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 were traded during 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.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Citizens Jmp lowered Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Friday, August 1st. 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 target on the stock. Craig Hallum cut Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 target price for the company. in a research note on Monday, August 4th. Lake Street Capital cut 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. Finally, B. Riley cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 4th. Five research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat.com, Performant Healthcare currently has an average rating of "Hold" and a consensus price target of $7.88.

Performant Healthcare Price Performance

The company has a quick ratio of 2.64, a current ratio of 2.64 and a debt-to-equity ratio of 0.10. The firm has a market cap of $601.96 million, a P/E ratio of -95.25 and a beta of 0.41. The company has a 50 day moving average of $4.43 and a two-hundred day moving average of $3.23.

Insider Buying and Selling at Performant Healthcare

In related news, Director Lisa Im sold 180,867 shares of the stock in a transaction 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 owned 1,229,413 shares in the company, valued at $3,995,592.25. This trade represents a 12.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 9.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Performant Healthcare

Hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc acquired a new position in shares of Performant Healthcare in the 2nd quarter valued at $30,000. WINTON GROUP Ltd purchased a new stake in Performant Healthcare in the 2nd quarter worth about $52,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Performant Healthcare in the 2nd quarter worth about $57,000. ProShare Advisors LLC purchased a new stake in Performant Healthcare in the 2nd quarter worth about $58,000. Finally, Prudential Financial Inc. purchased a new stake in Performant Healthcare in the 2nd quarter worth about $66,000. 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.

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