at Citizens Jmp

Equities researchers at Citizens Jmp began coverage on shares of Performant Healthcare (NASDAQ:PHLT - Get Free Report) in a research note issued to investors on Thursday, MarketBeat reports. The firm set a "mkt outperform" rating and a $8.00 price target on the stock. Citizens Jmp's price objective suggests a potential upside of 82.65% from the company's current price.

Several other equities analysts have also recently commented on the company. JMP Securities initiated coverage on Performant Healthcare in a research report on Thursday. They set a "market outperform" rating and a $8.00 target price for the company. B. Riley upgraded Performant Healthcare to a "strong-buy" rating in a report on Wednesday, March 12th.

Performant Healthcare Trading Up 2.3%

Shares of NASDAQ PHLT traded up $0.10 during mid-day trading on Thursday, hitting $4.38. The company had a trading volume of 105,042 shares, compared to its average volume of 168,850. The firm has a market capitalization of $343.00 million, a P/E ratio of -54.75 and a beta of 0.37. Performant Healthcare has a 1 year low of $2.17 and a 1 year high of $4.44. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.56 and a quick ratio of 2.56. The business's 50-day simple moving average is $3.17.

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

Insider Activity

In other news, Director Lisa Im sold 180,867 shares of the company'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 completion of the transaction, the director directly owned 1,229,413 shares in the company, valued at approximately $3,995,592.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Performant Healthcare

Several institutional investors have recently bought and sold shares of PHLT. Mirador Capital Partners LP purchased a new stake in Performant Healthcare during the 2nd quarter valued at about $9,698,000. Salem Investment Counselors Inc. purchased a new stake in Performant Healthcare during the 2nd quarter valued at about $248,000. Finally, Range Financial Group LLC purchased a new stake in Performant Healthcare during the 2nd quarter valued at about $80,000. 77.15% of the stock is currently owned by hedge funds and other institutional investors.

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.