Change Healthcare (NASDAQ:CHNG) Trading Up 9.2%

Change Healthcare Inc. (NASDAQ:CHNG) was up 9.2% during mid-day trading on Thursday . The stock traded as high as $13.44 and last traded at $14.37, approximately 64,114 shares traded hands during mid-day trading. A decline of 95% from the average daily volume of 1,179,102 shares. The stock had previously closed at $13.16.

Several analysts have recently issued reports on CHNG shares. Wells Fargo & Co started coverage on shares of Change Healthcare in a research report on Monday, July 22nd. They issued a “market perform” rating on the stock. SunTrust Banks started coverage on shares of Change Healthcare in a research report on Monday, July 22nd. They issued a “buy” rating and a $21.00 price target on the stock. Leerink Swann started coverage on shares of Change Healthcare in a research report on Monday, July 22nd. They issued an “outperform” rating and a $20.00 price target on the stock. Guggenheim started coverage on shares of Change Healthcare in a research report on Monday, July 22nd. They issued a “buy” rating and a $17.00 price target on the stock. Finally, Svb Leerink started coverage on shares of Change Healthcare in a research report on Monday, July 22nd. They issued an “outperform” rating and a $20.00 price target on the stock. One research analyst has rated the stock with a hold rating and fifteen have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of $19.04.

Change Healthcare (NASDAQ:CHNG) last posted its earnings results on Tuesday, August 13th. The company reported $0.56 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.18. The firm had revenue of $814.00 million for the quarter, compared to the consensus estimate of $795.66 million. The firm’s revenue was down 1.1% on a year-over-year basis. Sell-side analysts predict that Change Healthcare Inc. will post 1.58 EPS for the current year.

In related news, Director Bansi Nagji purchased 5,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was acquired at an average price of $13.00 per share, with a total value of $65,000.00. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Fredrik J. Eliasson purchased 30,000 shares of the business’s stock in a transaction on Monday, July 1st. The stock was bought at an average cost of $13.00 per share, with a total value of $390,000.00. The disclosure for this purchase can be found here. Insiders have purchased a total of 36,000 shares of company stock worth $468,000 in the last ninety days. 20.77% of the stock is currently owned by insiders.

A number of hedge funds have recently added to or reduced their stakes in the business. Citadel Advisors LLC purchased a new position in Change Healthcare in the 2nd quarter worth approximately $29,897,000. Point72 Hong Kong Ltd purchased a new position in Change Healthcare in the 2nd quarter worth approximately $879,000. Jefferies Group LLC purchased a new position in Change Healthcare in the 2nd quarter worth approximately $219,000. Point72 Asset Management L.P. purchased a new position in Change Healthcare in the 2nd quarter worth approximately $35,144,000. Finally, Pentwater Capital Management LP purchased a new position in Change Healthcare in the 2nd quarter worth approximately $2,190,000. 0.47% of the stock is owned by institutional investors and hedge funds.

About Change Healthcare (NASDAQ:CHNG)

Change Healthcare Inc, an independent healthcare technology platform, provides data and analytics-driven solutions to improve clinical, financial, and patient engagement outcomes in the United States healthcare system. It operates in three segments: Software and Analytics, Network Solutions, and Technology-Enabled Services.

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