Change Healthcare (NASDAQ:CHNG) Trading Up 7.3%

Change Healthcare Inc. (NASDAQ:CHNG) shares were up 7.3% on Wednesday . The company traded as high as $12.41 and last traded at $12.34, approximately 1,980,433 shares changed hands during trading. An increase of 30% from the average daily volume of 1,525,300 shares. The stock had previously closed at $11.50.

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

The firm has a 50 day simple moving average of $13.76.



Change Healthcare (NASDAQ:CHNG) last announced its earnings results on Tuesday, August 13th. The company reported $0.56 EPS for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.18. The company had revenue of $814.00 million during the quarter, compared to the consensus estimate of $795.66 million. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. On average, equities research analysts predict that Change Healthcare Inc. will post 1.51 earnings per share for the current fiscal year.

In other news, CFO Fredrik J. Eliasson purchased 30,000 shares of the company’s stock in a transaction on Monday, July 1st. The stock was acquired at an average cost of $13.00 per share, for a total transaction of $390,000.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider August Calhoun purchased 427,209 shares of the company’s stock in a transaction on Friday, June 28th. The stock was purchased at an average price of $13.35 per share, with a total value of $5,703,240.15. Insiders have acquired 578,209 shares of company stock valued at $7,783,190 in the last three months.

Several hedge funds have recently made changes to their positions in CHNG. Daiwa Securities Group Inc. purchased a new position in shares of Change Healthcare during the 2nd quarter valued at $146,000. Jefferies Group LLC bought a new stake in Change Healthcare during the second quarter valued at about $219,000. KCL Capital L.P. bought a new stake in Change Healthcare during the second quarter valued at about $219,000. GSA Capital Partners LLP bought a new stake in Change Healthcare during the second quarter valued at about $248,000. Finally, SG Americas Securities LLC purchased a new position in shares of Change Healthcare in the second quarter valued at about $337,000. Hedge funds and other institutional investors own 88.66% of the company’s stock.

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.

Featured Story: What are gap-down stocks?

Receive News & Ratings for Change Healthcare Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Change Healthcare and related companies with MarketBeat.com's FREE daily email newsletter.