Performant Healthcare (NASDAQ:PHLT) Reaches New 52-Week High - Here's Why

Key Points

• Performant Healthcare shares reached a new 12-month high of $7.74, a significant increase from its previous close of $3.55, indicating strong performance in the market.
• Equity analysts have given Performant Healthcare a range of positive ratings, including a "strong-buy" and "market outperform" with a price target of $8.00.
• The company reported a quarterly revenue of $33.27 million, exceeding analyst expectations, and had a recent stock price jump of 114.9% over the last fifty days.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report)'s share price hit a new 52-week high on Friday . The company traded as high as $7.74 and last traded at $7.62, with a volume of 6039826 shares changing hands. The stock had previously closed at $3.55.

Analysts Set New Price Targets

PHLT has been the subject of a number of research reports. Wall Street Zen cut shares of Performant Healthcare from a "buy" rating to a "hold" rating in a report on Sunday. JMP Securities initiated coverage on shares of Performant Healthcare in a report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 target price for the company. Lake Street Capital cut shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 target price for the company. in a report on Monday. B. Riley cut shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday. Finally, Citizens Jmp cut shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Friday. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Performant Healthcare has an average rating of "Hold" and an average target price of $7.92.

Performant Healthcare Trading Up 0.1%

The stock's 50 day moving average price is $3.78 and its 200-day moving average price is $2.98. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $596.72 million, a PE ratio of -95.25 and a beta of 0.41.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.02) by $0.04. The firm had revenue of $33.27 million during the quarter, compared to analysts' expectations of $29.92 million. Performant Healthcare had a negative net margin of 4.62% and a negative return on equity of 6.68%. On average, sell-side analysts expect that Performant Healthcare, Inc. will post -0.13 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lisa Im sold 180,867 shares of the firm's 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 transaction, the director directly owned 1,229,413 shares of the company's stock, valued at approximately $3,995,592.25. This trade represents a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 9.20% of the company's stock.

Hedge Funds Weigh In On Performant Healthcare

Several institutional investors have recently bought and sold shares of PHLT. Range Financial Group LLC bought a new stake in shares of Performant Healthcare in the 2nd quarter worth about $80,000. Salem Investment Counselors Inc. bought a new stake in shares of Performant Healthcare in the 2nd quarter worth about $248,000. CWC Advisors LLC. bought a new stake in shares of Performant Healthcare in the 2nd quarter worth about $384,000. AMH Equity Ltd bought a new stake in shares of Performant Healthcare in the 2nd quarter worth about $1,100,000. Finally, HighMark Wealth Management LLC bought a new stake in shares of Performant Healthcare in the 2nd quarter worth about $3,250,000. 77.15% of the stock is owned by hedge funds and other 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.