Performant Healthcare (NASDAQ:PHLT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Performant Healthcare stock was upgraded from a "hold" to a "buy" rating by Wall Street Zen, indicating improved analyst sentiment.
• The company recently reported quarterly earnings with $0.02 EPS, exceeding analyst estimates and generating revenue of $33.27 million.
• Insider activity includes a notable sale by Director Lisa Im of 180,867 shares, reflecting a 12.82% decrease in her position.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

PHLT has been the topic of a number of other research reports. Citizens Jmp started coverage on Performant Healthcare in a report on Thursday, July 10th. They set a "strong-buy" rating and a $8.00 target price on the stock. JMP Securities began coverage on Performant Healthcare in a research note on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price target on the stock.

Performant Healthcare Price Performance

Shares of PHLT opened at $3.63 on Friday. Performant Healthcare has a twelve month low of $2.17 and a twelve month high of $4.44. The stock's 50 day moving average is $3.52 and its two-hundred day moving average is $2.88. The firm has a market capitalization of $284.27 million, a PE ratio of -45.38 and a beta of 0.37. The company has a current ratio of 2.56, a quick ratio of 2.56 and a debt-to-equity ratio of 0.10.

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

Insider Activity at Performant Healthcare

In other news, Director Lisa Im sold 180,867 shares of the company's stock in a transaction on 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 in the company, valued at $3,995,592.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 9.20% of the stock is currently owned by insiders.

Institutional Trading of Performant Healthcare

Large investors have recently added to or reduced their stakes in the stock. Range Financial Group LLC acquired a new stake in Performant Healthcare in the 2nd quarter valued at $80,000. Salem Investment Counselors Inc. bought a new position in shares of Performant Healthcare during the second quarter worth about $248,000. CWC Advisors LLC. bought a new position in shares of Performant Healthcare during the second quarter worth about $384,000. HighMark Wealth Management LLC bought a new position in shares of Performant Healthcare during the second quarter worth about $3,250,000. Finally, Mirador Capital Partners LP bought a new position in Performant Healthcare in the second quarter worth about $9,698,000. 77.15% of the stock is currently owned by institutional investors and hedge funds.

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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