Performant Financial (NASDAQ:PFMT) Stock Price Crosses Below 200-Day Moving Average of $2.88

Performant Financial Co. (NASDAQ:PFMT)’s stock price passed below its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $2.88 and traded as low as $2.69. Performant Financial shares last traded at $2.74, with a volume of 80,369 shares trading hands.

Analysts Set New Price Targets

Separately, StockNews.com lowered Performant Financial from a “hold” rating to a “sell” rating in a report on Thursday, May 9th.

Performant Financial Stock Down 1.1 %

The firm has a market cap of $210.84 million, a price-to-earnings ratio of -30.44 and a beta of 0.04. The firm’s 50 day moving average price is $2.93 and its two-hundred day moving average price is $2.88. The company has a debt-to-equity ratio of 0.06, a current ratio of 2.75 and a quick ratio of 2.75.

Performant Financial (NASDAQ:PFMT) last announced its quarterly earnings data on Tuesday, May 7th. The business services provider reported ($0.05) EPS for the quarter. The firm had revenue of $27.33 million during the quarter. Performant Financial had a negative net margin of 6.34% and a negative return on equity of 9.30%.

Institutional Investors Weigh In On Performant Financial

A number of hedge funds have recently added to or reduced their stakes in PFMT. HighMark Wealth Management LLC lifted its position in shares of Performant Financial by 20,311.4% during the 4th quarter. HighMark Wealth Management LLC now owns 449,050 shares of the business services provider’s stock valued at $1,406,000 after acquiring an additional 446,850 shares during the period. Parkman Healthcare Partners LLC lifted its position in shares of Performant Financial by 21.7% during the 4th quarter. Parkman Healthcare Partners LLC now owns 1,580,865 shares of the business services provider’s stock valued at $4,940,000 after acquiring an additional 281,480 shares during the period. First Light Asset Management LLC lifted its position in shares of Performant Financial by 3.1% during the 4th quarter. First Light Asset Management LLC now owns 9,670,110 shares of the business services provider’s stock valued at $30,219,000 after acquiring an additional 291,814 shares during the period. Wellington Management Group LLP acquired a new stake in shares of Performant Financial during the 3rd quarter valued at approximately $1,932,000. Finally, SG Americas Securities LLC lifted its position in shares of Performant Financial by 38.0% during the 4th quarter. SG Americas Securities LLC now owns 20,866 shares of the business services provider’s stock valued at $65,000 after acquiring an additional 5,742 shares during the period. Institutional investors and hedge funds own 77.15% of the company’s stock.

About Performant Financial

Performant Financial Corporation provides technology-enabled audit, recovery, and analytics services in the United States. The company identifies improper payments resulting from incorrect coding, procedures that were not medically necessary, incomplete documentation or claims submitted based on outdated fee schedules, and coverage discrepancies; and provides first party call center and other outsourced services.