Performant Healthcare (NASDAQ:PHLT) Shares Up 0.1% - Here's What Happened

Key Points

• Performant Healthcare's stock rose by 0.1% to $7.60, with trading volume significantly dropping to 645,068 shares, a 75% decrease from its usual volume.
• Several brokerages have lowered their ratings on Performant Healthcare, with Craig Hallum and B. Riley both changing their ratings from "strong-buy" to "hold" and setting target prices around $7.75.
• Insider transactions showed Director Lisa Im selling 180,867 shares for $587,817, representing a 12.82% decrease in her position, while institutional investors now hold 77.15% of the company's stock.

Performant Healthcare, Inc. (NASDAQ:PHLT - Get Free Report) shot up 0.1% on Tuesday . The company traded as high as $7.60 and last traded at $7.60. 645,068 shares were traded during mid-day trading, a decline of 75% from the average session volume of 2,563,722 shares. The stock had previously closed at $7.59.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on PHLT. 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, August 4th. JMP Securities began coverage on Performant Healthcare in a research note on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 price objective for the company. B. Riley cut Performant Healthcare from a "strong-buy" rating to a "hold" rating in a research note on Monday, August 4th. Wall Street Zen cut Performant Healthcare from a "buy" rating to a "hold" rating in a research note on Sunday, August 3rd. Finally, Citizens Jmp cut 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 given a Hold rating to the company. According to MarketBeat.com, Performant Healthcare has a consensus rating of "Hold" and a consensus target price of $7.88.

Performant Healthcare Price Performance

The stock has a market capitalization of $600.40 million, a price-to-earnings ratio of -760.00 and a beta of 0.41. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.64 and a current ratio of 2.64. The company has a 50 day moving average of $5.22 and a 200 day moving average of $3.56.

Insider Transactions at Performant Healthcare

In other Performant Healthcare news, Director Lisa Im sold 180,867 shares of Performant Healthcare stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total transaction of $587,817.75. Following the completion of the sale, the director directly owned 1,229,413 shares of the company's stock, valued at $3,995,592.25. The trade was a 12.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 9.10% of the stock is owned by company insiders.

Institutional Trading of Performant Healthcare

Institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets purchased a new stake in Performant Healthcare during the 2nd quarter worth about $28,000. Legal & General Group Plc purchased a new stake in shares of Performant Healthcare in the 2nd quarter valued at about $30,000. WINTON GROUP Ltd purchased a new stake in shares of Performant Healthcare in the 2nd quarter valued at about $52,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in shares of Performant Healthcare in the 2nd quarter valued at about $57,000. Finally, ProShare Advisors LLC purchased a new stake in shares of Performant Healthcare in the 2nd quarter valued at about $58,000. 77.15% of the stock is owned by hedge funds and other institutional investors.

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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