Performant Healthcare (NASDAQ:PHLT) Sees Large Volume Increase - What's Next?

Key Points

• Performant Healthcare's stock (NASDAQ: PHLT) experienced an increase in trading volume on Thursday, with 411,719 shares traded, despite a 17% decline from the previous session.
• Wall Street analysts have generally downgraded PHLT's stock ratings, with four firms lowering it to a "hold" rating, and an average price target established at $7.88.
• Institutional investors now hold 77.15% of Performant Healthcare’s stock, with several acquiring significant new positions in the second quarter of the year.

Shares of Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) saw an uptick in trading volume on Thursday . 411,719 shares traded hands during mid-day trading, a decline of 17% from the previous session's volume of 498,207 shares.The stock last traded at $7.69 and had previously closed at $7.65.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on PHLT shares. B. Riley cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 4th. Craig Hallum lowered Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 price target for the company. in a report on Monday, August 4th. Citizens Jmp lowered Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. Wall Street Zen lowered Performant Healthcare from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. Finally, Lake Street Capital lowered Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 price objective for the company. in a research note on Monday, August 4th. One research analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat, Performant Healthcare has an average rating of "Hold" and a consensus price target of $7.88.

Performant Healthcare Price Performance

The company has a current ratio of 2.64, a quick ratio of 2.64 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $608.30 million, a P/E ratio of -770.00 and a beta of 0.49. The stock has a 50 day moving average of $6.06 and a 200-day moving average of $3.95.

Institutional Investors Weigh In On Performant Healthcare

A number of institutional investors and hedge funds have recently modified their holdings of PHLT. ProShare Advisors LLC purchased a new position in shares of Performant Healthcare in the 2nd quarter valued at $58,000. Hillsdale Investment Management Inc. acquired a new stake in Performant Healthcare during the 2nd quarter worth about $432,000. White Pine Capital LLC acquired a new position in shares of Performant Healthcare in the 2nd quarter valued at about $919,000. Savant Capital LLC acquired a new position in shares of Performant Healthcare in the 2nd quarter valued at about $444,000. Finally, Bailard Inc. acquired a new position in shares of Performant Healthcare in the 2nd quarter valued at about $301,000. 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.

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.