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

Equities research analysts at Citizens Jmp assumed coverage on shares of Performant Healthcare (NASDAQ:PHLT - Get Free Report) in a report released on Thursday, Marketbeat.com reports. The firm set a "strong-buy" rating and a $8.00 price target on the stock. Citizens Jmp's target price would indicate a potential upside of 95.12% from the stock's current price.

Several other brokerages have also issued reports on PHLT. JMP Securities started coverage on shares of Performant Healthcare in a report on Thursday. They set a "market outperform" rating and a $8.00 price target on the stock. B. Riley raised shares of Performant Healthcare to a "strong-buy" rating in a report on Wednesday, March 12th.

Performant Healthcare Trading Down 4.9%

PHLT stock traded down $0.21 during mid-day trading on Thursday, hitting $4.10. The stock had a trading volume of 242,161 shares, compared to its average volume of 237,748. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.56 and a quick ratio of 2.56. Performant Healthcare has a 52 week low of $2.17 and a 52 week high of $4.44. The stock has a market capitalization of $321.07 million, a price-to-earnings ratio of -51.25 and a beta of 0.37. The stock's fifty day moving average is $3.24.

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

Insiders Place Their Bets

In other Performant Healthcare news, Director Lisa Im sold 180,867 shares of the business's stock in a transaction that occurred 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 sale, the director directly owned 1,229,413 shares of the company's stock, valued at $3,995,592.25. The trade was a 12.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 9.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Performant Healthcare

Institutional investors have recently added to or reduced their stakes in the business. Range Financial Group LLC bought a new stake in Performant Healthcare during the 2nd quarter worth approximately $80,000. Salem Investment Counselors Inc. bought a new stake in Performant Healthcare during the 2nd quarter worth approximately $248,000. CWC Advisors LLC. bought a new stake in Performant Healthcare during the 2nd quarter worth approximately $384,000. Finally, Mirador Capital Partners LP bought a new stake in Performant Healthcare during the 2nd quarter worth approximately $9,698,000. 77.15% of the stock is owned by 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.