Benefitfocus (NASDAQ:BNFT) Stock Price Crosses Below 200-Day Moving Average of $9.07

Benefitfocus, Inc. (NASDAQ:BNFTGet Rating) crossed below its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $9.07 and traded as low as $6.15. Benefitfocus shares last traded at $6.32, with a volume of 76,591 shares trading hands.

Analyst Upgrades and Downgrades

BNFT has been the subject of several analyst reports. KeyCorp began coverage on Benefitfocus in a research note on Thursday, September 15th. They set an “overweight” rating and a $10.00 price target for the company. William Blair reaffirmed a “market perform” rating on shares of Benefitfocus in a report on Thursday, August 4th. StockNews.com lowered Benefitfocus from a “buy” rating to a “hold” rating in a report on Thursday, September 1st. Finally, Piper Sandler dropped their price objective on Benefitfocus from $9.00 to $6.00 in a report on Tuesday, September 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat, Benefitfocus currently has a consensus rating of “Hold” and a consensus target price of $9.00.

Benefitfocus Price Performance

The company has a 50-day moving average of $7.46 and a two-hundred day moving average of $9.07. The stock has a market capitalization of $216.38 million, a PE ratio of -5.91 and a beta of 1.64.

Benefitfocus (NASDAQ:BNFTGet Rating) last released its earnings results on Wednesday, August 3rd. The software maker reported ($0.25) earnings per share for the quarter, missing the consensus estimate of ($0.21) by ($0.04). The company had revenue of $56.59 million during the quarter, compared to analysts’ expectations of $56.37 million. During the same quarter in the previous year, the business earned ($0.31) EPS. On average, research analysts forecast that Benefitfocus, Inc. will post -0.19 EPS for the current fiscal year.

Hedge Funds Weigh In On Benefitfocus

A number of large investors have recently modified their holdings of the company. HighMark Wealth Management LLC acquired a new stake in shares of Benefitfocus in the second quarter valued at about $28,000. Amalgamated Bank acquired a new position in shares of Benefitfocus in the 1st quarter worth approximately $48,000. MetLife Investment Management LLC grew its position in shares of Benefitfocus by 55.4% in the 1st quarter. MetLife Investment Management LLC now owns 13,846 shares of the software maker’s stock worth $175,000 after acquiring an additional 4,937 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new position in shares of Benefitfocus in the 1st quarter worth approximately $185,000. Finally, SG Americas Securities LLC grew its position in shares of Benefitfocus by 27.6% in the 1st quarter. SG Americas Securities LLC now owns 15,688 shares of the software maker’s stock worth $198,000 after acquiring an additional 3,389 shares in the last quarter. 83.41% of the stock is currently owned by hedge funds and other institutional investors.

About Benefitfocus

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Benefitfocus, Inc provides cloud-based benefits management technology solutions for employers and health plans in the United States. Its products for employers comprise Benefitplace, a cloud-based benefits management portal that streamlines online enrollment, employee communication, and benefit administration; Health Insights, a data analytics solution; ACA Management and Reporting, a solution for employers to manage ACA compliance; Billing & Payments, an application that synchronizes enrollment and billing information to streamline the monthly billing process, automate adjustments, and enhance accuracy of payments; and COBRA Administration, a solution that simplifies management of Consolidated Omnibus Budget Reconciliation Act, benefits.

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