Performant Healthcare (NASDAQ:PHLT) Reaches New 12-Month High - Should You Buy?

Key Points

• Performant Healthcare reached a new 12-month high at $7.76 during mid-day trading, reflecting increased interest from investors.
• Analysts have mixed ratings on the stock, with a consensus rating of "Hold" and a target price of $7.88 following recent downgrades from several firms.
• Institutional investors hold a significant portion, owning 77.15% of Performant Healthcare’s shares, indicating strong interest from larger financial entities.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $7.76 and last traded at $7.74, with a volume of 282698 shares traded. The stock had previously closed at $7.73.

Analyst Upgrades and Downgrades

Several research firms have commented on PHLT. JMP Securities assumed coverage on shares of Performant Healthcare in a report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price objective on the stock. Citizens Jmp downgraded shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Performant Healthcare in a research report on Wednesday, October 8th. Craig Hallum downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 price target for the company. in a research note on Monday, August 4th. Finally, Lake Street Capital lowered Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 price target on the stock. in a report on Monday, August 4th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Trading Up 0.3%

The company has a 50 day moving average of $7.67 and a 200-day moving average of $4.90. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.64 and a current ratio of 2.64. The stock has a market cap of $623.41 million, a price-to-earnings ratio of -775.00 and a beta of 0.69.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last released its quarterly earnings data on Tuesday, March 15th. The company reported $0.08 EPS for the quarter. The business had revenue of $40.04 million for the quarter. Performant Healthcare had a negative return on equity of 0.04% and a negative net margin of 0.64%. On average, research analysts anticipate that Performant Healthcare, Inc. will post -0.13 earnings per share for the current year.

Institutional Investors Weigh In On Performant Healthcare

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Mirador Capital Partners LP purchased a new stake in Performant Healthcare during the second quarter valued at about $9,698,000. CWC Advisors LLC. purchased a new stake in shares of Performant Healthcare in the second quarter worth about $384,000. Salem Investment Counselors Inc. purchased a new stake in shares of Performant Healthcare in the second quarter worth about $248,000. HighMark Wealth Management LLC purchased a new stake in shares of Performant Healthcare in the second quarter worth about $3,250,000. Finally, Range Financial Group LLC acquired a new position in shares of Performant Healthcare in the second quarter worth about $80,000. Hedge funds and other institutional investors own 77.15% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.