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

Performant Healthcare (NASDAQ:PHLT) was downgraded by stock analysts at Lake Street Capital from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Monday, Marketbeat.com reports. They currently have a $7.75 target price on the stock. Lake Street Capital’s price objective indicates a potential upside of 1.71% from the company’s previous close.

Several other brokerages have also issued reports on PHLT. Citizens Jmp assumed coverage on Performant Healthcare in a research report on Thursday, July 10th. They set a “strong-buy” rating and a $8.00 target price on the stock. Wall Street Zen lowered Performant Healthcare from a “buy” rating to a “hold” rating in a research report on Sunday. Finally, JMP Securities assumed coverage on Performant Healthcare in a research report on Thursday, July 10th. They set a “market outperform” rating and a $8.00 target price on the stock. Five research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $7.88.

Performant Healthcare Stock Performance

Shares of NASDAQ PHLT opened at $7.62 on Monday. The company has a debt-to-equity ratio of 0.10, a current ratio of 2.56 and a quick ratio of 2.56. The stock has a market capitalization of $596.72 million, a P/E ratio of -95.25 and a beta of 0.41. Performant Healthcare has a 1-year low of $2.17 and a 1-year high of $7.74. The business has a fifty day moving average price of $3.98 and a 200 day moving average price of $3.05.

Performant Healthcare (NASDAQ:PHLT) last announced its earnings results on Thursday, May 8th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $33.27 million for the quarter, compared to analyst estimates of $29.92 million. Equities research analysts expect that Performant Healthcare will post -0.13 EPS for the current fiscal 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 shares were sold at an average price of $3.25, for a total value of $587,817.75. Following the sale, the director directly owned 1,229,413 shares of the company’s stock, valued at $3,995,592.25. This represents a 12.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 9.20% of the stock is owned by company insiders.

Institutional Trading of Performant Healthcare

Several large investors have recently made changes to their positions in PHLT. Range Financial Group LLC purchased a new stake in shares of Performant Healthcare in the 2nd quarter valued at $80,000. Salem Investment Counselors Inc. acquired a new stake in Performant Healthcare during the second quarter worth about $248,000. CWC Advisors LLC. acquired a new stake in Performant Healthcare during the second quarter worth about $384,000. Savant Capital LLC acquired a new stake in Performant Healthcare during the second quarter worth about $444,000. Finally, AMH Equity Ltd acquired a new stake in Performant Healthcare during the second quarter worth about $1,100,000. 77.15% of the stock is owned by hedge funds and other institutional investors.

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.