Performant Healthcare (NASDAQ:PHLT) Sets New 12-Month High - What's Next?

Key Points

• Performant Healthcare shares reached a new **52-week high** of **$7.74** during trading, with a trading volume of **60,633 shares**.
• Several analyst downgrades have occurred, with **MarketBeat** listing four "Hold" ratings and one "Buy," while the consensus target price is currently **$7.88**.
• Institutional investors hold approximately **77.15%** of Performant Healthcare's stock, indicating strong institutional support for the company.

Shares of Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) reached a new 52-week high during trading on Friday . The company traded as high as $7.74 and last traded at $7.74, with a volume of 60633 shares traded. The stock had previously closed at $7.71.

Analyst Upgrades and Downgrades

PHLT has been the subject of several research analyst reports. JMP Securities initiated coverage on shares of Performant Healthcare in a report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 target price for the company. Wall Street Zen cut Performant Healthcare from a "buy" rating to a "hold" rating in a report on Sunday, August 3rd. B. Riley cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a report on Monday, August 4th. Lake Street Capital downgraded Performant Healthcare from a "buy" rating to a "hold" rating and set a $7.75 price target for the company. in a research note on Monday, August 4th. Finally, Citizens Jmp downgraded Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 1st. One equities research 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 stock currently has an average rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Trading Up 0.3%

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 capitalization of $621.80 million, a P/E ratio of -773.00 and a beta of 0.49. The firm has a 50 day moving average of $6.84 and a 200-day moving average of $4.33.

Institutional Investors Weigh In On Performant Healthcare

Several institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in Performant Healthcare in the second quarter valued at about $28,000. Legal & General Group Plc bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $30,000. WINTON GROUP Ltd bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $52,000. Police & Firemen s Retirement System of New Jersey bought a new position in Performant Healthcare in the 2nd quarter valued at approximately $57,000. Finally, ProShare Advisors LLC bought a new position in shares of Performant Healthcare during the second quarter valued at $58,000. Institutional investors 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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