Performant Healthcare (NASDAQ:PHLT) Reaches New 12-Month High - Still a Buy?

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) shares hit a new 52-week high during trading 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.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Citizens Jmp assumed coverage on Performant Healthcare in a report on Thursday, July 10th. They set a "strong-buy" rating and a $8.00 price objective for the company. JMP Securities assumed coverage on Performant Healthcare in a report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price objective for the company. Finally, Wall Street Zen raised Performant Healthcare from a "hold" rating to a "buy" rating in a report on Saturday, July 26th.

Performant Healthcare Stock Up 114.9%

The stock has a fifty day moving average price of $3.59 and a 200 day moving average price of $2.90. 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 stock has a market capitalization of $597.51 million, a P/E ratio of -95.38 and a beta of 0.37.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last posted its quarterly earnings data 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. Performant Healthcare had a negative return on equity of 6.68% and a negative net margin of 4.62%. The company had revenue of $33.27 million during the quarter, compared to analyst estimates of $29.92 million. On average, research analysts forecast that Performant Healthcare, Inc. will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Performant Healthcare news, Director Lisa Im sold 180,867 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total transaction of $587,817.75. Following the sale, the director owned 1,229,413 shares in the company, valued at $3,995,592.25. This trade represents a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 9.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Range Financial Group LLC bought a new stake in shares of Performant Healthcare in the 2nd quarter worth approximately $80,000. Salem Investment Counselors Inc. bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $248,000. CWC Advisors LLC. bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $384,000. HighMark Wealth Management LLC bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $3,250,000. Finally, Mirador Capital Partners LP bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $9,698,000. 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.

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