Performant Healthcare (NASDAQ:PHLT) Sees Large Volume Increase - Time to Buy?

Key Points

• Performant Healthcare (NASDAQ:PHLT) experienced a 91% increase in trading volume, with 548,234 shares changing hands, while the stock last traded at $7.62.
• Analyst reports indicate a mixed outlook; JMP Securities and Citizens JMP have issued a "strong-buy" rating with an $8.00 price target, while Wall Street Zen downgraded PHLT from "buy" to "hold."
• Insider trading activity showed Director Lisa Im sold 180,867 shares at $3.25, decreasing her ownership stake by 12.82%.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) saw unusually-strong trading volume on Monday . Approximately 548,234 shares traded hands during trading, an increase of 91% from the previous session's volume of 287,144 shares.The stock last traded at $7.62 and had previously closed at $7.64.

Wall Street Analysts Forecast Growth

PHLT has been the subject of a number of recent research reports. Craig Hallum cut Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 price objective for the company. in a research note on Monday. Wall Street Zen downgraded shares of Performant Healthcare from a "buy" rating to a "hold" rating in a research report on Sunday, August 3rd. JMP Securities assumed coverage on shares of Performant Healthcare in a report on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 target price for the company. Lake Street Capital downgraded shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating and set a $7.75 target price on the stock. in a research note on Monday. Finally, Citizens Jmp downgraded shares of Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 1st. Five equities 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, the company has an average rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Price Performance

The stock has a market capitalization of $596.71 million, a PE ratio of -95.25 and a beta of 0.41. The firm's fifty day moving average price is $4.07 and its two-hundred day moving average price is $3.08. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.10.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported $0.02 EPS for the quarter, topping analysts' consensus estimates of ($0.02) by $0.04. The business had revenue of $33.27 million during the quarter, compared to the consensus estimate of $29.92 million. Performant Healthcare had a negative net margin of 4.62% and a negative return on equity of 6.68%. On average, equities analysts predict that Performant Healthcare, Inc. will post -0.13 earnings per share for the current year.

Insider Activity

In other Performant Healthcare news, Director Lisa Im sold 180,867 shares of the stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total value of $587,817.75. Following the transaction, the director owned 1,229,413 shares of the company's stock, valued at approximately $3,995,592.25. This represents a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 9.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Performant Healthcare

Several institutional investors have recently made changes to their positions in the business. ProShare Advisors LLC bought a new position in Performant Healthcare in the second quarter worth approximately $58,000. Range Financial Group LLC purchased a new stake in shares of Performant Healthcare in the 2nd quarter worth $80,000. Salem Investment Counselors Inc. bought a new position in Performant Healthcare in the 2nd quarter worth $248,000. Bailard Inc. purchased a new position in Performant Healthcare during the second quarter valued at $301,000. Finally, CWC Advisors LLC. bought a new stake in Performant Healthcare during the second quarter valued at about $384,000. Institutional investors own 77.15% of the company's stock.

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.