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

Performant Healthcare (NASDAQ:PHLT) was downgraded by investment analysts at Lake Street Capital from a “buy” rating to a “hold” rating in a research note issued to investors on Monday, August 4th, Marketbeat.com reports. They presently have a $7.75 price objective on the stock. Lake Street Capital’s price objective indicates a potential upside of 1.57% from the stock’s current price.

Other research analysts also recently issued research reports about the company. Citizens Jmp started coverage on Performant Healthcare in a report on Thursday, July 10th. They issued a “strong-buy” rating and a $8.00 target price on the stock. JMP Securities began coverage on Performant Healthcare in a report on Thursday, July 10th. They issued a “market outperform” rating and a $8.00 target price for the company. Finally, Wall Street Zen cut Performant Healthcare from a “buy” rating to a “hold” rating in a report on Sunday, August 3rd. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $7.88.

Performant Healthcare Trading Up 0.1%

Performant Healthcare stock traded up $0.01 during trading hours on Monday, reaching $7.63. The company had a trading volume of 660,774 shares, compared to its average volume of 367,191. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.64 and a quick ratio of 2.64. The firm has a market cap of $597.50 million, a price-to-earnings ratio of -95.38 and a beta of 0.41. The company has a 50-day moving average price of $4.16 and a 200 day moving average price of $3.13. Performant Healthcare has a 12-month low of $2.17 and a 12-month high of $7.74.

Performant Healthcare (NASDAQ:PHLT) last issued 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. Performant Healthcare had a negative return on equity of 0.04% and a negative net margin of 0.64%. The company had revenue of $33.27 million for the quarter, compared to analysts’ expectations of $29.92 million. Equities analysts forecast that Performant Healthcare will post -0.13 earnings per share for the current year.

Insiders Place Their Bets

In other Performant Healthcare news, Director Lisa Im sold 180,867 shares of the business’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 transaction, the director owned 1,229,413 shares of the company’s stock, valued at approximately $3,995,592.25. The trade was a 12.82% decrease in their ownership of the stock. The transaction was disclosed in a filing 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 and other institutional investors have recently added to or reduced their stakes in the business. Police & Firemen s Retirement System of New Jersey acquired a new stake in Performant Healthcare during the second quarter worth $57,000. ProShare Advisors LLC purchased a new position in Performant Healthcare in the second quarter valued at $58,000. Range Financial Group LLC purchased a new position in Performant Healthcare in the second quarter valued at $80,000. Intech Investment Management LLC purchased a new position in Performant Healthcare in the second quarter valued at $137,000. Finally, Salem Investment Counselors Inc. purchased a new stake in Performant Healthcare during the 2nd quarter worth about $248,000. Institutional investors and hedge funds own 77.15% of the company’s stock.

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.