Performant Healthcare (NASDAQ:PHLT) Downgraded by Wall Street Zen to "Hold"

Key Points

• Wall Street Zen has downgraded Performant Healthcare (NASDAQ:PHLT) from a "buy" rating to a "hold" rating, reflecting a change in their outlook on the stock.
• Despite the downgrade, other brokerage firms like Citizens JMP and JMP Securities have initiated coverage with "strong-buy" and "market outperform" ratings, setting an $8.00 price target.
• Performant Healthcare reported a revenue of $33.27 million for the last quarter, surpassing expectations, although the company faced a negative net margin of 4.62% for the same period.

Performant Healthcare (NASDAQ:PHLT - Get Free Report) was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Sunday.

A number of other research firms also recently commented on PHLT. Citizens Jmp started coverage on shares of Performant Healthcare in a research note on Thursday, July 10th. They set a "strong-buy" rating and a $8.00 price objective for the company. JMP Securities assumed coverage on shares of Performant Healthcare in a research note on Thursday, July 10th. They issued a "market outperform" rating and a $8.00 target price for the company.

Performant Healthcare Trading Up 115.2%

PHLT stock traded up $4.09 during trading hours on Friday, reaching $7.64. 16,799,643 shares of the stock were exchanged, compared to its average volume of 1,028,740. The firm's 50-day moving average is $3.69 and its 200-day moving average is $2.94. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.56 and a quick ratio of 2.56. Performant Healthcare has a 12 month low of $2.17 and a 12 month high of $7.74.

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

Insider Transactions at Performant Healthcare

In related news, Director Lisa Im sold 180,867 shares of the firm's stock in a transaction dated Tuesday, June 3rd. The shares were sold at an average price of $3.25, for a total value of $587,817.75. Following the completion of the sale, the director directly owned 1,229,413 shares in the company, valued at approximately $3,995,592.25. This trade represents a 12.82% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 9.20% of the company's stock.

Institutional Investors Weigh In On Performant Healthcare

Hedge funds have recently bought and sold shares of the stock. 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 during the second quarter worth approximately $248,000. CWC Advisors LLC. acquired a new stake in Performant Healthcare during the second quarter worth approximately $384,000. HighMark Wealth Management LLC acquired a new stake in Performant Healthcare during the second quarter worth approximately $3,250,000. Finally, Mirador Capital Partners LP acquired a new stake in Performant Healthcare during the second quarter worth approximately $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.