Citizens Jmp Begins Coverage on Performant Healthcare (NASDAQ:PHLT)

Equities research analysts at Citizens Jmp assumed coverage on shares of Performant Healthcare (NASDAQ:PHLT) in a report released on Thursday, Marketbeat.com reports. The brokerage set a “strong-buy” rating and a $8.00 price target on the stock. Citizens Jmp’s price target would indicate a potential upside of 95.12% from the stock’s current price.

Several other equities research analysts have also commented on the company. B. Riley upgraded Performant Healthcare to a “strong-buy” rating in a research report on Wednesday, March 12th. JMP Securities initiated coverage on shares of Performant Healthcare in a research note on Thursday. They issued a “market outperform” rating and a $8.00 target price for the company.

Performant Healthcare Price Performance

NASDAQ PHLT opened at $4.10 on Thursday. Performant Healthcare has a 1 year low of $2.17 and a 1 year high of $4.44. The company has a quick ratio of 2.56, a current ratio of 2.56 and a debt-to-equity ratio of 0.10. The firm has a market capitalization of $321.07 million, a P/E ratio of -51.25 and a beta of 0.37. The firm’s fifty day simple moving average is $3.24.

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

Insider Buying and Selling at Performant Healthcare

In related news, Director Lisa Im sold 180,867 shares of the company’s stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $3.25, for a total value of $587,817.75. Following the completion of the transaction, the director owned 1,229,413 shares of the company’s stock, valued at approximately $3,995,592.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 9.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Performant Healthcare

Institutional investors and hedge funds have recently made changes to their positions in the business. Range Financial Group LLC acquired a new stake in Performant Healthcare in the 2nd quarter valued at $80,000. Salem Investment Counselors Inc. purchased a new position in Performant Healthcare during the second quarter valued at $248,000. CWC Advisors LLC. acquired a new stake in shares of Performant Healthcare in the second quarter valued at about $384,000. Finally, Mirador Capital Partners LP purchased a new stake in shares of Performant Healthcare during the second quarter worth about $9,698,000. 77.15% of the stock is currently 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.