Performant Financial (NASDAQ:PFMT) Stock Crosses Above Two Hundred Day Moving Average of $3.08

Performant Financial Co. (NASDAQ:PFMT) shares passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $3.08 and traded as high as $3.92. Performant Financial shares last traded at $3.92, with a volume of 95,602 shares traded.

Analyst Upgrades and Downgrades

Separately, B. Riley started coverage on shares of Performant Financial in a research note on Thursday, July 25th. They set a “buy” rating and a $8.00 price target on the stock.

Performant Financial Stock Performance

The company has a quick ratio of 2.65, a current ratio of 2.65 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $301.66 million, a PE ratio of -43.56 and a beta of 0.13. The company has a 50-day moving average price of $3.47 and a two-hundred day moving average price of $3.08.

Performant Financial (NASDAQ:PFMT) last posted its earnings results on Wednesday, August 7th. The business services provider reported ($0.04) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.05) by $0.01. Performant Financial had a negative return on equity of 8.11% and a negative net margin of 5.32%. The business had revenue of $29.36 million during the quarter, compared to analyst estimates of $28.20 million. During the same quarter in the previous year, the firm earned ($0.05) EPS. Analysts predict that Performant Financial Co. will post -0.11 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. First Light Asset Management LLC raised its holdings in shares of Performant Financial by 3.1% in 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 in the last quarter. Parkman Healthcare Partners LLC raised its stake in Performant Financial by 21.7% in the fourth quarter. Parkman Healthcare Partners LLC now owns 1,580,865 shares of the business services provider’s stock valued at $4,940,000 after purchasing an additional 281,480 shares in the last quarter. Wellington Management Group LLP lifted its position in Performant Financial by 22.4% during the fourth quarter. Wellington Management Group LLP now owns 1,046,100 shares of the business services provider’s stock valued at $3,269,000 after purchasing an additional 191,100 shares during the last quarter. Greenwood Capital Associates LLC grew its stake in Performant Financial by 40.6% in the 4th quarter. Greenwood Capital Associates LLC now owns 244,697 shares of the business services provider’s stock worth $765,000 after buying an additional 70,682 shares in the last quarter. Finally, Mirador Capital Partners LP increased its holdings in shares of Performant Financial by 4.0% in the 1st quarter. Mirador Capital Partners LP now owns 1,995,795 shares of the business services provider’s stock worth $5,868,000 after buying an additional 76,933 shares during the last quarter. 77.15% of the stock is currently owned by hedge funds and other institutional investors.

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.