Performant Healthcare (NASDAQ:PHLT) Reaches New 52-Week High – Time to Buy?

Performant Healthcare, Inc. (NASDAQ:PHLT)’s share price hit a new 52-week high during trading on Friday . The company traded as high as $7.74 and last traded at $7.74, with a volume of 60633 shares trading hands. The stock had previously closed at $7.71.

Analyst Ratings Changes

Several equities research analysts have recently commented on PHLT shares. JMP Securities began coverage on Performant Healthcare in a report on Thursday, July 10th. They set a “market outperform” rating and a $8.00 price objective for the company. Craig Hallum lowered Performant Healthcare from a “strong-buy” rating to a “hold” rating and set a $7.75 price objective for the company. in a report on Monday, August 4th. B. Riley lowered Performant Healthcare from a “strong-buy” rating to a “hold” rating in a research report on Monday, August 4th. Citizens Jmp lowered Performant Healthcare from a “strong-buy” rating to a “hold” rating in a report on Friday, August 1st. Finally, Wall Street Zen lowered shares of Performant Healthcare from a “buy” rating to a “hold” rating in a research note on Sunday, August 3rd. One equities research analyst has rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Performant Healthcare has an average rating of “Hold” and a consensus price target of $7.88.

Performant Healthcare Trading Up 0.3%

The firm has a market cap of $621.80 million, a PE ratio of -773.00 and a beta of 0.49. The stock’s 50 day simple moving average is $6.92 and its 200 day simple moving average is $4.38. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.64 and a current ratio of 2.64.

Institutional Investors Weigh In On Performant Healthcare

Institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets purchased a new stake in shares of Performant Healthcare during the second quarter valued at approximately $28,000. Legal & General Group Plc purchased a new stake in shares of Performant Healthcare in the 2nd quarter worth about $30,000. WINTON GROUP Ltd purchased a new stake in shares of Performant Healthcare in the 2nd quarter worth about $52,000. Police & Firemen s Retirement System of New Jersey purchased a new stake in Performant Healthcare in the second quarter worth about $57,000. Finally, ProShare Advisors LLC purchased a new stake in Performant Healthcare in the second quarter worth about $58,000. Hedge funds and other institutional investors 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.