Performant Healthcare (NASDAQ:PHLT) Sees Strong Trading Volume - Should You Buy?

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.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) shares saw an uptick in trading volume on Thursday . 411,719 shares changed hands during 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

A number of research firms have weighed in on PHLT. Citizens Jmp downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Wall Street Zen downgraded Performant Healthcare from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. JMP Securities began coverage on Performant Healthcare in a research report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price target for the company. B. Riley downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 4th. Finally, Lake Street Capital downgraded Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 price objective for the company. in a report on Monday, August 4th. One investment analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Stock Down 0.1%

The firm has a fifty day simple moving average of $6.27 and a 200-day simple moving average of $4.08. The firm has a market cap of $617.78 million, a price-to-earnings ratio of -768.00 and a beta of 0.48. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.64 and a current ratio of 2.64.

Institutional Investors Weigh In On Performant Healthcare

Several hedge funds have recently added to or reduced their stakes in PHLT. BNP Paribas Financial Markets acquired a new stake in shares of Performant Healthcare during the second quarter worth $28,000. Legal & General Group Plc acquired a new stake in shares of Performant Healthcare during the second quarter worth $30,000. WINTON GROUP Ltd acquired a new stake in shares of Performant Healthcare during the second quarter worth $52,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in shares of Performant Healthcare during the second quarter worth $57,000. Finally, ProShare Advisors LLC acquired a new stake in shares of Performant Healthcare during the second quarter worth $58,000. Institutional investors and hedge funds 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.