Performant Healthcare (NASDAQ:PHLT) Sees Strong Trading Volume - Here's What Happened

Key Points

• Performant Healthcare's stock saw a significant increase in trading volume, with 917,710 shares traded, marking a 144% rise from the previous day.
• Several analysts have downgraded the stock to a "hold" rating, with a consensus price target of $7.88.
• Insider activity included a director selling 180,867 shares at an average price of $3.25, indicating a 12.82% reduction in their holdings.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) shares saw strong trading volume on Thursday . 917,710 shares traded hands during mid-day trading, an increase of 144% from the previous session's volume of 376,606 shares.The stock last traded at $7.62 and had previously closed at $7.61.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Wall Street Zen lowered shares of Performant Healthcare from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. JMP Securities initiated coverage on shares of Performant Healthcare in a research note on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price objective on the stock. Lake Street Capital cut shares of Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 target price for the company. in a research note on Monday, August 4th. 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 report on Monday, August 4th. Finally, Citizens Jmp cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. One analyst has rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, Performant Healthcare currently has an average rating of "Hold" and an average target price 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 firm has a market capitalization of $601.19 million, a price-to-earnings ratio of -761.00 and a beta of 0.41. The business has a 50-day moving average price of $4.79 and a two-hundred day moving average price of $3.38.

Insider Activity

In related news, Director Lisa Im sold 180,867 shares of the stock in a transaction that occurred on Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total value 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 $3,995,592.25. This represents a 12.82% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 9.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC acquired a new stake in Performant Healthcare in the 2nd quarter valued at about $58,000. Hillsdale Investment Management Inc. acquired a new position in Performant Healthcare in the second quarter worth approximately $432,000. White Pine Capital LLC bought a new position in shares of Performant Healthcare in the second quarter valued at $919,000. Savant Capital LLC acquired a new stake in shares of Performant Healthcare during the 2nd quarter valued at $444,000. Finally, Bailard Inc. acquired a new stake in shares of Performant Healthcare during the 2nd quarter valued at $301,000. 77.15% of the stock is currently 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.