Performant Healthcare (NASDAQ:PHLT) Downgraded by Lake Street Capital to "Hold"

Key Points

• Lake Street Capital has reaffirmed a "hold" rating on Performant Healthcare (PHLT) with a target price of $7.75, indicating a potential upside of 1.71% from its previous close.
• Performant Healthcare experienced a slight decline of 0.3% in trading on Monday, closing at $7.62 per share, with trading volume significantly higher than average.
• Recent insider activity includes Director Lisa Im selling 180,867 shares at an average price of $3.25, reducing her ownership by 12.82%.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) was downgraded by stock analysts at Lake Street Capital from a "strong-buy" rating to a "hold" rating in a report released on Monday, MarketBeat.com reports. They currently have a $7.75 price target on the stock. Lake Street Capital's price objective suggests a potential upside of 1.84% from the company's previous close.

A number of other research analysts have also weighed in on the company. Wall Street Zen lowered Performant Healthcare from a "buy" rating to a "hold" rating in a report on Sunday. JMP Securities began coverage on Performant Healthcare in a research report on Thursday, July 10th. They set a "market outperform" rating and a $8.00 price objective for the company. Finally, Citizens Jmp assumed coverage on Performant Healthcare in a research report on Thursday, July 10th. They issued a "strong-buy" rating and a $8.00 target price for the company. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus price target of $7.92.

Performant Healthcare Stock Down 0.4%

PHLT stock opened at $7.61 on Monday. The company has a market cap of $595.94 million, a price-to-earnings ratio of -95.13 and a beta of 0.41. Performant Healthcare has a twelve month low of $2.17 and a twelve month high of $7.74. The business has a 50 day moving average price of $3.78 and a two-hundred day moving average price of $2.98. 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 quarterly earnings results on Thursday, May 8th. The company reported $0.02 earnings per share for the quarter, topping the consensus estimate of ($0.02) by $0.04. The firm 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%. Analysts anticipate that Performant Healthcare will post -0.13 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Lisa Im sold 180,867 shares of the firm's stock in a transaction that occurred 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 owned 1,229,413 shares of the company's stock, valued at $3,995,592.25. This trade represents a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Performant Healthcare

Large investors have recently added to or reduced their stakes in the business. Range Financial Group LLC acquired a new stake in Performant Healthcare during the second quarter worth approximately $80,000. Salem Investment Counselors Inc. acquired a new stake in Performant Healthcare in the second quarter valued at approximately $248,000. CWC Advisors LLC. acquired a new stake in Performant Healthcare in the second quarter valued at approximately $384,000. AMH Equity Ltd acquired a new stake in Performant Healthcare in the second quarter valued at approximately $1,100,000. Finally, HighMark Wealth Management LLC acquired a new stake in Performant Healthcare in the second quarter valued at approximately $3,250,000. Institutional investors and hedge funds 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.