Change Healthcare (NASDAQ:CHNG) Trading Up 9.2%

Change Healthcare Inc. (NASDAQ:CHNG)’s share price was up 9.2% during trading on Thursday . The company traded as high as $13.44 and last traded at $14.37, approximately 64,114 shares changed 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.

A number of equities analysts have commented on CHNG shares. Credit Suisse Group started coverage on Change Healthcare in a research note on Monday, July 22nd. They issued an “outperform” rating and a $18.00 price objective on the stock. Barclays started coverage on Change Healthcare in a research note on Monday, July 22nd. They issued an “overweight” rating and a $18.00 price objective on the stock. Svb Leerink started coverage on Change Healthcare in a research note on Monday, July 22nd. They issued an “outperform” rating and a $20.00 price objective on the stock. Cantor Fitzgerald started coverage on Change Healthcare in a research note on Monday, July 22nd. They issued an “overweight” rating and a $20.00 price objective on the stock. Finally, Guggenheim started coverage on Change Healthcare in a research note on Monday, July 22nd. They issued a “buy” rating and a $17.00 price objective on the stock. One research analyst has rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $19.04.

Change Healthcare (NASDAQ:CHNG) last issued its quarterly earnings results on Tuesday, August 13th. The company reported $0.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.38 by $0.18. The firm had revenue of $814.00 million for the quarter, compared to analyst estimates of $795.66 million. The firm’s revenue was down 1.1% compared to the same quarter last year. On average, sell-side analysts forecast that Change Healthcare Inc. will post 1.52 earnings per share for the current fiscal year.

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

Several institutional investors and hedge funds have recently modified their holdings of the company. Blackstone Group Inc acquired a new position in shares of Change Healthcare during the second quarter valued at $870,456,000. Point72 Asset Management L.P. acquired a new position in shares of Change Healthcare during the second quarter valued at $35,144,000. JPMorgan Chase & Co. acquired a new position in Change Healthcare in the second quarter valued at about $35,483,000. Citadel Advisors LLC acquired a new position in Change Healthcare in the second quarter valued at about $29,897,000. Finally, Magnetar Financial LLC acquired a new position in Change Healthcare in the second quarter valued at about $25,550,000. 0.47% of the stock is currently 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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